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I love Harmony (ONE), it's incredibly fast and cheap and seems to solve a lot of the issues with other ecosystems. I'm currently earning 11 - 12% staking my ONE and also using ONE to mint NFTs on Da Vinci (My NFT Gallery), and have been keen to try out other things within the ecosystem.
I hadn't used DeFi or farming prior to this so it was my first foray in, it all looked very confusing and overwhelming, but actually ended up being relatively straightforward once I'd worked a few details out. So here is a guide to help you do the same should you want to.
Why should you want to? 600% + returns currently on the VIPER/ONE liquidity pool are the main reason, there are also various other VIPER liquidity pairs which have varying interest and risk rates. Currently 95% of your returns are locked until Dec 25th 2021, when they will start to be released gradually over the following 12 months. 5% returns are available immediately and can be harvested whenever you like. There is also the ViperPit where you can stake Viper alone, so you can compound these returns and earn xVIPER. The locked tokens helps secure the value as it stops dumping of tokens by whales earning large amounts early in the life of the token, there are also significant withdrawal fees within a short space of time to discourage flash loans, those withdrawal fees become much smaller after a few days.
What are the risks? All returns are paid in VIPER, so you are investing in this token, although you can swap your 5% returns back to ONE immediately if you prefer, and there is the risk of impermanent loss with any liquidity pools. Essentially this is loss of potential gains, should a token in your liquidity pair change in value in relation to the other, VIPER & ONE track closely in price so this risk is lower with this paring but can be visualised using this Impermanent Loss Calculator.
How do I start? First you need to have the METAMASK wallet, and configure it for Harmony Mainnet. This is straightforward, you'll need to add Harmony Mainnet onto the available networks and ensure it is connected to this network before you then connect to Viperswap You can do this from the menu, settings, advanced, custom RPC then using the following details:
- Network Name: Harmony Mainnet
- New RPC URL: https://api.harmony.one
- ChainID: 1666600000
- Symbol: ONE
- Block Explorer URL: https://explorer.harmony.one/#/?
This sets up Shard 0 which you will need to use for this, you can find details for shards 1 - 3 elsewhere if you also want to use this for other reasons.
After you've done this you can add VIPER & xVIPER as a custom HRC-20 tokens using the following contract addresses:
VIPER: 0xEa589E93Ff18b1a1F1e9BaC7EF3E86Ab62addc79
xVIPER: 0xE064a68994e9380250CfEE3E8C0e2AC5C0924548
Once you've done this, transfer ONE from your account to your Metamask address if not there already, and connect your wallet to the Viperswap website, use the swap facility to get VIPER tokens, you'll need 50/50 VIPER/ONE (or whichever pairing you choose) to exchange for VIPER/ONE liquidity tokens, then you need to assign them to a staking pool. The website is very simple and easy to use.
The Telegram group is helpful if you have any problems, questions or issues.
EDIT: Breaking news.. Blits app which many use to stake ONE, has just released an update allowing access to VIPER/ONE LP direct from the app, the swap function is not working just yet but if you have VIPER and ONE already you should now be able to access this via Blits. I will probably continue to use the web version with my Metamask wallet but I look forward to seeing further developements with Blits in future.
Disclaimers & Copyright:
Any links in my posts are referral where possible so if you sign up and use the site via those links I get something, or we both get something out of it, if there is no referral link available it’s just a straight link to the site. I really appreciate anyone using referral links as it supports covering my time writing these articles. None of my opinions or recommendations are based on whether a referral link is available and I have received no other incentive to write any of these articles, they are a true representative of my own experiences, good and bad.
This is not financial advice and I am not a financial advisor. Do your own research before making any investments.
