The Hilarious & Wild HEX/PulseChain Saga Unfolding Right Now
4 min read
There is some absolute madness happening on Richard Heart’s Pulsechain right now. Here’s the best summary i can muster. It’s long, but worth the read.
Richard Heart creates HEX, a token where the only real utility is staking it to print more HEX. People lock up their HEX for years thinking it’s the future. The HEX contract’s code is inefficient as hell. When ETH L1 fees spiked in 2021 after the Berlin fork, unstaking HEX costs thousands of dollars in gas. This was often more than some people’s entire HEX holdings (LOL).
To “fix” this, Richard basically copy-pastes Ethereum, including all its chain state, to create PulseChain. This was supposed to be a low-fee fork where HEX can live on as pHEX. He raises a billion dollars for this, takes 2 years to launch, but eventually pulls it off.
Richard pushes everyone to treat pHEX (PulseChain’s HEX) as the “real” one, claiming the Ethereum version is dead and “the market has decided,” continuing the grift.
Since basically all of Ethereum was forked, this means every Ethereum contract at the snapshot are forked. Most are broken, but some can be salvaged if you grab enough governance tokens and fix dependencies/oracles.
For some wild reason, For some reason, the HEX community latches onto the forked MakerDAO contract. Nobody knows how this came to be other than a hive mid effort.
Some random dude who goes by the name “Maria” comes along and says he’s invented true randomness and worked with NASA and a bunch of bullshit. Maria’s real name is James Ellis Osborne III. Like Richard Heart, Maria likes to wear glittery, flashy clothing.
Pulsechain has pDAI, a forked version of the DAI stablecoin, which Maria scoops up for virtually nothing and pairs it in AMMs with other random PulseChain tokens. “HEXicans” (name HEX holders call themselves) think he’s a genius because they don’t understand what he’s doing or why but his shirt is glitters like Richard’s so he must be smart /s.
A myth spreads that pDAI will hit $1 because Maria and Richard will “fix” the Maker contract and save PulseChain. This pumps pDAI to $0.02-$0.03. People start dreaming of “the peggening” – a mythical event where pDAI hits $1. Richard start bragging about pDAI price movement. Half the ecosystem buys in, fueled by wild theories that Richard’s 95% ownership of his coins (not sure why this wasn’t a massive red flag) could somehow collateralize the 50 billion pDAI supply. The math doesn’t math, but HEXicans don’t care.
While all this is happening, Richard is silent. He’s facing ongoing legal battles with the SEC and Interpol for essentially a ton of fraud. He still tweets from time to time and everyone reads the tea leaves and says his tweets mean he’s going to peg pDAI. There is absolutely no evidence of this in his tweets.
But wait…. here’s where it gets good.
Turns out the PulseChain MakerDAO pDAI contract is fucked. Some random address can mint unlimited pDAI. They start printing tens of millions, dump it for other coins, and bridge to mainnet.
Maria (the glittery shirt guy) starts freaking out because all his projects are tied to this massive liquidity pool he set up between pDAI and his own project coins, which are then paired to all other core coins in the ecosystem, which are basically all going to 0.
Maria’s solution? Go on a live-stream and just dump $300k of pDAI and call DAI a counterfeiting scam that is targeting “crypto pioneers” (LMFAO). He seemingly has a psychotic break and claims the scammers his family rifle from his aunt’s home in Kentucky and is seeking asylum. He says something about employing contractors affiliated with the DAI group (if you are having a tough time following, welcome to the club)
Richard (remember, who was bragging about pDAI price movement) starts tweeting how he was never involved in the project and says he hates fake narratives, essentially gaslighting HEX holders. But HEXicans don’t believe him and start saying he “has” to say that since it’s a bad look to be involved.
Pulsechain token (PLS) is basically rekt to the point it can never recover, but HEX influencers are still telling people this isn’t a crisis but a buying opportunity. One person is claiming someone from ETH is going to buy $330M worth of PLS.
Whoever the pDAI minter is can basically make infinite money as long as Pulsechain users keep bridging assets to the chain.
I’d like to say this is the final death blow to HEX & Pulsechain, but I am pretty sure they will just keep throwing their money at the chain.
submitted by /u/002_timmy
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