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Top 10 Crypto You’ve Never Heard of is Up 19% This Week, 400% YTD

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HEX price was up 20% this week. It is one of the largest DeFi products on Ethereum and is ranked in the top 10 by one of crypto’s most respected data houses, yet it remains an unfamiliar name to many in crypto.

It is arguably also one of the most controversial coins in the cryptosphere, whose founder and chief evangelist is loved and hated in equal measure.

HEX brands itself as crypto’s first and only certificate of deposit (CoD), although that’s a claim that these days is very hard to justify, given the proliferation of interest-bearing products on Ethereum, but let’s look beyond semantics and marketing.

The man behind HEX is Richard Heart (real name Richard J. Scheuler) and his baby has been slammed as a scam since inception in December 2019, but to be fair that could be said for crypto per se.

The fact that Heart made a lot of money in marketing hasn’t helped his online persona, but given the three audits that have been conducted on the network’s tech it’s hard to see what justifies the scam accusations levelled against HEX.

HEX price strengthening while other assets falter

And as far as the HEX price goes, there’s much to admire, as you can see in the chart below. The HEX price is $0.0733 at the time of writing.

Other stats are equally impressive. Market cap is up 24.8% to $43 billion; weekly trading volume is $186 million, up 24% and transparent volume up 21%.

hex price chart 11 june 2021
HEXUSD daily chart 11 June 2021 courtesy Messari. The volume profile (shown on y axis) shows trading interest peaked around the $0.055 price region.

But perhaps those scam claims are the reason why you may not have heard of HEX. To be frank, if you can’t get into the top 100 on coinmarketcap, it can be a hard slog getting wider recognition let alone generating on-chain activity for a project.

It is because of its supposedly dubious tokenomics that the coin does not appear anywhere near the rarified ranks of the large cap cryptos. In fact coinmarketcap ranks it at 201 and includes a handy warning note explaining why it has difficulty ranking the coin. “HEX is not eligible for normal ranking,” says the site page. Clicking ‘learn more’ takes the user to the CMC methodology page but nothing specific regarding why HEX is problematic as far as ranking goes, or how its rank is determined.

Heart and his growing band of vociferous supporters will tell you that this is down to one of the crypto’s open secrets, which is, that CMC is more interested in the listing fees than it is in the worth of a particular project. 

HEX’s supporters counter this rating by saying that the developers of HEX would rather not pay the extortionate fees that CMC demands for the listing of all manner of coins, which at the last count numbered more than 8,000, most of which are rubbish, dead or dying.

Nomics ranks HEX 8th

Widely respected crypto data analytics site Nomics currently ranks HEX at 8 but CMC places it at 201, as we have seen.

Let’s compare some other data points. Nomics calculates HEX market cap at $39.2 billion on 11 June 2021 while CMC calculates it at less than a third of that at $11.8 billion.

In terms of the transparency of the exchanges HEX trades on, they have the highest possible Nomics rating of A, which denotes full transparency.

hex price
Since this screenshot was taken a ‘flippening’ has taken place on Nomics, with HEX leapfrogging above XRP and Dogecoin into 6th place

How does HEX work?

You can stake HEX for as long as 5555 days and a minimum of 1-day. As you would expect, the longer you stake the better the rewards. 

Stakers, when they end their stake, receive a share of the interest paid on the Stakers Pool. The interest rate is 3.69%.

Exactly how much you get paid from the pool depends on the percentage of HEX that is being staked overall. So, for instance, if only 1% of supply is being staked then the average payout to stakers will be 369%. If the proportion of staked tokens doubles to 2% then the interest halves to become 184.5%.

As mentioned earlier, HEX markets itself as the first blockchain based certificate of deposit but it doesn’t really bear much resemblance to that low-risk credit instrument, which is basically the US version of a bank notice savings account, where the depositor commits to leave their cash with the bank for a set period.

Tempted by HEX 40% annual percentage yield?

But is is also different in a better way from CoDs,  in that the interest rate paid out is a lot higher, with an annual percentage yield (APY) of 40% compared to a certificate of deposit’s 2% or so.

When you stake HEX it gets burnt and you buy T-shares at their current dollar price – the T stands for trillion. It is these that have the claim on the stake pool and, importantly, also attract a quadratically increasing bonus up to 10% of the input amount.

If you stake for longer periods than one year then the bonus rises to a maximum (depending on period staked) of 3x the base bonus. In addition, larger stake amounts attract a multiplier of 1.1x.

To release your funds from staking you run the End Stake function. If you end the stake early there is a penalty fee of 1% of the total return, which goes into the pool and is shared among stakers. 

The annual inflation rate of the HEX token is 3.69% and this is the source of the interest payments amassed in the pool. In this respect, then, HEX’s constant inflation rate differs from those of networks such as Bitcoin, where the inflation rate – block reward that mints new coins – declines over time.

HEX return on investment outperforms

The return on investment for HEX compares very favourably to a selection of top coins. Year to date HEX is up 443% and over the past week when everything else has been in the red, HEX was up 19%.

Asset Symbol Price ($) 7 day % chg 30 day % chg YTD % change
Bitcoin BTC 37155.456 1.9 -24.2 27.7
Ethereum ETH 2456.493 -8.1 -35.3 238.6
Cardano ADA 1.512 -10.4 -2.3 772.5
Dogecoin DOGE 0.323 -13.7 -16.9 5610.3
Hex HEX 0.069 19.2 28.0 443.1

Table data as at Friday 11 June 2021. Source Messari

Richard Heart’s latest project is to help fix Ethereum fees. To achieve this end his PulseChain’s unique selling point will be in forking the entire Ethereum blockchain including all of the ERC-20 tokens built on top of it. If you ‘sacrifice’ any ERC-20 token for every $1 value at snapshot you will receive 10,000:1 of Pulse coin, although the exact details are somewhat in flux at this point. We will be discussing the merits of PulseChain in a future feature.

Next week we will be talking to a HEX millionaire and another investor who joined the party when there were only 8 people in the Telegram group. There are now 21,900 users on the official channel today, not to mention a proliferation of unofficial groups of variable quality and honesty – but that’s the Wild West of crypto Telegram for you.

Indeed, Heart actually set up a Telegram group especially so that all the HEX FUD spreaders could have a home of their own.

In out third feature story we will be looking at PulseChain.

Do your DD on HEX

If you are thinking of taking a look at HEX please do your own due diligence.

We recommend this blog post: HEX Staking Deep Dive

…and this long read: HEX Contract in Layman’s Terms

Buy Ethereum to get in on HEX

You will need to own some Ethereum to exchange it it for HEX on Uniswap. Head over to eToro where you can buy ETH and then download the eToro wallet. You can then do a transfer from within the brokerage account to the wallet in order to create the address on the wallet side in the first instance. The HEX price is on the move so you might want to get in under $0.10.

If you don’t already have the Metamask Chrome extension, then you’ll need to get that done to interact with both Uniswap and the HEX website so you can do the staking.

Looking to buy or trade Ethereum (BTC) now? Invest at eToro!

Capital at risk

Source: https://insidebitcoins.com/news/top-10-crypto-youve-never-heard-hex-is-up-19-this-week-400-ytd

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Canadian Regulator Adds Bybit to Crypto Exchange Crackdown

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In brief

  • The OSC says it reached out to Bybit in March but heard nothing.
  • A hearing is scheduled for July 15.

Bybit, one of the world’s top five crypto exchanges with $53 billion in trading volume in the last week, is in hot water with Canadian regulators—along with other prominent crypto trading platforms.

The Ontario Securities Commission (OSC) has charged the British Virgin Islands-registered company with “operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.”

According to the OSC, it had requested on March 29 that Bybit contact it regarding how to bring the exchange into compliance with Ontario securities law but did not receive a reply. It’s now added Bybit to its investor warning list and set a hearing date of July 15.

At that hearing, the commission will consider OSC staff recommendations calling for Bybit to cease securities trading and be prohibited from acquiring securities “permanently or for such period as is specified by the Commission.” Staff also have recommended an administrative penalty of up to $1 million for each breach of Ontario securities law.

Earlier this month, the regulator took a similar enforcement action against another exchange, KuCoin. And last month, the OSC alleged Poloniex had not followed its registration process. Its argument is mostly the same in each instance: The exchange offers securities and derivatives to Ontario residents, meaning it must comply with the province’s securities laws.

Securities are, generally speaking, financial instruments people can buy and trade for the purpose of turning a profit. Derivatives are a type of security that get their value from an underlying asset that may or may not be a security itself. For example, commodity futures and Bitcoin futures contracts are derivatives. These allow someone to set a buy/sell price for an asset in advance; it’s a way of gambling on how much the price of an asset will increase or decrease.

Bybit is a primary investor in the Peter Thiel-backed BitDAO, which last week announced it had taken in $230 million to provide grants, liquidity, and technical expertise to decentralized finance projects. It has promised a cut of its futures contract trading to BitDAO.

Yes, but is it registered in Ontario?

Source: https://decrypt.co/74156/canadian-regulator-adds-bybit-crypto-exchange-crackdown

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Forget Amazon Prime Day, Earn Double Bitcoin Back From Lolli Promo

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Who needs Amazon Prime Day when you can get free bitcoin on your purchases?

Lolli is offering customers up to 14% back in bitcoin in their limited promo offer. A variety of retailers are available on Lolli for you to take advantage of the promo.

You can get cash back (crypto back?) on any purchase you make. All previous percentage offers on crypto back are now double for a limited time when you shop with Lolli. Shop from over 1,000 merchants on the platform and get bitcoin back on every purchase.

What Is Lolli?

Lolli is a cashback/bitcoin rewards company. The platform works as a browser extension that you can add to your browser. The browser extension can be added to Chrome, Firefox, and Safari browsers.

Related Reading | Bitcoin Water Trust Raises $1.4 Million, And Counting

With Lolli, every purchase you make from one of their partner stores gets you bitcoin rewards up to 30%. The average rewards percentage currently sits at 7%.

The company was founded in 2018 by Alex Adelman and Mark Senter. They wanted to create an accessible way where people could get bitcoin as a reward for shopping for everyday items. Making it that people can own bitcoin without having to actually buy it.

Lolli works by giving you a percentage cashback on purchases and depositing the bitcoin into your Lolli wallet. You are then able to withdraw the bitcoin once you have up to $15 in your wallet.

This way, customers get money back on their purchases. And merchants get new customers and generate more sales.

Bitcoin chart from TradingView.com

Current bitcoin price | Source: BTCUSD on TradingView.com

Lolli raised $3 million in a Seed Round that was led by PathFinder in 2020. The seed round’s investors included notable names like Aston Kutcher and Bain Capital.

The company then went on to raise $5 million in a Pre-Series round from Seven Seven Six. Also included in the funding round was Serena Williams’ Serena Ventures. This brings the total funding raised by the company to date to $10.5 million.

How It Works

It’s a pretty straightforward service. You download the browser extension. This only takes a second to do.

The extension then brings you to a page where you can sign up and log in.

Then when you go on merchant sites to shop, Lolli will pop up to show you how much cashback you’re eligible for. You can go on and check out. And then you get your Lolli rewards.

Related Reading | Steve Hanke Calls El Salvador’s President “Stupid” For Making Bitcoin Legal Tender

As a fraud mitigation effort, Lolli only gives you the rewards once your return date has elapsed. This is to make sure that people do not purchase items and then return them. Taking the Lolli rewards and not actually buying.

It usually takes about 30 to 90 days after your purchase that you can get your rewards. You can check your account to see your balance. There is usually an estimate of your cashback on your purchase on your account. Then you can see your actual balance when you get your coins.

As a rule, Lolli never collects your data across websites. You can be sure that your data is not being sold to third parties. Lolli does not store any of your data.

So if you’re looking for ways to get some exposure to bitcoin without having to buy some, this is a great opportunity.

Featured image from CoinCentral, chart from TradingView.com

Source: https://bitcoinist.com/forget-amazon-prime-day-earn-double-bitcoin-back-from-lolli-amazon-promo/?utm_source=rss&utm_medium=rss&utm_campaign=forget-amazon-prime-day-earn-double-bitcoin-back-from-lolli-amazon-promo

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Sotheby’s Will Accept Crypto In Auction Of Rare 100-Carat Diamond

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Global auction house Sotheby’s is no stranger to crypto. In fact, the leading auctioneers have been hosting NFTs, such as multi-million-dollar CryptoPunks. This week, they are kicking off the auction for the code of the World Wide Web. Now, Sotheby’s is integrating crypto for more than just NFTs and their payments – and is allowing crypto to be a form of purchase for a more traditional auction item, an upcoming 100-carat diamond.

Sotheby’s Has Crypto On The Rocks

The auction will be a single-lot sale hosted in Hong Kong, featuring an astounding 101.38-carat diamond. The auction will take place on July 9 and the diamond is expected to fetch north of $10-15M. Sotheby’s will also offer a hybrid online bidding process, which will start later this week.

Accepting cryptocurrency for a traditional sale like this will be a first for the nearly 300 year old auction house. Sotheby’s had also allowed for crypto transactions for previous Banksy physical art pieces and NFTs, but nothing outside of those. Should the winning bidder pay in crypto, Coinbase Commerce will process the transaction, according to Sotheby’s representatives.

Patti Wong, chairman of Sotheby’s Asia, described the auction as a “truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency”.

Related Reading | NFTs In A Nutshell: A Weekly Review

Describe That Diamond

Beyond sheer size, the diamond is a pear-shape with a D-color and flawless GIA rating, called “The Key 101.38”. The name, according to Sotheby’s, was chosen to embrace the past, present, and future – stating that keys, like diamonds, symbolize power and freedom. “We wanted to celebrate this enlightening virtue, while also alluding to the crucial function of digital keys in the world of NFTs and cryptocurrency”, said Sotheby’s deputy chairman of Jewelry in Asia, Wenhao Yu.

The color and clarity are the highest possible grades for a colorless diamond. Additionally, Sotheby’s has said that 100+ carat diamonds have achieved “mythical status”; making this auction the first diamond, and certainly the first diamond of such a size, to be open for bidding at such a major level with crypto. Less than ten 100+ carat D-Flawless diamonds have ever come to auction. Diamonds have been an increasingly hot seller for the premium auction house in recent years.

Furthermore, Sotheby’s engagement in cryptocurrency continues. Earlier this month, the auction house sold CryptoPunk #7523 for just shy of $12M as part of their “Natively Digital: A Curated NFT Sale” series.

The full list of supported cryptocurrency payments from Sotheby's has not been disclosed, but previously the company has accepted ethereum. | Source: ETH-USD on TradingView.com

Related Reading | Sotheby’s To Auction Off World Wide Web Source Code As NFT

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/sothebys-will-accept-crypto-in-auction-of-rare-100-carat-diamond/?utm_source=rss&utm_medium=rss&utm_campaign=sothebys-will-accept-crypto-in-auction-of-rare-100-carat-diamond

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