OpenX Auto-Compounding Validator
One of our largest goals is to accomplish the vision of Harmony’s founder Stephen Tse. We are working to provide Universal Basic income for the people of the world. Utilizing Harmony’s staking platform combined with our liquidity pools we will bring 20% yields to single staking on Harmony, helping provide financial freedom for billions worldwide.
You can access the OpenX validator through the Harmony Staking site or through OpenSwap. Delegation is available using MetaMask.
By accessing your delegated tokens through OpenSwap, you can change the percentage of rewards you receive in OpenX. You can now adjust the percentage of the rewards you receive or setup auto-compounding.
When you delegate ONE tokens to this Harmony One validator pool, you will default to receiving 100% of your rewards in the form of OpenX Tokens. This is why there is a 100% fee, 95% is sent back as OpenX and 5% is kept as a constant fee for server maintenance and cost. This 5% maintenance fee is required by Harmony and the lowest we are allowed to set it at. You can also setup this validator to auto-compound your rewards into a staked LP. Here is how it works: Our smart contracts will take 50% of the $ONE rewards generated and market purchase $OpenX. The smart contracts then use the other 50% of your $ONE rewards to purchase a token the end user selected on OpenSwap. The two tokens will be used to create LP tokens and automatically staked on the OpenSwap farm. That is a lot work from some amazing smart contracts!
It all starts with the OpenX Auto-Compound 20% Validator on the Harmony One staking site. Stake your $ONE tokens with the validator. When $ONE rewards are created, the rewards issued will be swapped for OpenX tokens at market price. The token swap occurs multiple times a day; these tokens will then be sent to the corresponding wallet of the delegator. The OpenX tokens are converted and sent in a single tx to all the delegators based on their stake weight. Same way it would on a normal validator. Next we move to the bonus rewards that you receive.
There is a farm on OpenSwap that automatically injects the additional percentage into the rewards you receive to increase the APY percentage earned to approximately 20%. This serves as a thank you for helping secure the Harmony network with OpenSwap. The bonus rewards are automatically sent to the address of the delegator. After you have received all your rewards, you need to put them to work.
From here, stake your rewards in the OpenX/ONE LP on OpenSwap to increase your returns. Compounding rewards (collecting your rewards, creating LPs, and restaking them) will drastically increase the return percentage you receive. We recommend compounding weekly as it has the best return for the least amount of effort. Since OpenSwap operates on Harmony, no need to worry about transaction fees. Each transaction is a fraction of a penny. It is this compounding that results in greater APY% returns.
The OpenX Auto-Compound 20% APY validator is the only Harmony validator that allows you to auto-compound your rewards directing into staked LP farms. You must delegate $ONE tokens to this validator to have access to this feature. You can stake your $ONE tokens on the harmony staking site or through OpenSwap on the farm page. For a complete guide on setting up auto-compounding, visit:
This validator node helps create automatic and constant buying pressure for the OpenSwap token. Conducting the buys multiple times a day, there will always be a constant influx of OpenX purchase.
Here is a previous transaction of a token distribution: https://explorer.harmony.one/tx/0x8578df2ee4860f49a29702b1392448d5b09feadb03c5c4d059d63e49e504ff49
The transactions for the validator can be found by looking up your delegator address on the Harmony Explorer and going to the 'HRC20 Transfers' tab.