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In the world of cryptocurrency, Richard Heart, the visionary founder of HEX token, has always been synonymous with long-term investing and responsible financial strategies, so when he started tweeting about the PEPE meme coin, he astounded his loyal Hexican community. Many started tweeting their discontent about him shilling PEPE. Heart’s sudden pivot can be attributed to the launch of PulseChain, a blockchain project aimed at improving transaction speed and cost efficiency, but is he really shilling the token, and would that be a bad thing?
The Birth of PulseChain and the PEPE Connection
As PulseChain gained momentum since its launch on May 13, Richard Heart recognized the need to incentivize adoption and engagement on the network by creating farms of free airdropped PEPE meme coin.
PEPE was born out of the Ethereum community as an ERC-20 token, but with the launch of PulseChain, everyone who held PEPE and all other ERC-20s and NFTs before the snapshot taken on May 12 was given free copies. Many don’t even know they have free money waiting for them on the other side, so spreading the word is important.
The proposition is simple:
Ethereum PEPE holders can claim free PEPE tokens on PulseChain, allowing them to explore a parallel universe of low fees and limitless potential. Creating farms on PulseX DEX is an additional opportunity to create a new avenue for community participation while simultaneously driving adoption for PulseChain.
Richard Heart's Motivation
A series of recent tweets from Richard Heart shed light on his decision to embrace PEPE and promote its integration into the PulseX ecosystem.
He opened PulseX farms to PEPE, and the effect was a sudden 100% price rise. In contrast, PEPE on Ethereum gained just 1% on that day.
Heart’s first tweet highlights the attractive prospects of PEPE by announcing new farms with an estimated 1000% Annual Percentage Rate (APR). He encourages PEPE meme holders to combine their free PEPE airdrop coins with the PEPE tokens bridged from Ethereum. This strategy aims to enhance the potential rewards for participants while providing a seamless transition from the Ethereum network.
The Hexicans and Pulsicans were surprised by this shift in narrative, as Richard Heart is known for not liking meme coins or NFTs. The same PEPE ERC-20 influencers hit back with lavish comments in response to his last tweet
Richard Heart says that while he’s trying to help them, the PEPE holders spit in his face. He’s referring to the fact that the fees on PulseChain are much cheaper than on Ethereum, and there’s no point in spending money on transaction fees when you have the same token on a chain that is a full-state copy of Ethereum but with 10s blocks and lower fees. So is Richard Heart shilling PEPE or rather trying to create awareness about the unparalleled possibilities on PulseChain? The truth is that the blockchain doesn’t really care about which token is being traded.
What counts is the activity and the volume. After the launch, PulseChain metrics propelled it to the second most active chain with the highest TVL. The activity decreased slowly, and most of the activity originates from XEN contract transactions rather than other tokens.
PulseChain needs more adoption by creating volume and activity, so inviting the PEPE community to claim free copies on the new platform and encouraging users to transition from Ethereum’s skyrocketing fees is what needs to be done.
In his other tweets, Heart points out that many PRC20 tokens, including PEPE, were distributed primarily to ERC20 token holders, enabling them to benefit from low fees on PulseChain. He highlights the potential advantages of migrating to PulseChain, where transactions can be executed at significantly lower costs compared to Ethereum.
Heart’s final tweet delves into the dilemma he faces as an advocate for reducing gas fees while also supporting projects aligned with his preferences. He acknowledges the allure of high volatility within the PRC20 ecosystem, likening it to an addict’s craving for crack. Heart’s desire to save Ethereum users from exorbitant fees remains steadfast, prompting him to seek a solution that balances both utility and personal preferences.
PulseChain metrics
Transactions on PulseChain are currently 346 times cheaper than on Ethereum and 305 times less expensive than on Bitcoin. A simple token swap on PulseX costs just $0.06, while on Ethereum it costs $12.95.
Since May 13th, there have been over 5 million transactions. After an initial peak in volume and liquidity, the level is stable, and Pulse keeps maintaining its top 10 position in the rankings. PulseX is the seventh DEX with the most TVL.
PulseChain adoption
Despite a very good start, PulseChain needs further growth. You can accomplish this by letting everyone know that they took part in the best airdrop ever and that they now have free copies of everything they had on Ethereum prior to the snapshot.
They can come, connect their wallet to PulseChain, and start viewing the tokens they had on Ethereum. They can also use this free checker tool to check for any assets they have on their address.
The risk with free airdrops is that people will just dump them and leave. This is a valid concern; however, some of the users will remain on PulseChain once they bridge some ETH for PLS and will have gas to spend. Incentivizing them with a very high yield on PulseX and giving them the opportunity to be on a chain that has unlimited potential for growth are reasons for them to stay.
Every transaction matters and increases trading volume and metrics, which put PulseChain higher on different rankings.
Another potentially big propellant for PulseChain adoption will be NFTs. PulsePunks has already created almost 4 billion PLS in sales volume, and the XEN community has already minted over 185,000 XENFTs that are waiting to be traded on a marketplace, but other than that, the NFT market is pretty much inexistent on PulseChain.
This can be because Richard Heart isn’t a big proponent of them, but many people do like them, and they are known for being one of the best drivers of crypto adoption. Another factor is that there is currently no NFT marketplace on PulseChain.
NFTonPulse is running a sacrifice phase for their NFT marketplace, which will launch very soon. Once it’s up, anyone who had ERC721 NFTs will be able to get their free copies and trade them. If the NFT market is worth billions on Ethereum, where the fees are very high, on Pulsechain, these NFTs could be traded for as little as a few cents.
Burning NFTs on Ethereum to port their value to PulseChain could become a thing. No one knows how this will develop, but there is lots of potential.
Conclusion
Richard Heart’s decision to incentivize PEPE by creating a farm on PulseX showcases his unwavering dedication to the PulseChain community and engagement. By encouraging PEPE golders to claim free PEPE copies on PulseChain, Heart aims to increase adoption and create volume and activity within the new platform. He invites every ERC20 and ERC721 holder to come and take advantage of the free airdrop and cheap gas fees.
