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The Exiled · 30.05.2023., 18:03

Huh...

Citiraj:

Richard Heart’s Pulse launch flops, users stranded, HEX crashes

Citiraj:

Fans of Richard Heart awaited the launch of his magnum opus, Pulse, with bated breath. They forgave HEX for languishing 80% below all-time highs — or worse — while they waited. They forgave months of delays, SEC subpoenas, and hundreds of millions of dollars worth of inaccessible funds. Finally, after four testnets and inexplicable postponement, Heart’s blockchain and its DEX activated mainnet on May 13. A bridge to other blockchains went live two days later. The chart of Heart’s first project HEX illustrates the “sell the news” dump of Pulse. In Wall Street parlance, sophisticated traders buy amid rumors and sell into retail buying on the day of the news — hence the adage, sell the news. From May 1 through May 22, neither PulseChain (PLS) nor PulseX (PLSX) had any major exchange listing. HEX was the only asset of Richard’s three tokens with liquid, independent price discovery. HEX is therefore the best measure of the value of Heart’s empire.

Then, on launch day itself, everyone realized the party was over. Smart money had already sold the news. HEX halved within 24 hours to $5 billion. In subsequent days, HEX has continued to sell-off and now trades below $0.02 per token around its 52-week low market cap of $2.2 billion. The point of Pulsechain (a fork of Ethereum) and its on-chain exchange, PulseX (a fork of Uniswap), was to reduce fees. However, most fees haven’t reduced at all. For instance, consider sacrificers just for PulseX who finally received their mainnet PLSX on May 13. Prior to May 23, there was no exchange for these users to acquire PLS for gas fees to move their PLSX tokens. In actual effect, therefore, all of their funds remain immovable. The public slowly learned the stark reality. The value of HEX and PLSX crashed relentlessly.

In short, the patience of Heart’s fans is running thin. His flagship project, HEX, is trading near 52-week lows.
Many questions remain regarding his sales of the funds that he raised during the launch of HEX, Pulse, and PulseX.
This collateral — mostly ETH and stablecoins — is one of the few things left backing confidence in his schemes.

Izvor: Protos