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HEX aims to function as a store of value, positioning itself as the blockchain analogue of the Certificate of Deposit from traditional finance. It also looks to make use of the growing DeFi (Decentralised Finance) ecosystem for cryptocurrencies on the Ethereum network.
HEX runs on the Ethereum network as its transaction layer, handling sending and receiving HEX tokens and interacting with the HEX smart contract. At the same time, the protocol’s consensus logic and staking process live inside the HEX smart contract.
HEX lets holders stake their HEX coins to earn a portion of the newly issued HEX, tied to inflation. It includes mechanisms meant to encourage actions that support price appreciation and to discourage conduct that could hurt the price. The HEX smart contract penalizes stakers who end their stake early, while rewarding those who stake bigger amounts for longer durations.
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