What is PulseX, and Why Did People Give It a Billion Dollars?
Have you already heard of Pulse Chain and Pulsex token? Last January 10, the so-called PulseX sacrifice ended. People gave billions in investment, making the Pulse project one of the biggest funding rounds in cryptocurrency history. And this came four months after the half-billion dollar sacrifice to Pulse Chain. The pulse chain is the Ethereum fork, and PuleX is the main DEX.
In this article, we explain what PulseX is, who is the project’s creator, and why the project made such noise in the crypto world. So let’s get started.
PulseX – what’s the idea?
We have recently seen a spike in GAS prices on Ethereum mainnet transactions with fees of up to several hundred dollars for simple transactions. This fee increase is because the blocks on the Ethereum blockchain are constantly full due to the increasing demand by all Ethereum-based Dapps.
These prices should theoretically decrease when all dapps are merged to Ethereum 2.0, although there is no guarantee.
In addition, the Ethereum “Berlin” fork guarantees an increase in transaction costs on the Hex blockchain as Vitalik has decided to increase the GAS fees necessary to perform the most basic arithmetic operations on the EVM (Ethereum VirtualMachine).
The founder of Hex, Richard Heart, has therefore decided to make a fork of Ethereum specially dedicated to Hex. This new fork is, therefore, already being prepared. The name of this new blockchain is PulseChain. And PulseX is Pulse Chain native DeFi exchange application, allowing users to exchange tokens with each other on PulseChain.
Who is Richard Heart, creator of HAX and Pulsex
Richard is the founder of HEX. The latter made a fortune in cryptocurrencies and, more particularly, in Bitcoin, which he has held since the first phases of the project. Thus, he could mine Bitcoins directly with his processor for a while when the difficulty of the verification algorithm was not so energy-intensive. Richard indeed states that he was able to mine rewards of 50 Bitcoins at a time at the very beginning of the network.
How did he become a multi-billionaire? It’s quite simple. Richard owned a network marketing business at the time, in which he made his fortune. He then sold his business and reinvested a significant portion of his earnings in Bitcoin.
And most important of all: he has never sold or been on the short side of Bitcoin. As he repeats throughout the stream: daytraders, who try to short most often lose all their money. The long side is, therefore, of course, where the chances of winnings are most significant in cryptos as it is in the living demonstration.
His fortune has therefore increased significantly in recent times with the rise of Bitcoin, although Richard is no longer very optimistic about the future of Bitcoin.
Initial PulseChain investors are even able to sacrifice their BTC to receive their Pulse tokens.
Pulsex tokenomics
The price of PulseX has risen by 12.36% in the past 7 days. The price increased by 0.11% in the last 24 hours. The current price is USD 311.97 per PLSX. Inversely, USD 1.00 would allow you to trade for 0.0032 PLSX, while USD 50.00 would convert to 0.1603 PLSX, not including platform or gas fees.PulseMarkets’ price today is $0.020521035006, with a 24-hour trading volume of $3.04.The total maximum supply of the PULSE tokens is 100 million.
What is the PulseX contract address?
According to Etherscan, the contract address for PulseX is 0x3434d708EE9802125A24277326eEEea824A53E11, with a decimal of 18. Max total supply of 5,000,000 PLSX.
Ethereum fork aims to reduce GAS costs for Hex smart-contract users.
In anticipation of the fork Richard Heart recommended that the whole community make investments before the fork from HEX to Pulsechain, suggesting an airdrop in the form of a copy of all your investments on the old V1 of the contract to V2.
The consensus code remains the same as before because it is locked. The V2 contract, therefore, performs exactly the same functions as the V1 but is less costly in terms of GAS costs.
It is to be clarified that the old Hex blockchain on the Ethereum mainnet will still be in existence after the fork because the Hex smart contract is truly immutable and unstoppable; As with all forks to a mainnet, it is expected that the old one will fall into disuse over the years but you can always withdraw your investments on the old Chain if it continues to be kept alive.
All your liquid and unplaced tokens are duplicated on PulseChain. If you want a 1:1 airdrop, you can therefore buy Hex tokens before the snapshot, resell your Hex v1 tokens to buy V2 tokens, and place double the initial tokens on PulseChain.
According to Richard Heart’s hints, there is a proof of stake component in the new PulseChain with 81 Validator Nodes that will validate transactions.
It is necessary to possess a certain number of HEX tokens to apply to become a validator of the PulseChain network.
Ultimately, users of the HEX smart contract will have every interest in going through PulseChain to make their investments in the HEX blockchain.
We can already anticipate an airdrop not to be missed. We do not yet have the snapshot date, but any investments made before the snapshot data are duplicated on the new PulseChain. When these investments mature, you can therefore withdraw them on the Ethereum mainnet and on Pulsechain, doubling your earnings!
What is a cryptocurrency fork, and how does it work?
In its broadest sense, a Fork is a change in the blockchain protocol that software uses to validate the transaction. It means that almost any divergence in the blockchain can be considered a Fork. However, there are two main varieties: hard bifurcations and soft bifurcations.
Why did PulseX (PLSX) make such a noise in the crypto world?
The Pulsechain PulseX crypto made a lot of noise at the end of 2021. Why? The network launched a “sacrifice,” a kind of ICO. Concretely, the token was available at a reduced price for a few days.
But what is the PLSX token? Pulse X is a decentralized exchange or DEX. This is, therefore, very similar to Uniswap, the largest DEX that operates on the Ethereum blockchain. The Pulsex token is similar to the UNI token.
In fact, each time a user uses the DEX PulseX to trade cryptos, they pay a fee. On PulseX, the fee is 0.25%:
Of these fees, 0.17% goes directly to reward users who participate in Liquidity Pools.
0.03% is used for the “PulseX Treasury.”
Finally, 0.05% is used to buy and burn $PLSX tokens. This double action of buying and burning (or withdrawing from circulation) brings a deflationary dynamic to the $PLSX token. In concrete terms, this reduces the number of tokens in circulation. According to the law of supply and demand, the price of the token is therefore stimulated.
The momentum of the $PLSX price is therefore linked to the success of the DEX. The more people who use the DEX, the higher the fees collected and the higher the price of the $PLSX. Smart, right? Especially when you know the growing success of DEXs in recent months
PulseX token – how does it work
With PulseChain launched in 2021, people were able to sacrifice their ERC-20 tokens and expect to receive their share of Pulse tokens on the day the chain launches.
Richard Heart launched its fork of Ethereum in order to allow users of the Hex smart contract to make and withdraw their investments at a lower cost on the Hex blockchain. During the peak of transaction fees on the ERC-20 network, it was estimated that users of the Hex smart contract were paying around $20 million daily to Ethereum validators to transact on go.hex.com.
Although fees on Ethereum have been dropping for a few weeks, the launch of PulseChain is well and truly planned because, after all, Hex users do not need to enrich Ethereum validators unnecessarily. Hex users, therefore, are able to interact with the contract at a lower cost on Pulse.
As part of the sacrifice phase preceding the launch of Pulse, users are able to sacrifice their ERC-20 tokens towards a single association: the SENS Foundation, based in California and working on longevity issues.
Users are able to send their tokens to specific addresses held by the foundation. The foundation takes care of selling these tokens on the market and, in return, will credit donors with 75% of the Pulse tokens that they could have acquired if they went through the classic sacrifice process. The SENS Foundation will therefore receive 25% of the sacrifices from the Hexicans and will use them for its research.
Pulsex – is it a scam? There have been rumors about the HEX, which has a controversial history. And The biggest criticism of Pulse and PulseX is that they are directly connected to Hex. However, so far, there is no sign that PulseX is a scam.
