Due Diligence
HEX Time Tokens for fixed-income professionals — the checklist, answered with data
The Professional’s Page. For the plain-English version take How It Works; new to all of this, Start Here picks your path.
The instrument, precisely. HEX Time Tokens (HTTs) are not debt — there is no issuer, no promise to pay, and no legal recourse. They are fully collateralized on-chain claims that behave like zero-coupon bonds: bought below face value, each redeems for exactly 1 HEX on a fixed calendar date, enforced by an immutable contract rather than an obligor. There is no credit risk because there is no obligor — what replaces it is code risk (audited, never zero) and, above all, denomination risk: everything on this page is measured in HEX, a volatile speculative asset. A flawless 1:1 redemption can still lose money in dollars.
And the subject, plainly. This site's rigor is about the description, not the soundness of the investment. HTTs are built on HEX and PulseChain — a young ecosystem with a polarizing founder (the SEC case history, dismissed 2025 — documented with dates), severe historical dollar drawdowns, and essentially no institutional adoption. Careful documentation of a speculative instrument does not make it less speculative. The strongest published criticisms, quoted and answered with the factual record, are on the Risks page.
Where the yield comes from. The discount is set by the market on a DEX, not by an issuer's cash flows. The backing grows from HEX staking rewards, which are paid from HEX's own emission schedule plus penalties from other stakers — protocol emissions, not revenue. The protocol only ever lets a stake mint up to its conservative worst-case value, which is how the 1:1 backing holds even if rewards disappoint (Ch. 6 of the Manual).
The Market, Measured
Snapshot: 2026-08-15 · HEX day 2447Every figure below was pulled on the snapshot date from the chain and its deepest DEX pools, and will be stale by the time you read it — treat it as a dated observation, not a quote.
Series ever minted
41
10 matured · 30 with live pools
Par amount outstanding
$1,023,179
376.0M HTT × 1 HEX
Pool depth range
$1,128–$210,722
per HTT/HEX pool
The Anchor Series — the Five Charted x000 Maturities
These five carry 86% of all HTT pool liquidity, and each has a fitted regression channel behind it — the deepest has held one flat channel for 380 days (the channels). This is the market the analysis on this page stands on.
| Series | Matures | Price (HEX) | Discount | Total return | YTM* | Pool depth | 24h vol |
|---|---|---|---|---|---|---|---|
| HTT-3000 | 2028-02-18 | 0.7564 | 24.4% | 32.2% | 20.27% | $100,284 | $2,266 |
| HTT-4000 | 2030-11-14 | 0.6384 | 36.2% | 56.6% | 11.13% | $78,607 | $406 |
| HTT-5000 | 2033-08-10 | 0.5365 | 46.4% | 86.4% | 9.31% | $100,949 | $842 |
| HTT-6000 | 2036-05-06 | 0.4967 | 50.3% | 101.3% | 7.46% | $128,783 | $656 |
| HTT-7000 | 2039-01-31 | 0.4144 | 58.6% | 141.3% | 7.32% | $210,722 | $4,588 |
Community-Created Maturities — Listed for Transparency
Created by community members under the same immutable contract rules, with the remaining 14% of pool liquidity spread across them. Pools this thin can print strange prices (see the HTT-8000 note below); they are listed for completeness, not endorsement — no fitted channels, no analysis built on them.
| Series | Matures | Price (HEX) | Discount | Total return | YTM* | Pool depth | 24h vol |
|---|---|---|---|---|---|---|---|
| HTT-2460 | 2026-08-27 | 0.9596 | 4.0% | 4.2% | 250.55% | $6,692 | $340 |
| HTT-2490 | 2026-09-26 | 0.9338 | 6.6% | 7.1% | 81.35% | $4,138 | $431 |
| HTT-2520 | 2026-10-26 | 0.9858 | 1.4% | 1.4% | 7.52% | $3,602 | $31 |
| HTT-2550 | 2026-11-25 | 0.9805 | 1.9% | 2.0% | 7.30% | $2,901 | $1 |
| HTT-2580 | 2026-12-25 | 0.9841 | 1.6% | 1.6% | 4.53% | $1,999 | $2 |
| HTT-2610 | 2027-01-24 | 0.9655 | 3.5% | 3.6% | 8.23% | $1,994 | $1 |
| HTT-2640 | 2027-02-23 | 0.9750 | 2.5% | 2.6% | 4.93% | $1,820 | $1 |
| HTT-2670 | 2027-03-25 | 0.9660 | 3.4% | 3.5% | 5.85% | $1,828 | $1 |
| HTT-2700 | 2027-04-24 | 0.9598 | 4.0% | 4.2% | 6.12% | $1,791 | $4 |
| HTT-2730 | 2027-05-24 | 0.9587 | 4.1% | 4.3% | 5.61% | $2,037 | $2 |
| HTT-2760 | 2027-06-23 | 0.9983 | 0.2% | 0.2% | 0.20% | $2,103 | $35 |
| HTT-2790 | 2027-07-23 | 0.9901 | 1.0% | 1.0% | 1.07% | $1,567 | $20 |
| HTT-2820 | 2027-08-22 | 0.9485 | 5.2% | 5.4% | 5.32% | $1,659 | $4 |
| HTT-2850 | 2027-09-21 | 0.9407 | 5.9% | 6.3% | 5.71% | $2,165 | $5 |
| HTT-2880 | 2027-10-21 | 0.9065 | 9.3% | 10.3% | 8.65% | $2,330 | $7 |
| HTT-2910 | 2027-11-20 | 0.8780 | 12.2% | 13.9% | 10.83% | $2,360 | $7 |
| HTT-2940 | 2027-12-20 | 0.8584 | 14.2% | 16.5% | 11.99% | $2,267 | $92 |
| HTT-2970 | 2028-01-19 | 0.7986 | 20.1% | 25.2% | 17.03% | $2,798 | $221 |
| HTT-3030 | 2028-03-19 | 0.8920 | 10.8% | 12.1% | 7.43% | $1,128 | $65 |
| HTT-3690 | 2030-01-08 | 0.6635 | 33.6% | 50.7% | 12.81% | $5,046 | $17 |
| HTT-5555 | 2035-02-16 | 0.4968 | 50.3% | 101.3% | 8.57% | $5,995 | $284 |
| HTT-6666 | 2038-03-03 | 0.3826 | 61.7% | 161.4% | 8.67% | $6,966 | $99 |
| HTT-7777 | 2041-03-18 | 0.3662 | 63.4% | 173.1% | 7.12% | $5,175 | $10 |
| HTT-7900 | 2041-07-19 | 0.3790 | 62.1% | 163.9% | 6.71% | $5,951 | $10 |
| HTT-8000 | 2041-10-27 | 0.5551 | 44.5% | 80.1% | 3.95% | $24,685 | $132 |
*Three related numbers, one price — matching the official app's vocabulary: Discount = 1 − price (relative to par; the app's "HTT Discount To HEX" chart). Total return = 1/price − 1 (your gain on what you paid — the same definition as the app Dashboard's "Total Return"). YTM = that total return annualized in HEX terms, compounded, ACT/365: ((1 / price)365/days − 1). The app's "APR" is the simple annualization — Total Return ÷ years to maturity — verified against the live Dashboard on 2026-07-10 (HTT-3000: 15.30% total over 1.61 years → 9.49% APR displayed; compounding would give 9.22%). Simple reads higher than compounded on multi-year tenors, so compare figures within one convention, never across. One more display nuance: the app shows redemption dates in local time, so they can read one calendar day earlier than the UTC dates here — same on-chain moment. None of these are dollar returns. Prices and pool depth from each series' deepest HEX-paired DEX pool (the app's liquidity chart also counts additional pools, such as the PHUX "HEX Time Complex," so its totals can read higher); series without a live HEX pool are excluded rather than estimated. Anyone can verify: the token addresses are in the Manual's Appendix A.
Yes, the HTT-8000 row is inverted — it prints 18 points rich to HTT-7900 despite three more months of tenor. That is not free money waiting to be taken; it is what a $24,685 pool looks like — one small trade can pin the price (its early depth reportedly seeded ahead of the dated farm changeover: on October 9, 2026, HTT-3000’s farming rewards end and HTT-8000’s begin). Thin-pool prints like this are exactly why pool depth is a column in this table, and why the sizing rule everywhere on this site is "trade a small fraction of the pool."
Read the smallness honestly — in both directions. This market cannot absorb institutional size: total float is about $1,023,179 at par and a "safe swap" in the deepest pool is a few thousand dollars. The same smallness means a professional can rehearse the entire lifecycle — buy at a discount, provide liquidity, watch a maturity redeem — with an amount that is immaterial to any real portfolio. Small enough to test everything; too small to matter yet.
And read the thinness structurally — it is not the thinness of ordinary markets. What makes thin books dangerous elsewhere — leverage, futures, margin calls, borrowed shares — does not exist here: nothing can cascade, and nothing can be sold that was not first minted against a locked stake or bought from someone who did. Holders look more like founders than tourists (the official Telegram counted its members in the hundreds until mid-2026), and a panic print below fair value does not spiral — it becomes a visibly better deal, because every token carries a 1:1 claim at a known date. The regression channels document the result: the deepest series has now traded inside one flat channel for 380 days — most of a year of homeostasis in a protocol only 22 months old (the channels). None of this repeals the arithmetic: your own trade still moves the price, an exit at size still takes patience, the anchor pays at maturity rather than today, and everything remains one layer above HEX’s own leveraged dollar market. But cascade risk and execution cost are different dangers — and this market has only the second.
The Redemption Record
The 1:1 mechanism is audited and formally verified — and it has now also been tested by reality.
| Series | Matured | Ever minted | Still outstanding | % redeemed | Verify |
|---|---|---|---|---|---|
| HTT-1773 | 2024-10-09 | 376 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-1787 | 2024-10-23 | 80,000 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-1788 | 2024-10-24 | 399,757 HTT | 9.1 HTT unclaimed | >99.9% | on-chain ↗ |
| HTT-1805 | 2024-11-10 | 33 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-1860 | 2025-01-04 | 74,051 HTT | 37,051.28 HTT unclaimed | 50.0% | on-chain ↗ |
| HTT-1879 | 2025-01-23 | 132 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-2340 | 2026-04-29 | 5,006 HTT | 6.43 HTT unclaimed | 99.9% | on-chain ↗ |
| HTT-2370 | 2026-05-29 | 10,000 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-2400 | 2026-06-28 | 15,000 HTT | 0 — fully redeemed | 100% | on-chain ↗ |
| HTT-2430 | 2026-07-28 | 22,000 HTT | 3,820.66 HTT unclaimed | 82.6% | on-chain ↗ |
As of 2026-08-15: 10 series have reached maturity. 6 redeemed down to zero; the rest carry a combined 40,887 HTT of unclaimed remainders — about $111 at the snapshot HEX price. Across everything ever minted in the matured series — 606,355 HTT — 93.3% has been redeemed, reconstructed from each token's full mint-and-burn event history and reconciled exactly against today's outstanding supply. Unclaimed is not failed: redemption burns the token, so outstanding supply is value holders never collected, not value the protocol withheld.
The Census — Trust the Factory, Not the Name
Every genuine HTT is deployed by one immutable factory contract (the HEXTimeTokenManager), so authenticity is checkable, not takeable-on-faith. We test it: on 2026-08-15, a name search of the chain found 44 tokens calling themselves HEX Time Tokens; asking the factory's own registry confirmed 41 genuine series. The 3 others — whatever their creators intended — were not created by the factory and cannot be redeemed through the protocol. The durable rule, from the Manual: a token named like an HTT is not an HTT — a token created by the HEXTimeTokenManager is (Ch. 6 and Appendix A, which explains how to run the creator check yourself).
Settlement — What Happens When, and If Not
| Moment | What the contract does |
|---|---|
| Redemption day onward | Holders burn HTTs for exactly 1 HEX each — a right with no deadline (the contract's only time gate is that maturity has arrived; 1:1 formally verified by Dedaub). Once the backing stakes are ended, the redemption HEX waits in the contract without decaying. |
| Staker doesn't end on time | After a 3-day grace period, anyone in the community can end the stake for a reward that climbs daily — paid from an escrow reserved in advance (the final 10% of the stake's accrued rewards), never from HTT collateral. |
| Stakes sit un-ended past day +14 | Only in this never-yet-seen case — every climbing bounty ignored — can late-end-stake penalties start to erode the redeemable pool; any shortfall would be first-come, first-served. |
The full mechanics, with the escrow schedule chart and both auditors' corroboration, are in the Manual: Ch. 6 (minting & escrow) and Ch. 4 (redemption properties).
Who Controls What
The contracts: no one. Immutable, no admin keys, no upgrades — the code that runs today runs forever, bugs included (why this is the core trust primitive: Smart Contracts). This is why founder risk here is reputation-and-price risk, never custody risk: no person can touch the collateral. Audit record, precisely: two firms (Dedaub and SourceHat, Aug–Sep 2024), zero critical and zero high-severity findings, one low and two medium, all resolved before launch. The caveats that come with it: commissioned by the team, no endorsement of HEX itself, and the underlying HEX/Hedron contracts were out of scope (reports).
The team: education and hosting. Two pseudonymous co-founders — C3Works (self-described career institutional bond trader) and RJ (self-described enterprise-software background, ETF industry). The only legal-structure statement on record is theirs, from a public AMA in October 2024:"We're Actuator Finance LLC and we're domiciled in the US" — dated, single-source, and not independently verified. If every website disappeared — theirs or this one — the contracts and an IPFS copy of the app keep working (Frontends).
This site: independent. No affiliation, no ads, no sponsors; the author holds the assets discussed and says so — the full disclosure, and every source we cite.
Tax & Regulatory Status: Unsettled
No guidance exists for this instrument specifically. The questions a professional would ask are open: whether the embedded discount accrues like original-issue discount, whether each swap along the curve is a taxable disposal (it likely is, in most jurisdictions), whether an HTT is a security where you live. The Manual's Ch. 2 covers the record-keeping discipline this implies; none of it is advice. Assume conservative treatment and a professional preparer.
Run Your Own — the Method Behind This Page
Everything above is just seven questions asked stubbornly. They work on any project — here is each one, how to check it anywhere, and how this page checked it for HTTs.
- Who controls it? Find out who can change the rules or touch the funds — admin keys, upgradeable contracts, a multisig, a person. If someone can, you are trusting them, not the code, and everything else is secondary. Here: immutable, no admin keys, audit record with its caveats — Who Controls What.
- What backs it, exactly? "Backed" is a claim until you can point at the collateral and the rule that connects it to your claim. Prefer things a block explorer can show you over things a website tells you. Here: one HEX per HTT, enforced by a verified invariant — the instrument, precisely.
- Is the name real? Anyone can deploy a token with any name. Check the creator: who deployed this contract, and is that the address the official docs name? Here: 44 tokens claimed the name, the factory confirmed 41 — the census.
- What are the numbers — with dates? Size, liquidity, volume, and yield, each with a date attached. An undated number is marketing; a dated one is a fact you can re-check. Recompute at least one yield figure yourself — if you can't, you don't understand the instrument yet. Here: the market, measured, with the worked example.
- What happens when it goes wrong? Walk the failure path before you need it: who bears late settlement, what recourse exists (often: none), and how much you could actually sell into the pool on a bad day. Here: the settlement waterfall — and the thin-pool footnote under the curve table.
- Who profits from telling you this? Every source has incentives — sellers, holders, sponsored voices, and yes, this site's author holds the assets discussed. Incentives don't make a claim false; they tell you which claims to verify hardest. Here: the disclosure and the bibliography.
- What do the critics say — and does anyone answer them? Search the project's name next to "scam," "critique," and "risk." Silence usually measures audience size, not safety. A project whose community answers criticism with facts is telling you something; one that deletes it is telling you more. Here: What the Skeptics Say, concessions included.
- When the answer is an attack, read the shape of it. A project that cannot defend the facts will often question the motives of whoever raised them, until the argument is about the accuser instead of the claim — the pattern psychologists call DARVO. Noticing it keeps you on the original question. But it only runs one way: “they're shouting loudest, so they're guilty” is unfalsifiable, and it convicts the people with the best reason to shout — those who actually lost money. A deflecting scammer and a genuine victim both sound loud, angry and certain. Judge the claim, never the volume.
Then rehearse before you commit: run the entire lifecycle once with an amount that would not hurt to lose — buy, hold, sell or redeem, record the costs (and the taxes). Ten dollars of tuition teaches more than ten hours of reading, and only after both do you decide whether the position deserves real size. Due diligence is not a document you read — it is the habit of checking before trusting. This page simply shows the habit applied.
Where to go next
- Crypto Bonds Explained — the instrument, from the beginning
- Actuator Strategies — every documented play, dated observations, the untested quarantined
- Traditional Bonds vs HTTs — the fixed-income translation, term by term
- The Actuator Manual — all 19 chapters, every claim cited
