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FlexNet progress update
Recorded: June 12, 2025 Duration: 0:20:51Space Recording
Short Summary
FlexNet is on the verge of its mainnet launch, showcasing significant advancements in infrastructure and token integration, while FlexDex introduces innovative mechanisms to enhance yield and reduce risks for investors. HEX is also experiencing growth, with a notable price increase since the project's announcement.
Full Transcription
Music Thank you. Music Thank you. What's up everybody?
What's up? what's up hex geta hope you guys can hear me doesn't look like too many people in here but we'll have this up as a recording so everyone can listen back if they want just
wanted to kind of touch base and go over some of the things that have happened with
FlexNet, TestNet, and getting ready for a mainnet launch over the last couple of weeks.
So first of all, you know, kind of a lot of the core infrastructure is complete. That includes
a really good block explorer, really good RPC URL infrastructure. It's really awesome subgraph infrastructure that everyone will have access to if you're
a developer and you want to simply start indexing data on your contracts and make it easier for
front ends to interact with them or for people to analyze data from them.
Some really powerful subgraph infrastructure that's in place.
A couple other deployments, kind of some standard, you know, network infrastructure stuff, such as
like, you know, wrap, you know, like wrap D for instance, so like wrapped flex.
Some, and some other kind of basic contract deployments, like a standard Uniswap V2 and V3 deployment.
So those are kind of outside the scope of FlexDecks.
But those are just kind of like the table stakes for what a network needs to operate.
And some other things that are a work in progress.
And some other things that are a work in progress.
I guess something that's complete is that we will have bridged USDC in.
And it's done in a way where it's through an official USDC contract.
And that is kind of like a stepping stone towards a full native USDC integration.
The way that works is that you get your, you have your bridge version
in there, but once you reach some volume threshold, USDC will deploy a native minting contract
that fits into their whole, you know, like mint and redemption sequence.
So that's an intermediate step there.
But there's also another service provider that actually enables you to launch your own stablecoin, which is kind of an interesting concept that I've become aware of.
So we might look into that, like our own FlexNet branded stablecoin, which could also be used
as a fiat on-ramp directly into FlexNet so that's another thing that
we're considering a lot of progress has been made on FlexDex so that's the kind
of hallmark exchange of FlexNet FlexDex has a basically you can think of it
like a it's a new token standard where the launchpad mechanism and the DEX are built into the token.
So tokens launched on FlexDEX will have their own sniper-proof launch sequence, their own liquidity bootstrapping phase, and a built-in DEX native to the token contract.
So the launch pad mechanism that actually solves a lot of problems around,
just like poor economics of the launch structure,
that basically make it a race to get in and a race to get out,
where basically the first guy in gets most of the gains,
and the last guy in has infinite losses.
and the last guy in has infinite losses.
So the launch structure kind of rethinks that in a way that helps to alleviate downside risk
while not capping upside risk.
And it does that through this mechanism called the price floor,
where the majority of the liquidity that is pooled as part of a launch of a token on FlexDex
is actually put into a thing that like a limit order buy and burn that's at about between 25 and 30 percent below the mint rate.
So if you join a token, you know that your max possible losses are about 26 percent.
So that's a big innovation there that can hopefully reduce risk on early stage token launches and also kind of be a big supply suck on the supply of flex, meaning the supply of hex.
The other big thing is the native DEX and flex DEX that is currently being exhaustively tested and optimized right now and so that allows
you to buy and sell directly to the contract and also to do limit orders
directly to the contract so that actually solves that kind of annoying
step of having to do the approval when you swap because it's directly interacting
with the contract so you don't need to approve a third party contract to interact with the token.
And it provides kind of like a baseline of
liquidity for these assets. And so
that's a pretty powerful concept in itself.
So yeah, that's a pretty powerful concept in itself. So, yeah, that's the latest with FlexDex.
If you want, you can see some of the progress that's being made on the testnet.
You'll see a bunch of deployments, a bunch of tests,
and kind of alongside that,
Golki's been making a lot of progress on the FlexDex front end.
It's truly awesome.
It's probably the best front end for a smart contract that we've built yet.
He's gotten really, really good over the last, I'd say, last year or two.
Like, a real major step up in terms of the design and the functionality of the front end.
So I've been making a lot of progress on the front end for Flexdex.
And yeah, and just overall, just, you know, trying to beat the drum and keep driving interest
and demand in Hex.
You know, Hex has a really bright future now that the nature of HEX has changed
from kind of like the artificially high yield
for staking has been reduced drastically.
That actually opens up a lot of opportunity
for other use cases for HEX.
And truly that's what's going to take it into the future.
The time locking and the staking was like a big driver
to kind of get things going.
And now things are different.
And so we have to continue to drive new use cases and new sources of demand for HEX
in a time where, you know, savings isn't really the thing on top of people's minds.
There's a lot of general fear and uneasiness.
It's harder than ever to get a high-paying remote job, and that's a big source of savings. So savings really isn't the thing that
is driving a lot of retail users. And so I think that we have to go up and up the risk curve
and try to drive use cases that are going to drive explosive new sources of demand,
not just incremental sources of demand.
So that's really the goal with FlexNet and FlexDeX and everything else.
Really try to make HEX the center of a new wave of innovation
and try to unpack what that next big meta trend is going to be.
So what else has been happening so hex is When did we announce FlexNet? I think the beginning of May. So from then, HEX is probably up about 10% to 20%.
It had a wave up and then it's on a 30% retracement from its recent peak as of a couple weeks ago.
And that's probably what we're going to see.
We're probably going to see a lot of chop in the ecosystem.
In general, I think that, you know, people are really realizing it's kind of do or die time.
And hopefully Richard realizes that as well.
Hopefully, you know, the fire gets lit under his ass and he, you know,
does the things that he's suggested that he's going to do to try to drive the ecosystem forward.
But, you know, you can't really count on it.
And so that's why I think it's up to people like us to try to do things that are high impact, that can be a new bullish wave of catalyst.
And to me, just simple marketing is not enough because I know Richard says that PulseChain is better than these two, but it's really not.
I know Richard says that like Pulse Chain is better than these, but it's really not. And it's not the marketing that's actually limiting the lack of reach. It's the lack of credibility around opportunities.
And so it really needs,
like the thing that's going to drive people to the ecosystem is the perceived
high growth opportunities.
And just telling people about a fork of ETH that is cheaper because no one
uses it, that just doesn't
drive anything.
And, you know, kind of the same old narratives just aren't going to play out anymore.
They're already pretty exhausted and they have very low retention rate.
So, you know, that's why I think that it's important for the outbound messaging and the reach to increase.
Truly, the only thing that can drive a new wave of growth is to have opportunities that are worth pursuing.
And so far, between Pulse and PulseX, those aren't necessarily opportunities worth pursuing from the perspective of a new user.
Those aren't necessarily opportunities worth pursuing from the perspective of a new user.
And it's made worse due to the economics of those launches, which, you know, will probably be dealing with the ramifications for years.
So that's why FlexNet is really important to try to just kind of free ourselves from some of the overhead burden that exists in the ecosystem and to really double down on innovation and,
you know, try to create that next big opportunity that's worth pursuing and worth promoting. oh
let's see what the charts look like.
So PLS is facing a pretty, it's right at a pretty important level there.
Like if you look at the past two times it bottomed out, the first time it bottomed
out in August of 2023 after the SEC announcement was about the current price. It bottomed out
slightly lower at 3-1 in September of 2024. That was after the basically six months of doom after the whole market has decided thing. And then it had a bottom out about 50% lower than that prior to a couple weeks ago, leading up to March.
leading up to March.
And then, so right now it's fighting through a pretty important level.
That's, you know, in the past that has been support twice,
the price rebounded off of.
But it's kind of hard to even know what real support and resistance are
because I know that a lot of the buying in late 2023 to early 2024,
a lot of that was OA or like sacrifice related buying. So that's not necessarily authentic
demand. That's not like the market measuring like the collective consciousness of where it thinks like
fair market value is and so that actually kind of makes ta harder to do because if you have
um you know uh if your largest buyer is someone who's not really under the same
market forces as other buyers and sellers are, then it's a
little bit harder to rely on those levels.
So maybe like the level like is more of like a range, like plus or minus like 30% or something.
Because if there wasn't that big injection of value, then it would have, you know, price
would have settled somewhere else more naturally.
And interfering with the natural order of pricing does have negative consequences because
it just interferes with the market's ability to accurately measure price and value.
So it's kind of hard to call any any specific level of support resistance. But if you just simply are looking at the chart, that kind of point point zero zero zero zero three ish level is quite important.
And so, yeah, I mean, we'll have to see.
I think it's a tough situation for Richard because I think he would like to be like pumping the ecosystem with the SAC funds.
But maybe my math that I've contributed has helped.
It has helped or maybe I'm sure there's no way he wasn't aware of this but
I mean, I'm sure there's no way he wasn't aware of this.
You know between the sacrifices, there's almost three billion dollars of user input funds
But then only
650 million dollars of cash was generated so about a quarter of the inbound funds
Were actually realized as cash because the majority was just marked up hex that was burnt.
So, you know, with thin liquidity, he can make the paper value go up.
But just the nature, like just how active sellers are like by now because you know a lot of people probably entered their investment in
pulse and pulse x on maybe like a four-year time frame like they're thinking like okay
it's 20 to one they're like okay i'm going to invest in this and then four years from now
i want to realize the game and now everyone's fighting over losses and, you know, time is not really on our side.
So I think he realizes that there's just simply not enough funds to go around.
And there's been nowhere near enough true recirculation of supply.
I'd have to look again.
Someone had pointed out some information about, like, what percent of sacrifice holders still hold.
And a lot of those people are, I mean,
the majority of people still do hold, but then also it doesn't even necessarily
matter. Like if those people sold at a loss,
now someone else bought that dip from them and they,
they don't need as high of a markup to profit. And so funds that may be injected
artificially from the sacrifice address, it's basically just going to go to whoever sells first.
And that's kind of a difficult situation to be in. So yeah, it's, it's probably something that it just takes years and years of trading and recirculation of supply to resolve.
So, you know, which I don't really intend to wait for.
That's kind of why, you know, I'm really trying to find the corner of the ecosystem that's not crowded with all the kind of the just the kind of general crowd
in the ecosystem and then um one that's not as reliant on richard being highly performant
and not as reliant on the performance of the ecosystem which is just weighted down so much. So, yeah, we're going to keep pushing. We're going to
keep this moving. Here in the next probably week or two,
we'll have a version of FlexDex that you can use on TestNet to start experimenting with.
And then once that's done,
that's kind of the last major thing left before a mainnet launch
of FlexNet so
So yeah, I think we just got to keep pushing forward and
Get this thing ready
Sorry, I'm gonna hop off here. It was good talking to you guys
Just follow me for more updates on the topic
And if you have any questions, just just tweet at me
It's best way to reach me.
So yeah, have fun, everybody. Take care. Goodbye. Thank you.
