DataSource: FootprintAnalytics

January 10th, the first phase of the "Sacrifice" event for PulseX ended, bringing the total investment in the project to nearly $1 billion and making it the largest fundraising round in the history of cryptocurrency (although unofficial).

This fundraising was achieved in just 4 months after Pulsechain "sacrificed" $500 million. PulseX is expected to become the main DEX for future Ethereum forks. The "Sacrifice" event calls on the community to voluntarily contribute their own cryptocurrencies for the common belief.

The disclaimer on the PulseX website states, "Sacrificing cryptocurrencies does not equate to purchasing PLSX. You can send your cryptocurrencies as a sacrifice to demonstrate your belief."

There are different opinions among critics and supporters regarding this clause. Some see it as a loophole to avoid being labeled as a security by the U.S. Securities and Exchange Commission, while others see it as evidence of the next Bitconnect.

Assuming that most of the sacrificed funds are actual investments with profit expectations, rather than the project's own funds, how did the public chain led by Richard Heart, the controversial founder of the cryptocurrency Hex, become one of the largest crowdfunding activities in cryptocurrency history?

Furthermore, why is the discussion about PulseX almost exclusively limited to the Hex community? What is the relationship between them?

This article will explain what some people think Pulsechain and PulseX will do, and analyze the reasons why some people believe the entire project and Hex are a scam.

Pulsechain addresses what problem?

Hundreds of successful DApps have already been launched on Ethereum, but the network's popularity comes with high costs and slow speeds. In 2021, Ethereum gas fees - the price to validate transactions - occasionally reached hundreds of dollars.

This has led developers to recognize the potential of new Layer1 public chains, such as Solana, Binance Smart Chain, and Polygon, which host their own DApps. Some of these chains are incompatible with Ethereum and require bridging solutions for interoperability. Other public chain solutions, like Polygon, are compatible with Ethereum.

The most obvious benefit for users of chains compatible with Ethereum Virtual Machine (EVM) is the ability to exchange ERC-20 tokens on DEXs like Uniswap or purchase project tokens on Ethereum DEXs.

When building a Layer 1 chain, in theory, developers can replicate all of Ethereum's code to create a completely different protocol or make improvements, as in the case of BSC.

In cryptocurrency language, a "fork" of a blockchain is a modified version where developers make changes to the protocol and its rules. When Ethereum undergoes upgrades, such as the London upgrade, they are also referred to as forks.

According to founder Richard Heart, Pulsechain will be a fork of Ethereum. It is currently unknown to what extent it will make improvements to Ethereum. However, based on external statements:

- Four times the throughput. - Proof of Stake. - Deflationary mechanism.

In addition, all major DApps from Ethereum will also be forked. In other words, the goal is to fully replicate Ethereum, including all DApps, with a ready-made ecosystem from the beginning.

What is PulseX?

Since the Ethereum ecosystem will be replicated onto Pulsechain, PulseX will be a fork of Uniswap.

It aims to become the main DEX in the Pulsechain ecosystem. As a reference, PancakeSwap is also a fork of Uniswap and has implemented similar functionality on the Binance Smart Chain.

DEXs like SushiSwap and Uniswap have their own governance tokens - SUSHI and UNI - which give holders voting rights. PLSX will be the token for PulseX, and sacrificers will receive a certain amount of "points" based on the size and time of their contribution. These points will correspond to the amount of PLSX that will be airdropped to their wallets after the exchange launches.

Similarly, PLS - the native cryptocurrency of Pulsechain - will be airdropped to those who sacrifice for the project.

The prices of PLSX and PLS will start from $0, and there is speculation about their future prices.

Many believe that Pulse will launch in March or April, and PulseX will launch by the end of this year.

Will Pulse solve Ethereum's congestion problem?

Richard Heart has stated that Pulsechain's goal is not to compete with Ethereum but to reduce the burden on the network.

As part of the Ethereum fork, each wallet will receive the corresponding ERC-20 tokens on Pulsechain. In other words, it will be a large-scale airdrop.

For example, if you have 10 eHEX (HEX on the Ethereum network), you will receive an additional 10 pHEX (HEX on Pulsechain).

However, Pulsechain tokens will not be pegged to the prices of the same tokens on Ethereum, which means these tokens may end up being worthless or more expensive.

Why do some people think Pulse is a scam?

The biggest criticism of Pulse and PulseX is their direct association with Hex. Hex is a highly controversial token that has performed well in terms of price but has fundamental issues. According to FootprintAnalytics, Hex's price is $0.21.

According to Richard Heart, Hex aims to be the native deposit certificate of the blockchain.

Traditional deposit certificates exist because financial institutions use those deposits to gain returns on the overall market. Because the currency you deposit, such as the US dollar, has

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