HexBay

6 min readJan 14, 2021

Intro

Hex recreates a common banking product called a Time Deposit or Certificate of Deposit (CD). It is an ERC-20 token and fully automated in the form of a smart contract on the Ethereum blockchain. Users can stake their Hex tokens for a user-specified time. The longer they stake their tokens, the higher the returns will be.

You can find more information at https://hex.com.

Inherently these stakes are user specific. Once a stake is started, it can only end after the specified time is over or via Emergency-Ending (with high penalties). Stakes can not be traded.

The HexBay contract makes all stakes, created via our contract, tradable.

This gives you, the user, a new world of flexibility.

Our contract uses the main Hex contract to start and end stakes!

Functionality

Our contract offers the following features:

Referral program
Transfer your stakes
Start a stake
End a stake
Sell a stake
Buy a stake
Start or end the SmallPayDay

How it works

When starting a stake, a 0.3% fee is taken. This fee is meant to cover the development and website costs. We intend to have a 0% launch phase for 30 days.

Your stake is then officially credited to our contract, but internally it is credited to you.

If you want to sell your stake, you can set a price denominated in Hex. Other people can then buy your stake for the set price.

We designed this contract with the longevity and price appreciation of Hex in mind, therefore it is only possible to buy stakes with Hex!

When someone wants to buy your stake he first has to buy Hex on the open market.

When a stake gets bought, it will be credited to the buyer of your stake.

When selling a stake, a 10% fee is taken. This fee only hits the seller of the stake.

97% of that fee will be collected for the SmallPayDay!
The remaining 3% are for marketing and future developments.

The SmallPayDay function can be used by everyone.

Using it will stake the total HexBay contract balance for 5555 days.
After 3 days the SmallPayDay function can be used to end the stake.

The penalties will be juicy for the whole Hex staker class (including stakes not created by our contract).

PS: Maybe the OA will join in and nuke the same balance to truly spread 100% of the collected fees?

Benefits

Referral Program is back!

Refer people and when they start a stake you will receive 4.7% of their staked principal.

If you self-refer your stake, the 4.7% stay with your stake.

If you use no referral address the 4.7% get pooled for our special feature: the SmallPayDay.

We feel that a referral program will benefit all Hex holders and the Hex ecosystem as a whole. So spread the word and shill your link!

Gain flexibility

Maybe something happens in your life and you would like to “end” your stake after 2 years, instead of, say, 8 years. By using our contract you can sell your stake, pay a 10% fee and immediately become liquid in Hex tokens.
If you had done the same with the main Hex contract, you would have lost all collected Interest + a major amount of your Initial Principle.

Stake longer to maximise your gains!

You can stake for a longer period, than you actually intend to. This will give you more shares via LongerPayBetter (up to 200% for 10-year+ stakes).

That way you earn more interest and can easily outperform the 10% sell fee.

Look at the first example for such a scenario.

You came late to the party and/or want to maximise your Hex gains?

Remember those cheap share prices? You weren’t there when the share price was cheap?
Buy stakes from people that were!

They will take a small hit to gain liquidity and this is your opportunity. Buy their stakes with a much higher share ratio and increase your Hex gains.

Your wallet got compromised or you want to gift someone a stake?

If your wallet got compromised or you want to gift your stake to someone, we got you covered. We offer a built-in stake transfer with which you can transfer your stake to another Ethereum address. The first transfer is free while additional transfers will incur a 0.3% fee calculated from your stakes principal.

Examples

First example:

Let’s assume you want to stake 100k Hex for 2 years.
If you used the main Hex contract you would get 40% bonus shares through Longer Pays Better.
Using today’s Hex/TShare rate, you would receive 48.67 Hex per day in interest.
48.67 Hex x 730 days ≈ 35,527 Hex in total interest. So overall you would be able to mint ~ 135,527 Hex after your 2-year stake.

Now lets calculate your earnings using our smart contract. Instead of staking for 2 years, you would stake for 10+ years and sell the stake after 2 years.

When using our contract to start a stake, a 0.3% fee will incur (99.7k Hex instead of 100k).

By staking for 10 years instead of 2, you will get 200% bonus shares through Longer Pays Better.

Using today’s Hex/TShare rate, you would receive 103.93 Hex per day in interest.
103.93 Hex x 730 days ≈ 75,870 Hex in total interest. So overall your stake would be worth 175,870 Hex after 2 years. Let’s assume you sell it for 170k Hex. After paying the 10% fee for selling your stake, you would be left with 153,000 Hex.

So instead of earning 35.5k Hex after 2 years, you earned 53k Hex.

That’s 49.18 % more Hex in Interest for you!

Additionally you can choose to sell at a sooner or later date. Or you don’t sell at all.

True flexibility is the greatest advantage of using our contract.

Second Example:

Let’s assume we are some time into the future.

Instead of starting stakes yourself, you can also buy stakes from other people. Doing so has multiple advantages:

Most of the time the seller is underbidding its stakes’ value. Because if he would not do so, no one would be interested in buying (See First Example).

Since you are buying “old” stakes, these stakes have a lower share price and more T-Shares.

Remember: Share price only goes up!

Old stake: