In a medium bowl, whisk together 1 ¼ cups cornmeal, yeast, salt and 1 cup warm water. Cover with plastic wrap and place on the counter for at least 4 hours, or in the fridge overnight. *If using the fridge method, remove from the fridge and let it set out one hour before cooking.
To the bowl stir in the remaining 1 ¼ cups cornmeal and egg. Slowly stir in the remaining warm water until it reaches a thick pancake batter consistency.
Heat about 2 to 3 tablespoons of oil to a large cast iron skillet or griddle, over medium heat. Spoon about ⅓ cup of batter per hoecake onto the skillet. Fry for about 3 minutes per side, or until golden brown. Repeat with the remaining ingredients.
Serve warm with butter, molasses or syrup.