HEX Shares is a digital asset issued by the Hedron platform launched in February 2022 after its smart contracts were audited and committed to the chain. Hedron presents the collection of immutable smart contracts created on the basis of Ethereum and PulseChain blockchains without admin keys. Built on top of HEX, Hedron enables minting and borrowing of HDRN tokens against active HEX stakes. It is also possible to trade HEX stakes as NFT tokens on compatible NFT marketplaces. Users, who want to become Hedron participants, should have a HEX stake.
What makes the platform special is the fact that its team has neither admin keys, nor kill switches. Similar to HEX, the platform is fully decentralized and supported by its users. Hedron was devised by the team to incentivize staking thus strengthening the HEX ecosystem.
Users can employ native HEX stakes to mint HDRN. Native HEX stakes are either usual HEX stakes created before Hedron was released, or stakes, which were initiated through the HEX user interface. After checking a HEX stake, Hedron allows to mint and borrow HDRN depending on the amount of shares, which have been allocated to stakes. It is also possible to create new HEX stakes using Hedron and then wrap them inside a smart contract that can be used only once. This notion is referred to as a HEX stake instance or HSI.
If users unstake their assets before minting HDRN for some reason, they are devoid of this capability. Only Instanced HEX stakes can use the feature of HDRN advances that don’t allow terminating the stake until the advance is repaid fully.
It is important to understand the difference between claiming and minting. If the first option can be employed during the launch bonus phase only, minting is available always. Claiming lets users get their launch bonuses without minting HDRN. By choosing this option, you can postpone minting and resort to this procedure later. Though by minting you claim the launch bonus as well, using this step gives you access to HDRN tokens right after minting. A convenient interface enables users to estimate HDRN payout that represents the amount of HDRN minted through the contract. It is not possible to use both procedures as you can resort to either minting or claiming only.
HEX stake instance is a smart contract that encapsulates a native HEX stake by wrapping around it. The members of the community use the Hedron user interface for stakes of this type. HEX staking functions are still enabled by the HEX smart contract but the use of the wrapper unlocks additional Hedron features.
Since HDRN is an inflationary token and the price of HEX shares grows, fewer shares are allocated to HEX stakes. In this way, the price of HEX shares grows, while the amount of mintable HDRN gets lower.
Also, there are instanced and native stakes. In the first case, HEX stakes are wrapped inside an HSI contract while in the second one standard stakes are wrapped in the HEX contract. Minting is available for both native and instanced stakes while the feature of tokenized HEX stakes is available for instanced stakes only.
HEX stakers get HDRN ERC20 tokens via minting as well. The number of tokens one may get depends on the size and the duration of the stake. It is possible to use the minted tokens the way users wish though minting is not necessary whatsoever.
HDRN is minted at a ratio 1:1 in relation to the amount of HEX stake. Minting is available at any time. Stakers can do it on a daily basis or when they decide to do it as long as the staking period lasts. The platform offers bonuses for users involved in minting, for instance, AMR bonuses and the Launch Phase. Users are free to decide whether to mint the HDRN or not as it doesn’t pose a risk for their stakes. Holders of HSI get payments in HDRN every 30 days according to the Hedron contract. Users can see the size of payments in the Hedron user interface that displays it along with other details of the contract.
Moreover, users can get a bonus multiplier when minting or claiming HDRN in case it is performed within 100 days after the procedure. The bonus multiplier begins with 10x and then goes down gradually until the end of the term decreasing by 1x every 10 days. This happens, in particular, while the multiplier allocated to users is recorded to their HEX stakes by Hedron smart contract resulting in a bonus being added on top of the usual payout.
When members of the platform borrow funds in Hedron, the procedure resembles minting with a single difference. Users don’t have to wait for HDRN, which the project prefers to name as ‘an Advance” instead of a loan because users get the same amount in this case they would get through minting but without having to wait for it. However, several limitations are imposed on users when they select the borrowing option. In particular, HEX stake can’t be ended, tokenized, or minted until the installments on the borrowed HEX stake are reimbursed.
With the creation of instanced HEX stake, the tokenization feature becomes available. Ar this, HSI is used to get an ERC-721 NFT token with the capability to detokenize it later through the Hedron user interface. The procedure of detokenization results in the destruction of the token thus granting control over the underlying asset to a new user. It is also possible to detokenize the asset if you decide to stop trading.
It’s worth mentioning that though Hedron is built on HEX, it is still a separate project launched by a different founder. The team behind the project consists of HEX enthusiasts but doesn’t include the members of the initial HEX team. As the official website states, the project is built by “Hexicans for Hexicans”. Little is known about Alex, CEO of the company as the official website doesn’t include any information about his background. However, Alex can often be seen on YouTube videos where he explains the essence of the project and how it works.