On BigPayDay, HEX stakers were looking forward to a massive windfall of about 3x their principal because only 18% of the HEX supply was staked. Right before the BigPayDay payout, the amount of HEX staked shot up to 98%. Over the last year, HEX has experienced a price shift of 19.96%, while over the last 30 days, the price has seen a -31.77% change.
Despite being dubbed a scam by many due to its aggressive marketing approach, HEX has operated flawlessly throughout the complex launch phase. Following two successful years with a 10,000x price increase, even some crypto experts are beginning to view HEX more favorably. After the token’s launch on Dec 4, 2019, on the Ethereum platform, over 308,609 wallets have acquired HEX, with a recorded total of 2,870,580 successful token transactions to date.
By operating on Ethereum, HEX inherits the network’s resistance to common attacks such as 51% attacks, where a malicious actor gains control of the majority of the network’s mining power. According to HEX, the CD uses a system called “proof-of-wait.” This is simply a spin on the fact that HEX stakers have to lock their tokens up for a certain amount of time. Theoretically, this has the effect of removing these tokens from circulation and supporting the HEX price. Our platform also offers a HEX to USD Price chart to help users track the value of HEX in US dollars over time. If you want to buy HEX, our HEX to USD converter can provide real-time conversion rates for easy and accurate transactions.
- By holding HEX for a chosen time frame ranging from one day to several years, individuals can earn a return on their investment.
- HEX is an ERC-20 token on the Ethereum blockchain, so trading for it using a DEX is done on-chain.
- This staking mechanism is embedded in the HEX smart contract, which incentivizes users to hold their tokens longer, thereby potentially increasing their value over time.
- Compared to other crypto coins which started the same year as HEX it has below-average trading volume, average volume for the other 441 coins started in 2019 is $2M while HEX has $2M.
Current HEX market cap?
This could be particularly useful in regions with limited access to banking services or where traditional financial systems are less reliable. At the end of the first year of launch, all HEX coins that were not claimed by Bitcoin holders are distributed to the rest of the HEX users who have stakes that are active. The maximum possible annual inflation of HEX is designed to be 3.69% after the first year of launch. Primarily, you can buy HEX using decentralized exchanges on the Ethereum blockchain.
The HEX project relies on a Proof-of-Wait protocol, eliminating the need for miners. Instead, investors are rewarded with new coins by holding HEX for the designated holding period. At the end of this period, the HEX smart contract generates fresh coins as a reward for HEX holders, who then become “miners” within this unique ecosystem. The HEX platform, originally called BitcoinHEX and later known as hex win and HEX COM, was created by Richard Heart, also known as Richard Schueler.
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- It was meant to remove intermediaries from global payments and be a protest against fractional reserve banking.
- On the final day of the launch phase, known as the Big Pay Day, unclaimed HEX was distributed to Stakers.
- This claim period lasted for one year, during which HEX could also be acquired using ETH via the HEX smart contract.
- According to HEX, the massive yield they generate for their depositors comes purely from inflation.
- Right before the BigPayDay payout, the amount of HEX staked shot up to 98%.
Its sole purpose is the enrichment of stakers, although many would argue that it exists primarily to fund Heart’s infamous shopping sprees. According to HEX, the massive yield they generate for their depositors comes purely from inflation. HEX explains away the discrepancy between this low inflation and the average 38% yield with the claim that only 10% of the HEX supply is staked.
All our data and prices are updated in real time, so you can safely rely on these figures to elaborate on your HEX price prediction and make better investment choices. Essentially, HEX is a blockchain-based cryptocurrency project developed by Richard Heart. It operates on the Ethereum network and employs a single smart contract known as the HEX App. The maximum annual inflation rate for HEX is capped at 3.69% after the first year. This controlled inflation rate is designed to mimic the interest rates offered by traditional financial products like CDs, providing a predictable and stable return for stakers. The staking rewards are distributed proportionally based on the amount and duration of the stake, encouraging users to commit larger amounts of HEX for longer periods.
HEX Price Stats
Most of HEX’s daily trading volume is seen on Uniswap, with version 3 of the DEX providing the lion’s share. The most common way to buy HEX on Uniswap V2 or V3 is with the USDC stablecoin. HEX has a total circulating supply of 582 billion HEX, which inflates at 3.69%. This isn’t far from 10%, and it’s the platform’s rationale for APY yields for stakers being as high as they are. It is simply an inflationary ERC-20 fungible token on the Ethereum blockchain with a set inflation rate.
How is HEX Crypto Used?
Despite its early successes, HEX has faced challenges, including recent declines in its price. These fluctuations have sparked further discussions about the sustainability and long-term viability of the project. The community remains divided, with some viewing HEX as a groundbreaking financial innovation and others expressing doubts about its future. Ongoing discussions and debates about the legitimacy and potential of HEX have been a constant backdrop to its development. Critics have raised concerns about the project’s structure and the involvement of its founder, Richard Heart. These debates have fueled both interest and caution among potential investors and users.
HEX was initially distributed to Bitcoin holders through a snapshot of the Bitcoin UTXO set at block height , offering 10,000 HEX per 1 BTC. This distribution was available only during the first year of launch, after which unclaimed HEX was redistributed to active stakers. The maximum annual inflation rate of HEX is capped at 3.69% post the first year. HEX is built on top of the Ethereum network and incorporates its transaction layer for sending and receiving HEX hexcoin price tokens. The HEX smart contract contains the consensus code and staking mechanism, governing the operation of the HEX ecosystem. HEX holders can earn interest on their investments that is paid out in HEX tokens.
This staking mechanism is embedded in the HEX smart contract, which incentivizes users to hold their tokens longer, thereby potentially increasing their value over time. The smart contract also penalizes early withdrawals, encouraging long-term investment behaviors. It governs the staking process, where users can lock up their HEX tokens for a share of the new HEX coin issuance, also known as inflation. The smart contract penalizes users who end their stakes early, thereby encouraging longer staking periods.
HEX’s integration with the DeFi ecosystem on Ethereum allows it to interact seamlessly with other decentralized applications (dApps). This interoperability enhances its utility and provides users with additional opportunities to earn returns through various DeFi protocols. The decentralized nature of HEX ensures that users retain full control over their funds, eliminating the need for intermediaries and reducing the risk of centralized points of failure.
In its first two years, HEX made headlines by outperforming Bitcoin in terms of value appreciation. This significant milestone drew attention to HEX’s potential as a financial instrument within the cryptocurrency market. The staking mechanism of HEX, which rewards users for staking larger amounts for longer periods and penalizes early withdrawals, played a crucial role in this performance. One of the primary real-world applications of HEX is its function as a store of value. Users can lock up their HEX tokens for a specified period, earning interest in the form of additional HEX tokens.
In fact, given its very low trading volume compared to other cryptocurrencies, the energy footprint of HEX is tantamount to negligible. Those who stake HEX tokens also receive half the penalty incurred by other stakers. Penalties are incurred when stakers either unlock their tokens early or fail to unlock them within their two-week timeframe to do so.
This dual-layer approach ensures both security and efficiency in managing transactions and staking activities. It is notable that HEX is a very thinly traded token in comparison to its sizable “market cap.” It tends to average a few million USD in daily trading volume, especially at its lows. Most other cryptocurrencies with similar market caps tend to see trading volumes in the billions. HEX was developed as an innovative cryptocurrency certificate of deposit (CD). The platform’s native token, also called HEX, was created to serve this purpose.