MAXI is an open-source utility token that was released by the Maximus DAO, which is a blockchain platform based on a smart contract that alleviates trustless pooling of a max length HEX stake. HEX is a high-interest Certificate of Deposit that rewards contributors for locking or staking their assets for a definite time period and offers a higher yield than those offered by banks and other traditional financial institutions.
The Maximus platform presents 2 bonus structures to incentivize those who want to invest in the it. For instance, there is the Bigger Pays Better bonus that urges to stake more HEX, offering a bonus of up to 10% for that. Users have to stake 150M HEX to be entitled to get the reward. The other bonus scheme that is called Longer Pays Better Bonus offers to select a more durable term for your stakes. In this case, the APR reaches 20% while the staking period lasts for 10 years.
By staking assets, users burn HEX and get shares instead, which are known as T-Shares.
T-Shares accrue interest on a daily basis, which users get at midnight UTC. The amount of interest grows with the number of T-Shares held by the members of the community. By the end of a staking period, holders get their invested assets back along with the earned rewards.
The team has developed a special scheme with the pricing mechanism being embedded into the smart contract. It works as follows. When the staking term is over, the formula is applied that calculates the share price and interest of the staker. HEX’s base unit is the Heart while there are 100,000,000 Hearts per HEX. When shares were released, there was also a share per heart available initially. However, the price of the share changes and affects the return on investment.
The longest Stake HEX is 5,555 days which exceeds 15 years. It is a way to provide the maximum profit of T-Shares as the Longer Pays Better Bonus is applied in this case. However, to earn maximum yield, users have to give up on spending their gains for the whole period of staking.
It is possible to withdraw assets from the stake ahead of the appointed date, but there is a penalty for this action. There is a formula embedded in the contract that calculates the size of the penalty for emergency unstake. After paying the penalty, users can terminate the stake and get the principal back.
The platform lists a number of benefits to attract more users and boost its usage. One of the benefits is instant liquidity as users can sell the MAXI token on decentralized exchanges at any time. The yield that users may get is comparatively high while the longest staking period also provides them with minimal gas fees to end the contract.
MAXI is an ERC20 token that can work for you even after you have staked the assets to earn HEX interest. Yield farming and other ways of using liquidity on DeFi exchanges are also available to users, so it is possible to put MAXI to work in various ways.
The asset features two values, which include Treasury Value or Redemption Value, which is the amount of HEX redeemable per MAXI at the point of the stake end, and Market Value, which is the price of MAXI on DeFi exchanges. Also, it’s worth adding that according to the white paper of the project, 100% of MAXI token supply has been generated during the 14-day Mint Phase.
Being an ERC20 token, MAXI can be stored on any Ethereum-compatible wallet such as Metamask, MyEtherWallet, or Exodus. Hardware wallets such as Trezor or Ledger Nano S should work as well. At the time of writing, the token can be traded only on a small handful of exchanges which include Trader Joe, Lydia Finance, Uniswap and Pangolin.
The security audit was conducted by the platform in April 2022 by Solidity Finance, which is one of the most experienced and well-equipped smart contract auditing teams that conducted over a thousand smart contracts audits after it was founded in 2020. The other audit was fulfilled by InterFi network, a Canadian company providing intelligent blockchain solutions. The launch date of Maximum was announced after the second public test phase on PulseChain Testnet v2b was completed.
As for the team of the project, no information is available on the web about its founders or developers. GitHub also doesn’t contain much information which doesn’t add credibility to the project.