Despite the initial hype, the HEX PulseChain’s debut on the mainnet has been rather tumultuous, with the network grappling with soaring gas fees and a significant plunge in the HEX token’s price.
PulseChain’s Rough Start
The HEX PulseChain, envisioned as an “Ethereum killer” for its superior throughput and reduced fee structure, became operational on May 14 as an Ethereum hard fork. This project is a part of the HEX ecosystem, spearheaded by the polarizing crypto advocate Richard Heart. However, the launch day witnessed a flurry of issues that did not align with the network’s stated promises.
Many users experienced high network gas fees due to the spike in demand. Eric Wall, in his tweet on May 14, underscored the problems plaguing PulseChain, stating, “PulseChain raised $1 billion dollars to ‘reduce Ethereum fees’ by copying Ethereum without the Layer 2s.” The FreePulse account also highlighted the high withdrawal costs, suggesting it was too costly to maintain the faucet effectively.
The impending EIP-4844 upgrade of Ethereum, which promises considerable scaling benefits for Ethereum layer 2 networks, further complicates the situation for PulseChain. While PulseChain plans to integrate these upgrades to remain updated, its non-usage of Layer 2s means no scalability upgrade will follow, leading to more complex code.
A Host of Problems
Connecting PulseChain to HEX also proved problematic for some users, with reports of errors. In response, Heart suggested users to reinstall MetaMask or try a different browser. Despite the network’s primary aim of mitigating high Ethereum transaction fees, its first day was far from successful.
Furthermore, Heart’s HEX project has repeatedly been scrutinized and labeled as a Ponzi scheme. The token prices have plummeted by an astonishing 94% from their all-time high, further compounding the network’s problems.
HEX Price Plummets
In the past five days, HEX prices have suffered a severe blow, with a decline of 60%. The token, which was trading at $0.08 on May 11, has now slumped to $0.03. The HEX PulseChain’s tumultuous launch and the drop in HEX token price have raised eyebrows in the crypto community, casting doubts on the network’s future prospects.
