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HEX is a cryptocurrency ERC20 token running on the Ethereum network. It runs as a smart contract, based on advanced game theory and is immutable and unchangeable.
Currently with a market cap of $5.2 Billion, HEX would rank at No 5 in crypto assets if it was listed on Coinmarketcap.com or Coingecko.com, but it is not at the time of this post.
The market cap has literally increased by $1.1 Billion in the last 24 hours.
It was designed and launched by Richard Heart on 2nd December 2019 and is intended to be a decentralized version of a high interest earning Certificate of Deposit account.
So what is a Certificate of Deposit (CD)?
A Certificate of Deposit is a product usually offered by banks, which pays customers a premium rate of interest in exchange for the customer agreeing to leave a lump sum of money in an account for a predetermined length of time.
HEX is built on the Ethereum network, which makes it decentralised, so it is built to be a decentralized version of a Certificate of Deposit scheme. Decentralized means that, control is taken away from a single entity and distributed evenly to smaller ones.
HEX users are encouraged to stake their HEX tokens into a pool, which are then taken off the market. This reduces the supply of HEX tokens, and according to the HEX website, lends value to non-staking HEX holders. At the current time or writing, HEX tokens are claimed to be averaging an APY of 25% for stakers (depositers). Stakers are encouraged to stake for longer terms up to a maximum of 15 years and receive more bonuses for each year staked.
One of the problems with new decentralised financial projects, known as DEFI, is that they can get hacked or the code has serious bugs leading to investor losses.
HEX has been audited by Chainsecurity.com and Coinfabrik.com, two of the world’s leading auditors, plus a mathematician on HEX’s economic model.
HEX Security Audit by Coinfabrik
HEX Economics Audit by Coinfabrik
The Chainsecurity.com audit, according to the HEX website, will be available soon.
How to get HEX tokens and stake them
- Install Metamask for Chrome or Firefox https://metamask.io/download.html
- If you already have Ethereum(ETH) you can skip step 3
- Purchase some Ethereum from Coinbase, Kraken, Binance, Bitstamp or any other exchange.
- Send your Ethereum to your Metamask account address
- Transform your ETH into HEX and stake it: go.hex.com
Tip: Using our referral link above will get you 32% more HEX per Ethereum (ETH)
The ETH – HEX Transform Lobby
What is the HEX lobby (Adoption Amplifier)?
The HEX lobby, also known as the Adoption Amplifier is the interface for exchanging ETH into HEX. Each day until day 351, (19th November 2020), around 500 million HEX are allocated to a daily pool and users can exchange ETH for HEX. The pool of HEX is divided in proportion to the amount of ETH transferred to the pool for that day. For example, if 100 people invest 1ETH each into the pool for that particular day, then each person would receive 500M/100 = 5M HEX.
When the pool for the day closes, the investor may take their HEX tokens, and store them in an ERC20 wallet like a Trezor or Ledger. Or, they can stake it to make more HEX interest.
What is Big Pay Day?
On November 19th 2020, anybody who has active HEX stakes, will receive a one-time bonus depending on their stake size and term. This marks the end of the 50 week launch, and the day that the Adoption Lobby closes. From this point on, it will not be possible to transform ETH to HEX. The only way to purchase HEX from this point on will be through an exchange.
So why is HEX any different to previous DEFI projects?
HEX has been designed from the ground up to increase its price and adoption, by encouraging owners of the HEX token to stake them for longer periods of time. This reduces the available supply of tokens and in theory increases the token value due to scarcity.
Only time will tell whether this is a good investment or not.
Update 21st November 2020
The Big Pay Day was on the 19th November and as predicted, there has been a massive dump in price. The question is now whether new buyers come into the market to mop up the glut of tokens.
A lot of stakers opted to end their stakes just after the Big Pay Day, so that’s why the market has been flooded with HEX tokens. Obviously, the market needs new buyers hoping to get a good deal in order to absorb this mass of tokens.
We can see where the stakes are ending in the next 365 days from the graphic above. As you can see, once we get to March 2021 the majority of ending stakes will be complete, which could create scarcity and a rise in price.
Looking at the hourly chart above, if we see price hold above 0.0045 then we could see a continuation of price rising.
It will be interesting to observe the price action especially over the following week.