November 18th, 2020 at 6:31 am UTC · 3 min read
HEX’s much anticipated Big Payday (BPD) is upon us. November 19 marks the end of the 50 week launch phase, known in the HEX community as The Big Payday. This is the point when the Launch Phase’s Adoption Amplifier – whereby ETH can be used to mint new HEX – ends, and HEX will be 100% traded on the open market.
Presently, the system mints a billion HEX every day. That stops on BPD, when the final 30 percent of the total supply is given away to people who staked. If you’ve always wanted to hold a considerable portion of a cryptocurrency, BPD is the day when billions of HEX will be available to those who are staked.
On BPD, HEX tokens not claimed will be distributed to stakers. Many HEX users hold active stakes that go on for upwards to 15 years, ensuring they will enjoy a higher share rate than if they staked for a shorter period.
BPD works in a rather straightforward manner. As the percentage of total coins staked goes up, the BPD bonus decreases. As the percentage total coins staked decreases, the bonus increases. Those who claim earlier receive more shares per staked HEX. Those who claim later receive fewer shares per staked HEX. BPD is the last large distribution of HEX.
HEX founder Richard Heart said:
“Imagine if the Bitcoin system gave away 21 million bitcoins, but instead of doing it in 100 years, it happened in one year.”
That is the idea with BPD. After the 350 days holding period, there is no more referral program and the only inflation will be generated from the 3.69% compounding interest paid to The Staker Class, which is delayed. And, since it is delayed, it reduces the speed at which the inflation grows. This compound interest is exponential, since this inflation only is paid at the end of each stake.
Heart added:
“HEX copies the real world. In the real world banks make money on fees. They take advantage of their customers. If you get a time deposit at a bank, and withdraw early, you pay penalties. If you leave a time deposit at the bank, they auto renew you at a worse rate and charge you fees. HEX penalizes you too. It is designed to do so. The difference is you get paid the penalties – not the bank – when people make mistakes.”
Please visit HEXStaking.com to learn more about how you can procure your HEX today.
HEX is faster, cheaper, safer, better for the environment, and more censorship resistant. Bitcoin holders can mint HEX for free. Anyone can build on top of HEX. The vibrant HEX developer community has released dozens of innovative projects around HEX in record time. HEX does things that no cryptocurrency before it has even attempted.
HEX aligns incentives, so the more people that participate, the better everyone does! HEX eliminates middlemen. Users can transform Ethereum directly into HEX. HEX helps the small guys by penalizing Bitcoin whales. HEX gives early claimers get bonuses and late claimers penalties. HEX pays bonuses to referrers and those referred. HEX pays the unclaimed coins, late claim penalties and interest to those who stake their HEX. Longer and larger stakes get more shares and the price per share only increases.