Crypto CDs (HEX & REX)

 

Crypto has had plenty of trends over the years: altcoin, DEX, DeFi, yield farming, meme tokens, NFT, ... The latest is certificate of deposit (CD): staking a crypto token for a period of time to gain interest.

At the moment, you have two options: HEX and REX

HEX is based on the Ethereum blockchain so brace yourself for high gas fees (although HEX's creator is trying to solve that with PulseChain).

REX is based on the Binance Smart Chain (BEP-20) which has much lower fees.

They both operate under the same premise - you pay one type of liquid crypto (ETH in the case of HEX and BNB-BSC in the case of REX) in return for the CD's crypto token which you then stake for a period of time. If you withdraw before the promised time, you incur a penalty fee. This encourages long-term investment.

HEX was the first to introduce the concept of a crypto CD and it had a polarizing effect on the crypto community; some embraced it as a game changer while others called it a ponzi / pyramid scam. Although they claim 40% ROI on their website, your actual return will likely be lower. Determine your predicted return at HexCalc.

REX is roughly a copycat with superior technical flexibility but less polished marketing. For example, it lets you trade, merge, and rename your stakes and lets you skim your interest without penalty (if you have an MREX helper token) but it uses a token symbol that's already reserved / referenced in crypto and not listed on any public tracker. The website is also barebones and has nowhere near the zealous following of HEX fans (nicknamed "Hexicans").

To buy HEX:

1. Convert real (fiat) currency to cryptocurrency (this is called a crypto on-ramp and usually involves registering with an exchange and providing KYC documentation)

2. Unless you bought HEX directly with fiat currency, you'll need to convert some of your existing cryptocurrency into HEX tokens. The easiest way to do this is with a crypto exchange aggregator:

3. Once you have HEX tokens deposited in your crypto wallet, you can stake them at https://go.hex.com/stake/ using the MetaMask browser extension:

4. You can track your HEX stake on that page or via AppHEX

To buy REX:

1. Convert real (fiat) currency to cryptocurrency

2. Set up your MetaMask browser extension to work with the Binance Smart Chain network and make sure Smart Chain is selected in the top of your MetaMask view (instead of the default Ethereum Mainnet network)

Next, there are two ways to get REX at the moment:

A: Convert some of your existing cryptocurrency into at least 0.1 BNB-BSC tokens. The easiest way to do this is with a crypto exchange aggregator:

B. Now that you have 0.1+ of BNB-BSC in your crypto wallet you can participate in the free auction for REX tokens now through June 19, 2022 by going to rex-token.com and clicking on the "Auction" tab.

Alternatively:

A. Go to PancakeSwap

B. Connect your MetaMask wallet

C. Choose "Select a currency"

D. Choose "Manage Tokens"

E. Choose "Token" tab

F. In the 0x0000 textbox paste 0x5e0b09b04d6990e76dfe9bf84552a940fd0be05e

G. Verify it says "REX" and then choose "Import"

H. On the warning screen, check the box "I understand" and then choose "Import"

I. You can then swap your existing cryptocurrency for REX

3. You can track your REX stake via the official dapp.

Bonus: a reflection token worth keeping an eye on is BABYXLM -- private sale is tomorrow.