Instant settlements, and low gas fees are just some of the great reasons why you should Transfer to Harmony (ONE). Our complete guide will show you how to purchase and Bridge to the Harmony network.
November 29th 2021| Mike Humphrey
Table of Contents
What is Harmony (ONE)
Harmony (ONE) is an Ethereum layer 2 solution that is fully EVM compatible. Started on the Binance Launchpad, it went live in May of 2019 as a decentralized blockchain platform. It’s goal is to bridge scalability and decentralization for fungible and non-fungible tokens. It combines low gas fees (paid in ONE token) and fast transaction speeds. Harmony (ONE) is home to the crypto gaming platform DeFi Kingdom.
Any Ethereum compatible wallet will work on the Harmony (ONE) network. We recommend Metamask due to its popularity and ease of use. Below is a list of wallets that will work on Harmony. For more info and other wallet options read our article about cryptocurrency wallets.
How to Transfer Funds to Harmony
In order to start using Harmony you will need to transfer funds to the Harmony network. You can do this in one of two ways – purchasing on an exchange or transferring from another network through a bridge. If you already have funds on Mainnet or on another layer 2 solution proceed to Option 2.
Buy ONE Token on an Exchange
In order to send funds from an exchange to Harmony you will first have to purchase the ONE token. If you have a Crypto.com account, you can do this directly without fees. See the guide below for purchasing and transferring ONE from Crypto.com to Harmony. Prior to doing this, you must set up your wallet on the Harmony Network (Harmony to Metamaks Guide).
To purchase ONE sign into your Crypto.com app, and select buy. Search for the ONE token. Once selected, choose your payment method, the amount you want to purchase and click purchase.
Transfer One to Harmony Wallet
Once the transaction has been approved and gone through on Crypto.com, you can then transfer directly to your wallet. To do this, open the app, and choose transfer. Select withdraw, and choose an external wallet as the destination.
Add your wallet to the white list by clicking the + symbol in the top right and choosing wallet address. Select the ONE token.
In the new pop-up, choose ERC20 as the network, and enter your wallet address. You can use the QR code and camera on your phone to prevent entry errors. Add a wallet name so you can distinguish the wallet after. Click continue and follow the required steps. If you have 2FA activated, you will need to enter in your security code to complete the transfer.
Crypto.com will confirm the transfer and your funds will appear in your Harmony wallet. If you are using Metamask, you may need to add the ONE coin before you will be able to see it in your wallet. (Harmony to Metamask)
Bridge Funds to Harmony
If you already have funds, or ERC20 tokens on a different chain that you would like to transfer to Harmony, you can bridge these assets over. Be sure to check the list of Harmony’s ERC20 (HRC20) tokens before transferring. Depending on the location of your assets, there are different bridging protocols available.
Harmony Bridge (Mainnet & Binance)
The Harmony Bridge can transfer ERC20 tokens from either the Binance Smart Chain or Etherum Mainnet. Be aware if you are transferring from Ethereum Mainnet, the fees may be quite high. If you are transferring from a layer 2 (Polygon, Fantom, Arbitrum, Avalanche, etc) use one of the other options below that allow you to transfer directly without having to go through the Mainnet.
Synapse is a cross chain swap protocol that allows you to transfer directly from one layer 2 solution to another. Synapse also offers several cross chain pools as well as their own nUSD & nEth wrapped tokens. Use synapse if you have funds currently sitting on an L2 chain that you wish to transfer to Harmony.
Like synapse, Anyswap is a cross chain swapping protocol that allows you to bridge assets from one layer 2 solution to another, without the fees of going through the Ethereum Mainnet.
Terra Bridge (Terra)
For users of the Terra ecosystem, the Terra bridge allows you to send assets from Layer 1 to Terra, as well as from Terra to Harmony or Binance. If you have assets on the Terra ecosystem that you want to transfer to Harmony, the Terra bridge with its low fees is the best option.
Where to Buy One Token
Once you have funds on the Harmony chain, you will need to have One token in your wallet in order to pay gas fees. When you first bridge funds to Harmony you should receive an airdrop of ONE that can be used for your first transactions. In order to get more you will need to use a swap protocol. The following are two swap protocols active on Harmony.
Have you transferred funds to Harmony? Whats your favorite layer 2 solution? Let us know in the comments
Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.
I’m also an avid outdoor adventurer!