How $HEX1 works
Borrow $HEX1 by depositing T-SHAREs as collateral.
TLDR: People love to make profits but hate to experience volatility; while this is retarded, we understand how volatility makes one feel, and want to provide a service that makes everyone happy. $HEX1 is the logical solution for anyone who wants to earn yield without experiencing massive price volatility.
Hex One Protocol
Hex One is the protocol that mints $HEX1. To participate in the Hex One protocol, depositors must create a stake through Hex One Protocol contract. In turn, they can borrow the same dollar amount of the Hex deposited (as T-SHARE), in the form of $HEX1. Therefore, each 1 $HEX1 is worth $1 of Hex.
To redeem the stake, depositors must burn the total borrowed $HEX1 against that stake.
A 1% fee (HEX) is charged upon borrowing that buys back and burns HEX1 tokens.
Positions may be liquidated if the collateral ratio (health ratio) goes below 200%.
Hex One Workflow
Depositors initially forego T-SHARES in order to borrow $HEX1. After acquiring the token, it can be used to purchase HEX or to provide liquidity.
By pairing $HEX1 with highly liquid tokens such as HEX, DAI, etc, we're looking to increase the price stability of the token, and substantially reduce slippage.
Hex One protocol offers the following main features:
Deposits are initially protected against liquidations due to the start buffer.
Liquidations once the collateral ratio is below 200%.
Re-borrow against your stake if the price of HEX goes up.
Embedded farming and an incentive token to lock liquidity.
$HEX1 Token
The $HEX1 token can be minted only by depositing T-SHARES into the collateral vault. Each $HEX1 = $1, and the peg is maintained by the collateral vault. $HEX1 is the first protocol-level yield-bearing stablecoin that does not require borrowing and lending to accumulate fees. The yield comes from T-Shares (future HEX payments).
$HEXIT Token
The $HEXIT token can be earned by participating in the bootstrap phase or by farming $HEX1 and $HEX1 LPs.
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