I understand when Bitcoin maximalists get all salty about Alts, in fact I understand when Ethereum maxis get all over protective about their chain, but one crypto community and project I've had issues wrapping my head around is the Hex project and its community. From a glance, Hex is a smart contract built on Ethereum network, providing trustless decentralized interest without any banking fees or middleman, it is designed to replace high interest timed deposit savings account. You stake your HEX coins for a fixed time period, and once your stake expires, HEX pays you interest. The longer lockdown period you choose, the higher interest rate you receive.
It all sounds great in concept, however, it takes more than sounding great in concept in actualizing and making the entire concept a reality. This is due to the fact no code is perfect, and bugs could always be detected and exploited, especially in a ecosystem with people's money involved. Over time, we've seen lot of projects with great concepts come and go due to these vulnerabilities being exploited, which resulted in people getting reckt. The most recent one being the popular Yam finance DeFi protocol, read more about the mishap below.
On Wednesday, well over $500 million funneled into the defi project Yam Finance. More than $120 million kept funneling in after the developers found a bug in the smart contract. After the bug announcement, the YAM token’s value dropped significantly as the token touched an all-time high of $167.66 per token. At the time of publication, the token is only worth $0.97 per YAM.
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On the technical side, for such contract to be sturdy, it must be extensively audited/scrutinized by professionals and according to word on the street, the Yam project was not audited before millions began flowing into it. Anyway this post is not about the Yam projects mishaps, back to HEX, word on the street has it that HEX was audited 3 times. According to the data provided by Coinmarketcap, Hex has generated a ROI at 1,109.94%, raising the price of the token from 0$ to an all time high of $0.006402 and is currently trading at $0.002419, however, even as all things seem to be going well for the Hex project and its investors, these factors does not protect it from being called out as scam from the major crypto community who have doomed it to fail.
Anyone conversant in the crypto industry definitely has an idea about who Andreas Antonopulous is through his numerous contribution in the growth of the Bitcoin network, he has kept quite a clean sheet with his dealings in the crypto industry and has earned himself some amount of reputation. As a result of this, different projects founders approach him for his assistance in raising awareness about their projects. Just yesterday, Andreas announced on twitter that he was offered 10BTC to do an interview about HEX to show that it is not a scam.
This sent out numerous red flags about the HEX project within the crypto community. More so, following the chats and replies associated with the tweet, it was glaring that the Hex project itself was the type one had to take with a pinch of salt. While some discussions were in favor of the project, highlighting that it has been audited 3 times, someone pointed out that the Hex code could not be changed even if a vulnerability was detected, and the fact that a bug hasn't been detected yet, doesn't make it fool proof.
What do you think about the Hex project and it's community. Is it a scam? Is it legit? Can you invest in it?
Thank you for reading...