HEX is currently enjoying a strong buying market, largely due to the speculation that its price could experience a major rally in the coming months. This article takes a look at the Hex protocol and its native HEX token to understand its underworkings and use cases.
Additionally, we have shared our projections for when HEX’s bull run could begin. Read through this article to understand what the Hex network is and how it operates, to help you make responsible investment decisions.
What Is Hex (HEX) and How Does It Work
Hex is an Ethereum-based protocol that positions itself as the blockchain certificate of deposit (CD). Similar to traditional CDs, Hex allows the holders of its native $HEX token to stake batches of the cryptocurrency for specified periods, which will earn them bonus $HEX upon completion.
The concept of the project is to reward token holders, not miners or validators. Users stake their HEX by promising to hold the tokens for a predetermined period. Upon completion of the staking period, they will receive their staked funds as well as an interest payment denominated in HEX. The token staking period can range from 1 to 5,555 days. The longer the stakes, the higher the yields.
Hex’s developers claim that its monetary policy and energy efficiency are superior to Bitcoin’s. It is powered by a Proof-of-Wait consensus algorithm that is less energy-intensive than the Proof-of-Work (PoW) consensus powering the Bitcoin network, with a capped annual inflation paid directly to HEX holders. During its launch, HEX was airdropped to interested BTC and ETH holders.
What Is The $HEX Token?
HEX is an ERC-20 standard token issued on the Ethereum blockchain that is being touted as a replacement for certificates of deposit. The cryptocurrency promises users rewards in the form of yield for holding it for a predetermined period. However, apart from being a CD asset, it has no specific use case within the Ethereum ecosystem, making it seem like a speculative asset.
The Hex team has been working on the PulseChain, which will be the native blockchain for the HEX token. The protocol’s launch has been delayed over the years following allegations that its CEO Richard Heart raised over $1 billion from investors through unregistered securities offerings and misappropriated at least $12 million worth of investor funds to purchase luxury goods.
HEX Price Analysis
At the time of writing, HEX is trading at $0.01666 – down 5.1% over the last 24 hours. Despite the decline in value, its price has risen by 16.68% over the past week. Take the monthly performance into account and HEX has seen an increase of 203.36% in price.
Below is a table showcasing the expected minimum, average, and maximum price of HEX from 2024 to 2030. We will use this information to determine when the bull run for the Ethereum-based token will be. Keep in mind that the figures provided in this table are purely speculative and could change depending on the market performance of HEX.
| YEAR | MINIMUM PRICE | AVERAGE PRICE | MAXIMUM PRICE |
|---|---|---|---|
| 2024 | $0.00292 | $0.00674 | $0.00710 |
| 2025 | $0.00695 | $0.00820 | $0.00840 |
| 2026 | $0.00959 | $0.0110 | $0.0117 |
| 2027 | $0.0125 | $0.0140 | $0.0149 |
| 2028 | $0.0125 | $0.0140 | $0.0149 |
| 2029 | $0.0154 | $0.0167 | $0.0176 |
| 2030 | $0.0219 | $0.0239 | $0.0244 |
According to our estimates, there is an increased probability of HEX experiencing a bull run between November 2024 and March 2025. This period coincides with the US Presidential election, which is a key denominator in determining whether the financial markets will propel or decline.
Overall, HEX is poised to maintain steady growth for the rest of the decade, if it can deliver on the project roadmap and repay investors’ trust.
Where To Buy HEX Token From?
Here are the exchanges on which you buy, sell, and trade HEX tokens:
- Pulse X
- Pulse X V2
- 9inch
- Phux
