Referral System
A true 1-level, 4.7% reward, instant referral system.
Hex is sent to you immediately so you don’t even have to be a Hexican to make bank on promoting your referral link.
Backup Address
Gain additional security with our unique backup address function. Once an address has started its first stake it has 90 days to set an optional backup address. This backup address can never be changed again and should be a cold storage address.
If your wallet gets compromised your backup address can come in and set a new owner address (i.e. your new non-compromised address). To make it impossible for a hacker to sell your stakes and transfer the Hex we use a timelock function. Your main address can’t sell any stakes until after a 48-hour timelock.
You can set up a telegram bot that notifies you when your timelock function is executed (in case you get compromised). This gives you 48 hours to swoop in with your backup address and set a new owner of the stakes. This way a hacker never gets to your stakes.
Buy undervalued stakes from other stakers
Instead of starting your own stake, you now have the option to buy stakes from other people. Most of the time sellers will offer their stakes at a discount in the hopes to find a seller fast.
This way you can get more T-Shares for your Hex.
User advantages of HexBay over Hex
Higher interest by staking for 5,555 days
By staking for 5,555 days via HexBay you receive the maximum amount of T-Shares, thus the highest interest possible.
Additionally over time your T-Shares increase in value. Because the share price only goes up, future users have to lock up more Hex to get the same T-Shares compared to your stake.
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.
Minimize your staking ladder
Most advanced users are laddering their stakes either monthly, quarterly, or yearly. This ensures that you always have a stake ending soon. But you also lose out on interest because your stakes could have been longer and would have given you more T-Shares.
By using HexBay you can minimize your ladder, using fewer stakes because you can choose when to sell a stake. This way you can completely bypass bad market timing (during high Gas or low Hex price periods).
User advantages of HexBay over standard encapsulated stakes
All-in-one Platform
It gives you a lucrative referral program, the option to stake longer and receive more interest, the ability to get out of your stake earlier or later than you initially anticipated, and a unique backup address feature for additional security.
It truly is an All-in-one, completed, and fully audited product.
No counterparty risk
Because every function is embedded into our HexBay contract you have no counterparty risks. Be it referral rewards, sale of stakes, or using the backup address feature, everything gets handled within our audited HexBay contract.
Ecosystem advantages of HexBay over standard encapsulated stakes
Stakes can be bought ONLY for Hex
This is a thought-out feature to specifically be Hex price positive. When someone sells an encapsulated stake on OpenSea for ETH it is a lost opportunity for the Hex price to be pushed upwards.
If a stake can only be bought for Hex people have to have or buy Hex if they want to buy HexBay stakes. The less liquid Hex there is larger this benefit becomes.
10% sell fee that only hits the seller and is getting used for SmallPayDay
By having a 10% sell fee the seller gets punished for his impatience while benefitting the whole Hex staker class.
By using our SmallPayDay function the collected fees get EmergencyEndStaked to increase the interest for all Hex stakes, including “legacy” stakes (stakes made before HexBay was a thing).
In a standard encapsulated stake there is no fee, thus no rewards for honest stakers and no penalty for impatient sellers.
User disadvantages of HexBay over Main Hex
Additional smart contract risk
Compared to the main Hex contract, HexBay introduces an additional attack surface in the form of smart contract risk.
We take security very seriously and that’s also the reason why we are getting audited by Coinfabrik (the same company that audited the main Hex contract)
Small 0.3% devfee
We take a small 0.3% fee on stakeStart and on stakeSell to cover development time and audit costs.
If you never sell you only ever pay 0.3% for flexibility and added security features.
User disadvantages of HexBay over encapsulated stakes
10% sell fee
In HexBay users have to pay a 10% fee on stakeSell. If you were using a standard encapsulated stake there would be no such fee.
Can only sell stakes via HexBay and only for Hex
Users can only sell their stakes via the HexBay smart contract, so no OpenSea and NFT shenanigans happening.
Stakes can also only be sold for Hex. This is a conscious decision by the development team to ensure a positive price impact on Hex.
Stakes can’t be used for future products
Because HexBay stakes are internal stakes and not NFTs they can’t be sent and/or incorporated into future products (if there ever are any)
Ecosystem disadvantages of HexBay over standard encapsulated stakes
None
Ecosystem disadvantages of HexBay for Main Hex
Lower APY per stake
When more stakes with a duration of 5,555 days are created more T-Shares are created as well. This will bring the APY for all stakes down.
This will most likely be counteracted by the increased demand for liquid Hex and the long average lockup time for HexBay stakes which will push the Hex price up.
Reduced opportunity costs
In the Main Hex contract users have to decide on how long they want to delay their gratification. The longer they delay it, the higher their interest will be.
With HexBay stakes this is still true but the opportunity costs are reduced. Users will incur a 10% penalty but they can get out of their stake earlier if they want to.
