HEX, one of blockchain’s innovative projects, prides itself as the first Certificate of Deposit. The HEX token is an Ethereum-based token that works similarly to traditional CDs.
HEX leverages the features and benefits of Decentralized Finance to provide a store of value that can replace traditional Certificate of Deposit using the Ethereum network.
Just like regular CDs, where customers earn interest when they leave their money with banks, HEX offers more attractive yield returns when HEX holders stake their tokens for a fixed time.
The concept behind HEX allows token holders to access a more decentralized and permissionless way of earning interest on their investments. Therefore, with HEX, token holders are their banks.
Staking HEX is possible via the HEX Staking platform. All you have to do is get your crypto wallet and buy HEX tokens from the HEX exchange. Then, dedicate your HEX token to the platform.
In this article, you learn about HEX tokens and how to invest your tokens to earn attractive interest on them.
What is HEX?
Blockchain technology and cryptocurrency have paved the way for the innovative growth and development of a newer way of financial transactions.
Since its inception, blockchain technology continues to provide more amazing products and projects for a decentralized, free, and non-custodial way of transacting globally.
One of these projects is HEX, an ERC-20 token that works as a certificate of deposit. The project is the first triple audited Certificate of Deposit with an alluring high yield and valuable HEX CDs.
HEX was designed to provide users with blockchain’s decentralized perk to access CDs. The project is built on the Ethereum blockchain, and it uses the network for trading HEX tokens and transacting with the HEX smart contracts.
Meanwhile, it also benefits from Ethereum’s consensus mechanism for its smart contract and staking program. With HEX, users can stake their assets and benefit from an ever-changing financial ecosystem and a share of new HEX tokens.
The project features brilliant price maintenance mechanisms. Meanwhile, there are also penalties for users who want to revoke their dedicated tokens before the staking duration ends.
HEX was launched as BitcoinHEX in December 2019 by Richard Heart. During its one-year launch phase, the project allows early users to claim HEX tokens by minting the token with Ether tokens via Adoption Amplifier.
After the launch phase, users could trade and stake their HEX tokens using HEX’s base layer smart contract.
HEX aims to bring a new age of innovative financial ecosystem that cuts out traditional banking and payment methods inefficiencies with a blockchain-based secure peer-to-peer trading system.
In short, HEX was developed with the sole aim of providing its users with something better than CDs.
Unique Features of HEX
Some of HEX’s unique features include:
1. HEX Staking: An important component of the HEX ecosystem is the staking platform. Via its staking program, HEX holders can earn attractive yield rewards by locking their tokens in a time-based contract on the platform.
2. Low Inflation Rate: One of the most distinctive features of HEX is its low inflation rate. Apart from its architecture that supports its low inflation rate, the project pays an inflation quota to its stakers to shield them from the effect of any unprecedented inflation.
3. High APY: Aside from the low inflation rate, HEX stakers can also enjoy a high APY rate of more than 40%. Meanwhile, the APY yield increases with increased stake duration. Therefore, the longer you stake, the higher your APY.
4. Appreciating Price: HEX’s price has enjoyed enormous growth since its launch, making the token an excellent investment asset. In fact, the token’s performance has exceeded top cryptocurrencies like ETH, BTC, or LTC, and it has gained more than 75,000% from its all-time low price in 2020.
5. Excellent Roadmap Activities and Realistic Goals: Unlike many crypto projects, HEX has set achievable goals that prioritize a sustainable ecosystem for its users. Meanwhile, its design also takes the volatility of crypto asset prices into consideration.
Steps to Stake HEX
HEX’s easy-to-use and user-friendly staking platform makes HEX staking easier and better. However, before you can stake HEX, you need to fund your wallet with the token.
To do this, you can swap Ethereum with HEX on the project’s ETH-HEX DEX. Then stake HEX and start enjoying APY yields.
Here’s a detailed guide on how to stake HEX.
- Buy Ethereum on Binance
- Swap ETH for HEX
- Stake HEX
1. Buy Ethereum with Binance
You can easily buy HEX tokens with ETH on HEX DEX or Uniswap.
However, before you can buy HEX, you must fund your wallet with ETH from a suitable centralized exchange like Binance.
All you have to do is log in to your existing Binance account. If you’re a new user, simply navigate to Binance.com.
On the homepage, tap GET STARTED to create a new account.
Submit your email address and preferred password. After verifying your email address, complete your profile with your details, including your name and address.
Once you’re done, complete account verification to start enjoying Binance.
Finally, buy ETH with P2P, bank transfer, or debit/credit card from the BUY CRYPTO section of Binance.
Once you’ve completed the purchase, transfer the token to your crypto wallet.
2. Swap ETH with HEX tokens
Once you’ve funded your account with ETH, go to ETH-HEX DEX at ethhex.com.
Tap CONNECT WALLET from the upper right corner of the DEX. Approve the connection in your crypto wallet by signing the prompt that pops up.
Input the amount of ETH you want to swap for HEX and click on SWAP.
Sign the transaction in your wallet to approve the swap and fund your wallet with HEX tokens.
3. Stake HEX
After funding your wallet with HEX tokens, you’re only one step away from earning yield rewards from dedicating your tokens.
Navigate to the HEX Staking platform at go.hex.com/stake.
Click on CONNECT from the upper part of the staking page to allow the platform to view your address.
Approve the connection in your crypto wallet to continue.
Finally, input the amount of HEX tokens you’d like to stake. Enter your preferred staking duration in the next field, then tap stake.
Review the transaction in your wallet and approve to complete the transaction.
Congratulations. You can now start earning passive income with HEX.