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HEX is a DeFi protocol that has found itself caught up in a storm of allegations leveled against DeFi platforms claiming that they are pyramid schemes looking to defraud cryptocurrency investors.

The ecosystem offers impressive returns of up to 37% APY to people who choose to stake their tokens, so it would be a shame to pass on a potential investment without confirming that it really is a scam.

In this article, we examine whether HEX really is a scam, how the protocol works, and check out both HEX historic price action and what the experts are forecasting for its future.

HEX Exchange Rate

HEX by TradingView

What is Hex Coin (HEX)?

Hex Coin is a peer-to-peer (P2P) staking network that was launched as a smart-contract compatible ERC20 token on the Ethereum (ETH) network in 2019.

The token is a blockchain Certificate of Deposit (CD) or Time Deposit which means that it’s embedded with information about the exact time of deposit and the amount of time that has passed since it was deposited.

The network uses CD data to determine the amount of rewards someone will be paid for staking.

Who Founded Hex Coin?

The project was founded by Richar Heart, who, according to his official website, not only set up the project but also owns the world’s largest cut diamond which he named “The HEX.COM Diamond,” has several Ferraris, and claims to have overseen the largest airdrop in the history of crypto.

Heart’s website does come across as somewhat questionable due to the bold claims it makes about the cryptocurrency, one of which states he has helped people in cryptocurrency by getting them to “mint millions of dollars of free money” followed by a collage of images with Heart expensive cars.

Generally, if you see the words ‘free money’ online followed by pictures of a man sitting in an Italian sports car, the chances are you’re looking at a scam.

How is Hex Coin Structured?

The network runs on the Ethereum blockchain and validates transactions using a Proof-of-Work (PoW) consensus mechanism.

However, this project has a slightly different PoW system than Bitcoin and Ethereum. It employs a novel Proof-of-Stake (PoS) mechanism that encourages validators to stake some tokens to be allowed to validate more transactions using PoW.

Who the validators are and how centralized the exosystem is can’t be said for sure, but according to the project’s website, all transactions are validated by Ethereum miners.

According to, investors who stake the token in return for passive income receive up to 38% APY, almost double that of Terra’s UST Anchor Protocol, which collapsed after proving unsustainable earlier this month.

What Are The Risks Associated With HEX Coin?

The first risk we need to consider when thinking about investing in this project is whether or not we trust the project. We highly encourage you to make up your own mind on this subject by checking out and Heart’s personal site.

The collapse of LUNA and UST has sent shudders through the DeFi market and seeing a project that claims to pay double the APY of Anchor should make us tread carefully before thinking about investing.

On the technical side, there are some risks to consider before buying and staking HEX:

  • Fluctuation: HEX’s exact market capitalization is unknown according to CoinGecko, probably due to how small it is; any token with a small market cap is likely to suffer from extreme price fluctuations.
  • Locked Up: Staking coins for an extended lock-up period means that you won’t be able to access your tokens; if the price begins to crash during this period, you could see the value of your position rapidly shrink.
  • An Example of How HEX’s Proof-of-Wait Works

    The idea behind proof-of-wait is that staking returns increase the longer you leave your tokens staked and the lower the percentage of total HEX staked is on the network.

    When you stake HEX, you agree to a CD, which determines how long your tokens will be locked up, and the longer you’re prepared to wait, the better your returns will be.

    One of the advantages guaranteed by the protocol is that its inflation rate is capped at just under 4%, which means the value of your deposit won’t be eroded during the lock-up period.

    Is Hex Coin a Scam?

    The project does appear to have an interesting new take on consensus systems. In addition, the team claims that nearly half-a-million HEX wallets have been activated, which suggests adoption is relatively widespread. However, there are some serious reasons to be skeptical about the project.

    Staking returns promised by the project are suspiciously high, and the founder’s website is littered with terminology you would expect from an online scam.

    One of the more questionable aspects of the project is the claims made on the page titled “HEX is a better Bitcoin.” There are several inconsistencies in the claims made on the page that are strange, to say the least.

    Firstly, one section claims that HEX is better than bitcoin because it does not use proof-of-work, but in the following sentence, it claims that Ethereum miners secure the network eventhough ETH runs a proof-of-work system.

    Secondly, it claims that Bitcoin can never 1000X again while HEX can, making it a better investment. Even though this isn’t necessarily untrue, it’s not the sort of claim you expect to see on a serious crypto project’s official website.

    Despite the concerns, it also has to be said that some people have profited from trading the coin and through the staking system.

    Hex Coin Price Analysis

    Following HEX coin’s launch in 2019, it traded side-ways between $0.002 and $0.0002 into the first quarter of 2020.

    In May 2020, HEX established a stable up-trend, and by November, it hit $0.007. However, the slow increase in its valuation continued into 2021.

    In April 2021, HEX saw its first significant pump as it moved from $0.01 to $0.05 in around five weeks, meaning its price almost doubled every week. The April bump led to a big rally, and in September, HEX reached its all-time high of $0.5.

    The bulls were hoping that they could ride the positive market sentiment all the way to $1, but an equally brutal crash followed the sudden surge, and by November, the token was trading below $0.2.

    HEX continued to suffer into 2022; in March, it dropped to $0.1 and has failed to rebound since.

    HEX Price Predictions

    The future price predictions for HEX are a mixed bag, with some analysts expecting the project to completely capitulate while others see it hitting several all-time highs in the medium to long-term. claims that this project won’t survive in the long run, and although its price might increase if the cryptocurrency market experiences a bull run by 2025, it’s likely to hit $0, and by 2030 it’s almost certain that the project will no longer exist.

    Some of the more bullish analysts, such as CryptocurrencyPricePrediction and PricePrediction, aren’t forecasting a collapse of HEX and actually expect it to perform very well in the medium-long term.

    Bullish analysts expect the token to return to 3X this year as it moves above $0.3 in December. The bullish run in the second half of 2022 is forecast to continue into 2023 as it closes in on its all-time high of $0.5.

    If the bullish forecasts are on the money, then HEX will hit a new all-time high in early 2025 and move above the $1 mark later the same year, and by the end of the decade, it could be valued at over $5.


    Anyone who picked up HEX tokens following its launch and sold them at its all-time high in 2021 made an incredible profit but 2022. Interest in the project appears to be fading as rumors around it being a scam have spread across the internet, potentially preventing it from hitting a new all-time high in the future.

    On the other hand, some analysts see the token hitting several all-time highs in the next few years, so all hope is not lost for the bulls, especially if the cryptocurrency market as a whole starts to see a more positive trading pattern emerge.

Frequently asked questions

What is the HEX exchange rate?


An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?


Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?


Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store HEX?


To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?


There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?


Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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