What does the video claim?
According to HexStakePlay, the Origin Address staked nearly all of its known HEX about a year before the video, which cut the average daily payout per T-share from roughly 7 HEX to about 1.58 HEX (at 0:28). Citing supply data tracked by community accounts on X, the video says that ordinary stakers now lock away more HEX than ending stakes and daily inflation put back on the market. In HexStakePlay’s reading, that makes HEX “deflationary” for the first time in its six years (at 1:40).
The video adds that a T-share costs more than 45,000 HEX on both Ethereum and PulseChain — 45,238 HEX on screen — and argues that renewed demand could drain the liquid supply quickly (at 4:14). It also explains why staking lowers the circulating supply: staked tokens leave the wallet and stop counting as circulating (at 12:54). HexStakePlay concedes that HEX could turn inflationary again and calls the situation uncharted (at 13:59).
What does the HEX contract show?
We read the contract’s globalInfo() on PulseChain at past blocks — for each date the first block after 00:00 UTC, for 17 October the block read at 12:20 UTC. “Liquid” is the contract’s totalSupply(); “staked” is the principal locked in active stakes, without the payouts they have earned.
| Date (2026) | PulseChain block | Liquid HEX | Staked HEX (principal) |
|---|---|---|---|
| 26 Feb | 25,884,163 | 51.78 B | 618.27 B |
| 12 Mar | 26,000,564 | 51.87 B | 618.40 B |
| 19 Mar | 26,058,996 | 48.79 B | 621.55 B |
| 27 Mar | 26,124,993 | 47.94 B | 622.47 B |
| 10 Apr | 26,243,573 | 48.38 B | 622.15 B |
| 2 May | 26,426,745 | 48.90 B | 622.02 B |
| 9 May | 26,482,554 | 49.37 B | 621.65 B |
| 14 Jun | 26,779,256 | 51.29 B | 621.99 B |
| 16 Jul | 27,041,192 | 51.67 B | 621.96 B |
| 17 Oct | 27,820,493 | 53.17 B | 621.71 B |
So the drop the video describes did happen on PulseChain: between 12 and 27 March about 3.9 billion HEX left the liquid supply while staked principal grew by about 4.1 billion. But it did not last. From early April the liquid supply rose again, so by the time the video was published on 6 May it had been growing for about a month, and on 17 October 2026 it stood above its March level. The Ethereum side was not checked over time; on 17 October 2026 (Ethereum block 26,212,234) the Ethereum contract reported 58.61 B liquid and 618.74 B staked HEX.
Two other numbers in the video fit the contract. The share rate (before stake bonuses) was 45,127 HEX per T-share on 27 April and 45,500 on 14 May (blocks above), in line with the 45,238 shown. And with the contract’s fixed daily rate — allocSupply × 10000 / 100448995, where allocSupply is liquid plus staked HEX — the readings for 9 May give about 1.58 HEX per T-share per day from inflation alone.
Not verified here: that the Origin Address staked almost all of its HEX a year earlier, and the earlier payout of about 7 HEX per T-share.
Is “deflationary” the right word?
Only for the liquid supply. The HEX contract creates new HEX every day for stakers, at 3.69 % per 364 days compounded daily, and it calculates that amount on liquid plus staked HEX. Nothing in the code can stop or change it. Staking does not destroy value: the staked HEX is burned from the wallet when a stake starts and minted back with its payout when the stake ends. A shrinking liquid supply therefore means HEX moved into stakes faster than it came out — the total keeps growing. Two other statements in the video are correct as code facts: the share rate can only rise, and the longest possible stake is 5,555 days. How staking works in detail: HEX staking. How to read these numbers yourself: Verify it yourself.
What else is in the video?
HexStakePlay explains a personal strategy of buying T-shares at regular intervals and shares a view on the Bitcoin market cycle. The video also runs a price scenario on a community calculator; Cryptospecting does not repeat price targets. None of this is financial advice — see the disclaimer.