HEX has always been a coin shrouded in mystery and controversy. Why are its supporters, the so-called “Hexicans”, so cultish in their effusive praise of the founder, Richard Heart, while attacking anyone who dares to criticize Heart or HEX? Are these Twitter accounts solely dedicated to HEX mostly bots? Why is the market cap different depending on where you check? Is this simply another ponzi led by a cult-like figure or do the Hexicans have a point?
What Is HEX?
HEX was launched by Richard Heart on December 2nd, 2019, as an ERC-20 token on Ethereum. HEX describes itself as the first blockchain Certificate of Deposit (CDs). CDs are a traditional finance product that provides an interest rate premium in exchange for locking a lump-sum deposit with the bank.
In the “What is HEX?” video on Hex.com, it claims that HEX is “the first high-interest paying cryptocurrency” and “is actually designed to increase in value”. To earn this interest, holders stake their HEX and lock it for a period of time between 1-5555 days. The longer you lock your HEX, the more interest you will be paid with the average yield around 38% APY. Unlike traditional bonds or CDs, staked HEX can’t be sold, so a large amount of HEX is currently time-locked with the average stake length being 6.6 years.
Who Is Invested In HEX?
The Hexicans are possibly the most passionate and unhinged community in all of crypto. Any time anyone criticizes HEX or Richard…
