ShapeShift FOX Token

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Discover ShapeShift FOX Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ShapeShift FOX Token?

The ShapeShift FOX Token (FOX) is an ERC-20 governance token created by ShapeShift, serving as the utility token for a borderless, cross-chain crypto trading platform and portfolio manager. It allows token holders to vote on proposals related to the ShapeShift DAO's operation and treasury, and provides utility for the platform. FOX token holders can earn tokens through various activities, such as trading and affiliate partnerships, and can utilize DeFi strategies to maximize benefits. The total capped supply of FOX is 1,000,001,337 tokens.

How is ShapeShift FOX Token used?

The ShapeShift FOX Token (FOX) is a multifaceted cryptocurrency that serves several purposes within the ShapeShift ecosystem. Here are the primary ways FOX is used:

  1. Governance: FOX is the governance token for the ShapeShift DAO, allowing holders to vote on proposals related to the treasury, such as adding features, approving partnerships, and managing budgets. Each FOX token is equivalent to one vote, ensuring that the community has a direct say in the platform's development.

  2. Loyalty and Rewards: FOX acts as a loyalty token, rewarding users for interacting with ShapeShift. Users can earn FOX by actively trading and participating in other promotions. The more FOX accumulated, the more benefits users can enjoy, such as zero-commission trading and other perks.

  3. DeFi Strategies: FOX holders can utilize various DeFi strategies to maximize their benefits. For instance, FOXy, a rebasing token, allows users to earn yield on their FOX tokens by staking them. This provides an additional revenue stream for FOX holders.

  1. Trading and Liquidity: FOX can be used to provide liquidity into the FOX-ETH pool, and users can stake their LP tokens to earn FOX bonus rewards. This encourages users to contribute to the platform's liquidity and rewards them for doing so.

  2. Gas Cost Reimbursement: FOX tokens can be used to offset gas costs on trades. Users can receive 10% of the value of their FOX tokens back each month to cover gas costs, making trading more cost-effective.

  3. Rainfall Rewards: FOX holders are eligible to participate in the Rainfall Rewards program, where a random user with FOX tokens wins a USDC reward each time a user trades crypto. The more FOX tokens held, the higher the chances of winning.

Overall, the FOX token is designed to incentivize user engagement, promote community involvement, and provide a range of benefits that enhance the ShapeShift experience.

How do I store ShapeShift FOX Token?

You can store your ShapeShift FOX Token (FOX) tokens in various ways:

  1. Guarda Wallet: FOX tokens are available on Guarda wallet, allowing you to store them alongside over 50 coins and 400,000 tokens.
  2. Custodial Wallets: You can store FOX tokens in the custodial wallets of cryptocurrency exchanges, such as Binance Wallet, without managing private keys.
  3. Crypto Wallets: FOX tokens can be stored in crypto wallets like Trust Wallet for long-term holding.
  4. Cold Wallets: For maximum security, consider using cold wallets, which are offline and less susceptible to hacks. Options include paper wallets and hardware cold wallets like USB drives.

These storage options provide flexibility and security for managing your FOX tokens.

How to buy ShapeShift FOX Token?

To buy ShapeShift FOX Token (FOX) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports FOX trading, such as CoinEx, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features.

  2. Create an Account: Register a free account on the chosen exchange, providing the required personal information. You may need to complete KYC (Know Your Customer) verification to increase withdrawal limits and access additional features.

  3. Fund Your Account: Deposit fiat currency into your exchange account using methods like bank transfers, credit cards, or PayPal. Alternatively, purchase a cryptocurrency like USDT, ETH, or BNB that can be easily traded for FOX.

  1. Transfer Funds: If necessary, transfer your purchased cryptocurrency to the exchange that supports FOX trading.

  2. Buy FOX Tokens: Place a buy order for FOX tokens using your deposited funds. You can set the desired amount and confirm the transaction details before finalizing the purchase.

  3. Store Your FOX Tokens: Once purchased, store your FOX tokens securely in a crypto wallet that supports FOX, ensuring you have control over your keys and maintaining the principles of decentralization and self-custody.

Remember to research and compare fees, security features, and supported currencies before choosing an exchange, and be mindful of your investment approach and crypto storage.

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History of ShapeShift FOX Token

The ShapeShift FOX Token (FOX) has its roots in the early days of ShapeShift, a borderless, self-sovereign, cross-chain crypto trading platform and portfolio manager. Founded in 2014 by Erik Voorhees, ShapeShift initially focused on creating a seamless way to convert between different blockchain assets without the need for fiat on and off ramps. This innovative approach allowed users to "send one asset and receive another" directly, eliminating friction in the process.

In 2016, ShapeShift began exploring the idea of a token that would further expand its capabilities and push the boundaries of what was possible in the crypto frontier. This concept gained momentum during the token explosion of 2017, which validated the thesis that there would be many different, interesting blockchain assets beyond Bitcoin.

The FOX Token was eventually created as a loyalty token that rewards users for interacting with ShapeShift. Users can earn FOX by actively trading and participating in promotions. Unlike traditional utility tokens, FOX does not require users to consume or spend it to receive its value. Instead, users receive perpetual benefits, such as zero-commission trading, simply by holding the asset.

FOX was airdropped to over one million past users and community members, marking a significant milestone in ShapeShift's journey. The token is designed to be a perpetual asset, providing ongoing value to its holders without the need for consumption or spending. This approach sets FOX apart from other loyalty tokens and programs, both in and out of the crypto world.

Today, FOX is an integral part of ShapeShift's ecosystem, enabling users to trade competitively and participate in the governance of the platform. As ShapeShift continues to evolve and expand its services, the FOX Token remains a key component of its vision for a decentralized, self-sovereign crypto trading experience.

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How ShapeShift FOX Token works

The ShapeShift FOX Token (FOX) is an ERC-20 token created by ShapeShift, now known as ShapeShift DAO, in November 2019. It serves as the governance token for the ShapeShift DAO, allowing holders to vote on proposals related to the treasury and other essential governance matters. The total capped supply of FOX is fixed at 1,000,001,337 tokens, ensuring it will never become inflationary.

Governance

FOX Token holders can vote on proposals with one FOX Token equal to one vote. The ShapeShift DAO aims to become the world's most influential crypto organization by building a digital asset platform that delights, protects, empowers, and inspires users. The DAO is powered by SafeSnap (SnapShot + Gnosis Safe), which allows community members to vote on proposals with zero gas fees.

FOXy

FOXy is a rebasing token that allows FOX holders to earn yield on their FOX Tokens. FOXy is a single-sided staking contract provided through ShapeShift on Ethereum mainnet that enables users to exchange 1 FOX for 1 FOXy. The DAO implements various DeFi strategies, such as staking the FOX on Tokemak, and issues FOX rewards to FOXy holders. Additionally, the DAO shares a portion of revenues generated from DAO activities with FOXy holders.

Trading and Earning

ShapeShift is a free, open-source platform that allows users to trade, track, buy, and earn cryptocurrencies. It is 100% decentralized and community-owned, making it private and safe. The platform does not hold users' assets, ensuring that users are the only ones who can access and secure them. ShapeShift uses the power of THORChain and 0x, enabling cross-chain swaps and listing over 750 coins with thousands of trading pairs.

Yield Farming

FOX Yield Farming involves staking FOX-ETH-UNI v2 LP Tokens in the FOX Staking Contract. The FOX Token Rewards earned are also known as FOX Yield Farming. This process can be affected by impermanent loss, where the value of FOX tokens decreases if FOX gains value faster than ETH, and vice versa.

Risks and Rewards

FOX Token holders can earn rewards by participating in the FOX Yield Farming and FOXy staking. However, there are risks involved, such as impermanent loss and the potential for FOX tokens to decrease in value. Understanding the dynamics of token economics and the incentives provided by the FOX Token is crucial for making informed investment decisions.

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ShapeShift FOX Token's strengths

The ShapeShift FOX Token (FOX) has several strengths that make it an attractive investment opportunity:

  1. Decentralized and Community-Owned: FOX is part of a 100% decentralized and community-owned platform, ensuring that users have full control over their assets and can access them privately and securely.

  2. Multi-Chain Capability: FOX leverages the power of THORChain and 0x, allowing for cross-chain swaps and access to over 750 supported cryptocurrencies, making it one of the largest decentralized exchanges.

  3. No Trading Fees: FOX offers the benefit of no trading fees, making it a cost-effective option for users.

  1. Governance and Voting: FOX Tokens serve as a governance token, allowing holders to vote on proposals and participate in the decision-making process of the ShapeShift DAO.

  2. DeFi Opportunities: FOX holders can utilize various DeFi strategies to maximize their benefits, including staking and earning yield through FOXy, a rebasing token that allows users to earn rewards on their FOX Tokens.

  3. Fixed Supply: The total supply of FOX is capped at 1,000,001,337 tokens, ensuring that it will never become an inflationary token.

These strengths position FOX as a robust and community-driven token with a strong focus on user sovereignty and decentralized finance.

ShapeShift FOX Token's risks

ShapeShift FOX Token (FOX) carries significant financial risks. According to InvestorsObserver, FOX receives a high risk rating due to its price volatility and the potential for manipulation based on recent changes in volume and market cap. This indicates that the token's value can fluctuate rapidly and unpredictably, making it a high-risk investment. Additionally, FOX is considered a high-risk investment, and investors should be prepared to potentially lose all their invested capital.

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Did ShapeShift FOX Token raise funds?

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ShapeShift FOX Token’s team

  • Erik Voorhees: Founder of ShapeShift, instrumental in transforming it into a permissionless DAO operating on the blockchain.
  • Jon: Chief Operating Officer (COO) of ShapeShift, reflecting on the company’s history and ethos in a speech to the team.
  • Other Team Members: Involved in the development and operations of ShapeShift, including those who will receive FOX tokens as part of the airdrop and DAO transition.

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