Disclosed herein are embodiments of hardfacing alloys which can be resistant to hot tearing and cracking. In doing so, the hardfacing alloys can meet certain thermodynamic, microstructural, and performance criteria. For example, embodiments of the alloy have a martensitic matrix embedded with isolated carbides and/or borides. Further, in some embodiments the hardfacing alloys can also have high levels of macro-hardness.