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PulseChain: The Ambition and Controversy of the Ethereum Hard Fork Chain
PulseChain: Ether full state Hard Fork chain
Introduction
PulseChain is a full-state Hard Fork chain of Ethereum, preserving the complete record of all transactions, user accounts, and smart contract interactions on the Ethereum blockchain. The platform aims to alleviate the computational pressure on the Ethereum network and provide developers with a more cost-effective environment for smart contract development.
PulseChain increases the value of the Ethereum ecosystem by sharing the network load and reducing gas fees. Compared to Ethereum's block time of 15 seconds, PulseChain's block time is 12 seconds, theoretically providing faster transaction speeds and greater scalability.
In terms of consensus mechanism, PulseChain adopts a new Proof of Staked Authority (PoSA) model, introducing native validator staking, rotation, and reward reduction contracts. As of now, the PulseChain network has 15,893 validator nodes. Anyone can become a validator by staking 32,000,000 PLS tokens and earn from the network transaction fees.
PulseChain completed the testing of versions V3 and V4 earlier this year and officially launched on May 14.
Team Background
The founder of PulseChain is Richard Heart, who is also the founder of the HEX project. Richard Heart is an American cryptocurrency entrepreneur and became one of the main investors during the Ethereum crowdfunding period back in 2015.
Richard Heart has a large following on social media, but opinions about him are mixed. Some people see him as an innovator, while others question whether his projects have potential risks.
The HEX project he founded earlier allows users to earn up to 40% annual returns by locking tokens. HEX raised $60 million on its first day of issuance, setting a fundraising record for blockchain token issuance at that time. From 2019 to 2021, the price of HEX achieved a ten-thousand-fold increase over the three years.
Richard Heart is also known for his unique marketing strategies; he purchased a black diamond weighing 555.55 carats with 55 facets and named it "The HEX.COM Diamond" to symbolize HEX's longest staking period of 5555 days.
HEX Project Introduction
HEX is a project that claims to be the world's first high-yield blockchain certificate of deposit, promising substantial returns on investment for early participants. HEX was launched on December 2, 2019, and was initially distributed to Bitcoin holders through a snapshot of the Bitcoin UTXO set.
The initial distribution ratio of HEX was 10,000 HEX for every 1 BTC. Bitcoin holders could only claim HEX within the first year of its issuance. During this period, users could also obtain HEX by donating ETH to the HEX smart contract.
At the end of the first year of issuance, all unclaimed HEX tokens will be allocated to staked HEX users. Thereafter, the maximum annual inflation rate for HEX is set at 3.69%.
HEX holders can stake their tokens for a period ranging from 1 to 5555 days, and after maturity, they can receive both principal and interest. Unstaked HEX holders will face inflation risks, while early unstaking will result in a penalty of losing half of the earnings.
For example, with an inflation rate of 3.69% and a staking rate of 10%, the annualized yield for stakers can reach 36.9%. It is worth noting that there is an address referred to as OA that holds 90% of the total HEX supply, and the community claims that this address has never sold tokens in the past 3 years.
In addition, HEX has designed a promotional reward mechanism, where users obtained through referrals can receive a 10% reward, while the referrer can receive a 20% reward.
Airdrop Mechanism
The airdrop of PulseChain will begin when the mainnet goes live. All users holding Ethereum tokens in non-custodial wallets will receive an equivalent balance of PLS tokens at a 1:1 ratio, without the need to take any action. This allows users to access all Ethereum tokens on PulseChain. ETH in non-custodial wallets will be replaced with an equivalent balance of PLS, while all ERC-20 tokens will retain their original names.
However, it is important to note that the actual value of this airdrop may be relatively low, and is more of a promotional strategy. This is because the price of PLS during the airdrop may be very low, and a 1:1 exchange ratio may actually imply very little value.
Project Mechanism
Most projects on the PulseChain network are launched through the "Sacrifice event". This is a donation mechanism with no upper limit, and token distribution is determined by the amount of the donation.
In the initial stage, the PLS community donated $670 million, while the PLSX community donated $1 billion. As the donation period was about to end, a wallet believed to be controlled by Richard Heart (the genesis wallet of HEX, referred to as the OA wallet in the HEX community) donated approximately $13 billion and $54 billion to the two projects, respectively.
Token Economics
PLS is the native token of PulseChain, used to pay for network gas fees. It adopts the PRC-20 token standard, which is a variant of the Ethereum ERC-20 standard.
The total supply of PLS is 1.35 trillion, of which over 90% is held by OA addresses. Community members are optimistic about this, believing that this portion of tokens will not participate in market circulation, while external observers are more cautious about this.
Validators on PulseChain can earn 75% of the transaction fees, while the remaining 25% is burned to reduce the circulating supply. In the future, when the final phase of the project's roadmap is completed, PLS tokens will be used for community governance and on-chain voting.
PLSX is the platform token of the PulseX exchange, used for discount fee payments and trader incentives. Holders can receive PLS airdrops and benefits such as reduced trading fees. 21% of the fees collected by PulseX will be used to repurchase and burn PLSX tokens.
INC token is the reward token for staking mining, and users can obtain it by collateralizing LP.
Project Ecology
PulseX: The official DeFi token exchange platform of PulseChain, which is a fork of Uniswap.
Liquid Loans: The largest third-party team on PulseChain, dedicated to developing a native over-collateralized stablecoin.
Powercity: A team composed of followers of Richard Heart, covering multiple sub-projects such as staking, cross-chain bridges, lending, and NFT exchanges.
Ph Series Projects:
Current Situation Summary
Currently, the PulseChain ecosystem is mainly led by Richard Heart and the HEX community. Most projects are forked versions of well-known projects on Ethereum. Although the exposure on Crypto Twitter is not high, the fundraising capability within the community is strong, with the PLSX community alone raising $1 billion, for a total fundraising amount of $55.4 billion.
After the mainnet launch, PulseChain's total locked value (TVL) on DeFiLlama quickly reached nearly $500 million, ranking 8th among public chains, surpassing well-known chains like Solana and FTM. However, almost all of the TVL comes from PulseX, with the PLSX-WPLS trading pair accounting for over 40%. Recently, the TVL has declined, which may indicate that some funds are being withdrawn.
In terms of trading, OKX launched the PLS/USDT trading pair on May 24. Previously, users needed to cross-chain funds to the Pulse network and pre-purchase a small amount of PLS as gas fees to trade PLS.
In terms of the community, there is currently only one official Telegram group, lacking other channels such as documents and blogs. The official Twitter updates are infrequent, while updates from founder Richard Heart are more frequent.
The PulseChain project is currently in its early stages, and its development prospects remain to be seen. Investors should conduct thorough research and weigh the potential risks before participating.