HEX.com has succeeded in bringing banking’s second most popular product — the time deposit — to the blockchain. This week marks another all-time high in HEX, with tokens trading above 2.3 cents for the very first time. Additionally, The Staker Class in HEX is paid an average 40% APR yield on top of HEX’s price appreciation for committing to stake tokens for time periods of their choosing. Leading the way in decentralized finance (DeFi), and also outperforming other markets, HEX appears to be attracting more users now than ever.
Growth Markers Never Before Seen in Crypto
The most accurate metrics at the time of writing have HEX ranked #12 with a market cap of $12.3 billion; over $1.3 billion are in active stakes receiving high interest every day. The average HEX stake length is over 5.45 years; the longest stakes are 15 years. The onchain commitment observed in HEX with its time locking feature of staking is truly unprecedented in cryptocurrency.
While it is one thing to HODL a cryptocurrency, it is quite another to receive yield on it. In Bitcoin if you want to get yield on top of price you have to take risk: you have to give your Bitcoins to someone else to lend them out to get that yield. You hope they come back; sometimes they do not. In HEX you — and you alone — control your private keys to your stakes which receive yield paid out every single day. If you lock up your HEX by staking it then you’re going to make more HEX. The longer you lock up your HEX, the more HEX you earn.
What is HEX’s Specific Use Case?
“If you want to replace banks you’ve got to replace all of their products, and what is their second most popular product? The time deposit.” -Richard Heart, Founder of HEX
The United States and China have over $8 Trillion in time deposits. This is a 60% larger market than the peer-to-peer cash market Bitcoin was designed to address, where printed cash totals about $5 Trillion.
With superior product fit and a 60% larger market than Bitcoin’s, HEX addresses a very specific and massive global use case. While it is still early days in HEX, many are surprised to learn this product is designed to easily absorb the whole of the world’s time deposits while continuing to pay high yields.
Stake HEX and Watch it Multiply
Staking HEX continues to see a trend of month-over-month growth observed in total interest paid to active stakes. In the past 30 days approximately $17.9 million in HEX has been paid to The Staker Class. At the time of writing some 28,300 active HEX stakes are open, receiving trustless interest paid daily — every day — at 00:00:00 UTC.
The Staker Class in HEX - in and of itself - is a powerful market bound by immutable conditions that cannot ever be compromised. Confidence in this market is measurable by stake length and size, with over $1.3 billion in HEX locked up to 15 years. The fact that The Staker Class is willing to burn their right to their dollar value today in exchange for much greater ROI deliverable in the future is something the cryptocurrency world has never seen before, especially not with such growth trajectory and magnitude.
HEX Spotted in The Economist
Earlier this month HEX made its second appearance in The Economist, found on page 75 of its April 3rd publishing. In fact, across the last year there have been HEX sightings all over the United Kingdom; taxi’s, busses, billboards, magazines such as The Economist, Car and Driver as well as Card Player and reportedly others.
In this most recent sighting of HEX found in The Economist, performance metrics and HEX’s staking mechanism are discussed with additional details that can be found exploring HEX.com.
The Competitive Advantage: An Economic Moat
HEX set a new standard in security and transparency when it went live on December 2nd, 2019 by launching fully complete with 3 separate audits by 2 of the top contract auditors in the world. This marked an extreme rarity in crypto - a finished product - separating HEX from 99.99% of other cryptocurrencies which appear to remain in perpetual project status reliant upon promises of future work.
In HEX there are no expectations of future work, as its founder, Richard Heart, explained in his October 15, 2020 interview with HardForking:
“HEX was delayed almost a year to get security right, which is why it has 3 audits; 2 security audits, 1 economics audit. HEX has no admin keys. No off switch. No pause switch. It’s fully autonomous.
If HEX.com goes offline, I die, the system continues to work fine. It is unstoppable: the code is on the blockchain. You run it. You mint your own rewards. That’s it.”
Why HEX May Continue to Soar
A useful property of HEX is the complete data transparency: 100% of activity is observable onchain in addition to its openly viewable contract. If you take a look, many millions of dollars in HEX are pouring into stakes with more in active stakes today than ever before. Complementing the user experience is the Staker App available on both iOS and Android, making HEX easier than ever to buy and stake.
The onchain commitment, high yielding APR, and the powerful market of The Staker Class has never been seen in crypto before. This cannot be done with Bitcoin, but with HEX it can. So if storing value securely, addressing the time value of money, and reducing pollution by rewarding stakers instead of miners are good things, HEX’s future may indeed be very bright.
⬣ More Info: HEX.com
⬣ News and Updates: Follow on Twitter @HEXcrypto
⬣ Community: Interact, Q&A: https://t.me/HEXcrypto
Press release distributed by Pressat on behalf of Hex, on Friday 9 April, 2021. For more information subscribe and follow https://pressat.co.uk/