Hex was developed as a way to provide an option for stakers in regards to Bitcoin’s services. Previously, the only options for users of Bitcoin were to send, receive, or mine their assets. In order to earn interest on their holdings, they were required to transport their resources to third-party companies that were often unsafe and insecure.
Hex replaced these organizations by providing a trustless peer-to-peer system that allows users to send Hex to the original smart contract that provides instantly provides interest for the stakeholder. They have established themselves at the first certificate of deposit, a popular banking product, on the Blockchain. As a CD, they are able to provide added benefits to their users that work to increase their profits. These include features such as paying more when others decide to close their own CD accounts.