Unlike traditional cryptocurrencies, HEX allows users to lock up their coins for a fixed period to earn rewards, leveraging a “Proof-of-Wait” consensus mechanism. This method is less energy-intensive compared to the conventional Proof-of-Work protocols. The HEX smart contract penalizes stakers for ending their stake early and rewards them for staking larger amounts of HEX for longer periods. The price has decreased by 1.8% in the last hour, decreased 5.73% in the last 24 hours, and decreased 22.94% in the last 7 days.

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. HEX, a cryptocurrency designed by Richard Heart, emerged on the blockchain scene with its launch on 2 December 2019. This ERC20 token, built on the Ethereum network, aims to function as a blockchain-based Certificate of Deposit, leveraging the DeFi ecosystem. HEX was initially distributed to Bitcoin holders through a snapshot of the Bitcoin UTXO set, offering 10,000 HEX per 1 BTC.

Who are the founders of HEX?

Supporters of eHEX point to Ethereum’s security and established on-ramps, arguing that large, long-term stakes remain safest there. Advocates of pHEX highlight PulseChain’s low fees and Heart’s active development focus, contending that a faster, cheaper environment will attract new capital and spur adoption. Many long-time “Hexicans” hold and stake both variants as a hedge while the market decides the ultimate balance.

HEX News

HEX, an ERC20 token launched on the Ethereum network, was designed by Richard Heart and introduced on December 2, 2019. HEX aims to serve as a blockchain-based Certificate of Deposit, a financial product traditionally used in banking. This innovative approach leverages the decentralized finance (DeFi) ecosystem within the Ethereum network. 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 Markets

Originally issued as an ERC-20 token on Ethereum, HEX was copied one-for-one onto PulseChain during the fork of 13 May 2023. The Ethereum version is commonly called eHEX, while the PulseChain copy is referred to as pHEX or simply HEX, depending on context. The Ethereum network serves as the backbone for HEX, providing the transaction layer necessary for sending and receiving HEX tokens. Ethereum’s robust and secure infrastructure ensures that transactions are transparent and immutable. The consensus mechanism for HEX, however, is contained within its smart contract, which operates independently of Ethereum’s Proof of Work (PoW) system.

HEX to USD Chart

• HEX’s current circulating supply is 173.41B HEX out of max supply of 633.54B HEX.
• HEX’s journey has been marked by significant events that have shaped its trajectory in the cryptocurrency landscape.
• Unlike traditional CDs, which are offered by banks, HEX leverages blockchain technology to offer a decentralized and trustless financial product.
• The code is open source, immutable and trustless; once a stake is made, only the staker can end it, and early withdrawals incur built-in penalties that flow to compliant stakers.

HEX’s supply dynamics are shaped by the Origin Address, which received the lion’s share of tokens at launch and has consistently restaked its holdings rather than selling them. Critics see this concentration as a risk, while supporters argue it removes coins from circulation and aligns the Origin Address with long-term price growth. Whatever one’s view, the contract’s immutable code keeps inflation, penalties and reward distribution transparent and predictable across both chains. HEX is designed to be a store of value to replace the Certificate of Deposit as the blockchain counterpart of that financial product used in traditional financial markets. HEX is also designed to leverage off the emerging DeFi (Decentralised Finance) ecosystem in cryptocurrencies within the Ethereum network. In its first two years, HEX made headlines by outperforming Bitcoin in terms of value appreciation.

The community remains divided, with some viewing HEX as a groundbreaking financial innovation and others expressing doubts about its future. These strategies have included high-profile advertisements and sponsorships, aimed at increasing visibility and adoption. The marketing efforts have been a double-edged sword, attracting both interest and skepticism from the broader cryptocurrency community. As a cryptocurrency, it can be used for transactions, offering a decentralized alternative to traditional payment methods.

Holders lock HEX for fixed periods ranging from 1 day to 5,555 days and mint their own yield, with longer and larger stakes earning proportionally higher returns. Annual inflation is capped at 3.69 percent and is paid only to stakers, discouraging short-term trading and rewarding committed participants. The code is open source, immutable and trustless; once a stake is made, only the staker can end it, and early withdrawals incur built-in penalties that flow to compliant stakers. HEX’s journey has been marked by significant events that have shaped its trajectory in the cryptocurrency landscape.

• HEX’s supply dynamics are shaped by the Origin Address, which received the lion’s share of tokens at launch and has consistently restaked its holdings rather than selling them.
• HEX, a cryptocurrency designed by Richard Heart, emerged on the blockchain scene with its launch on 2 December 2019.
• Whatever one’s view, the contract’s immutable code keeps inflation, penalties and reward distribution transparent and predictable across both chains.
• 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.
• This ERC20 token, built on the Ethereum network, aims to function as a blockchain-based Certificate of Deposit, leveraging the DeFi ecosystem.
• The maximum possible annual inflation of HEX is designed to be 3.69% after the first year of launch.

From its innovative launch and distribution model to its performance and marketing strategies, HEX continues to be a topic of interest and debate within the blockchain community. Bitcoin holders received HEX through a snapshot of the Bitcoin UTXO set at block height , with a distribution rate of 10,000 HEX per 1 BTC. This claim period lasted for one year, during which HEX could also be acquired using ETH via the HEX smart contract.

The consensus code and staking mechanism are contained within the HEX smart contract, ensuring that the staking process is transparent and secure. 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. 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.

Popular Tokens

Unclaimed HEX tokens after the first year were redistributed to active stakers, further incentivizing participation in the network. The HEX smart contract operates on the Ethereum network, utilizing its hxx coin price transaction layer for sending and receiving tokens. This integration allows HEX to benefit from Ethereum’s robust security and widespread adoption.

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. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 964 exchanges. HexxCoin is a secure, blockchain-based system and decentralized network with a proof-of-stake consensus and all of the functionality of competing payment coins.