By @Giv Parvaneh - To be reviewed by —
Earning staking rewards is a majorly underutilized feature that is akin to a basic income product. Yet, the current onboarding process is far from straightforward. Users first need to purchase ONE tokens, discover the staking dashboard, and understand how validators and delegations work before being able to take advantage of a healthy 8%-10% in rewards.
Assuming we have a solution for Fiat Buys, we can create a simplified user experience directly on the main Harmony website to allow users with newly purchased ONE tokens to put their assets to work.
<aside> ☝ This proposal is not strictly about staking but an all-encompassing user experience for brand new ONE holders.
Staking can be an intimidating experience. Understanding validator parameters, uptime, fees, and rewards are not something the average consumer new to the space will understand.
Instead, we can create a simplified user experience whereby we take out several steps to allow users to quickly reap rewards and further strengthen the protocol.
After prompting the user post-fiat-onramp, they will:
Staking is a hidden gem in our arsenal. During bear markets, users are more cautious and will opt-in to lower risk initiatives with passive returns. Earning 10% interest of “free money” will be a compelling proposition. Being able to opt-in in less than 1 minute will make this a very popular product.
Additionally, it stops ONE tokens from leaving the network while strengthening the protocol at the same time. By automatically picking validators on the user’s behalf, we are able to fairly distribute staking to smaller/struggling validators and encourage more validators to be created.