The much anticipated launch of the PulseChain network has been marred by extremely high gas fees and a drop in the price of HEX, the native token of the platform. PulseChain, a fork of the Ethereum blockchain, aims to be a faster and more scalable version of its predecessor, with the ability to execute transactions at a significantly lower cost.
However, the launch of the network on July 29th was met with mixed reactions from the community. While some hailed the platform as a game-changer for the industry, others were left frustrated by the high gas fees required for transactions.
Gas fees are a crucial component of the Ethereum network, as they are the fees that users pay to miners to process their transactions on the blockchain. However, since the launch of PulseChain, gas fees on the Ethereum network have skyrocketed, with some transactions costing upwards of $1,000.
This has led to frustration from users who had hoped that the launch of the new network would help to alleviate the high gas fees on Ethereum. Instead, many have found themselves priced out of the market, unable to afford the fees required to make transactions on either network.
In addition to the high gas fees, the launch of PulseChain has also seen a drop in the price of HEX, the native token of the platform. HEX is a token that was created by Richard Heart, founder of the PulseChain network, and is designed to serve as a store of value and a means of exchange for users of the platform.
Leading up to the launch of PulseChain, the price of HEX had been on a steady rise, with many investors expecting the launch of the new network to further buoy the token’s value. However, instead of experiencing a boost in price, the token has seen a sharp drop, falling by as much as 35% since the launch of the network.
While the exact cause of the price drop is currently unknown, some speculate that it could be attributed to the high gas fees on the network. Others suggest that the drop in price is simply a result of the natural ebb and flow of the cryptocurrency market.
Despite these setbacks, the launch of PulseChain is still seen as a significant step forward for the industry. The platform is being hailed as a potential solution to the scaling issues that have plagued Ethereum for years, with the ability to handle significantly more transactions at a lower cost.
However, the high gas fees on both networks highlight the need for further innovation in the blockchain space. While PulseChain may provide some relief for users of Ethereum, it is clear that there is still a long way to go before blockchain technology can truly achieve its full potential.
In the meantime, investors will be closely monitoring the price of HEX and the progress of the PulseChain network. While the launch may have been bumpy, there is still hope that the platform will live up to its promises and become a major player in the industry.
The HEX PulseChain’s highly-anticipated launch on the Ethereum network has been riddled with problems since its inception on May 14. The HEX PulseChain was designed to improve Ethereum’s scalability, reduce transaction fees, and compete with the popular cryptocurrency. However, its roll-out has faced setbacks, with the network struggling to keep up with demand and the price of its token plummeting.
The launch of the HEX PulseChain was marred by high network gas fees, with users reporting withdrawal fees as an issue due to over-demand. While the HEX PulseChain intended to provide an alternative to Ethereum, it did not use Layer 2s, which raised questions about its viability.
Ethereum’s EIP-4844 upgrade, which will benefit Ethereum layer 2 networks with scalability, has further complicated the situation for HEX PulseChain. Without using Layer 2s, it remains vulnerable to traffic buildup, making the integration of these updates a necessity.
Connecting HEX PulseChain to HEX was also a challenging process for some users, with reports of errors causing concern. Richard Heart, HEX PulseChain’s founder, suggested reinstalling MetaMask or using a different browser to combat the challenges faced by users.
The HEX project has drawn scrutiny in the cryptocurrency community, with many labeling it a Ponzi scheme. The digital asset has also suffered price declines, dropping 94% from its all-time high. This further compounds the difficulties experienced by HEX PulseChain.
Over the past five days, HEX prices have plummeted by 60%, falling from $0.08 to $0.03. These events have raised eyebrows within the cryptocurrency community, leading some to question the network’s viability and its potential for success.
In conclusion, the HEX PulseChain project’s start has been anything but smooth, with the network grappling with high gas fees, a plummeting token value, and questions about its future. As ETH continues to make strides towards Ethereum’s scalability issue, options remaining for HEX are limited.