Home
News
- 1 ShapeShift was founded in 2014. It evolved into a community-owned and governed crypto platform.
- 2 It aims to create a borderless financial system that is built on open, decentralized protocols.
ShapeShift is an open-source, multi-chain, and self-custody crypto platform.
ShapeShift FOX is an ERC-20 token created by ShapeShift. It is the governance token for the ShapeShift DAO. The token holders can vote on the proposals regarding the platform.
FOX acts as a utility token for borderless cross-chain crypto trading platforms. As the platform grows, the user can earn FOX tokens through affiliate partnerships. This means that the user can earn it by buying, selling, and trading crypto and NFTs on the platform.
The platform provides decentralized trading and yield opportunities. It facilitates greater privacy, transparency, and security. The user can trade with other users and there is no intermediary to control keys as in central exchanges.
ShapeShift is a borderless, cross-chain crypto trading platform. It allows users to buy, receive, send, and manage assets through mobile interfaces and web platforms. It also allows the use of a range of hardware wallets and software like Trezor, ShapeShift native, Ledger, etc.
Market Analysis and Tokenization of FOX
FOX tokens provide the unique opportunity to help shape the organization as the user can submit and vote on proposals. It allows the user to participate in the ShapeShift DAO and helps them forge the path ahead.
The total cap of FOX is 1,000,001,337 tokens. On June 30, 2021, in a token airdrop, 34% were granted to over 1.1 Million ShapeShift customers and DeFi community members.
Before decentralization, 32% of the tokens were allocated to shareholders and employees, with a vesting period spanning three years from June 2, 2021. The DAO governance treasury received a grant of 24.2%, while the ShapeShift Foundation was allocated 7.5%.
ShapeShift Foundation is a non-profit tasked with facilitating the transition to decentralization. 1.3% were retained by ShapeShift while 1% was already in circulation. It was held by over 21,000 ShapeShift users before the airdrop distribution event.
The token has a market cap of $18,895,407 and a circulating supply of 377,154,162 FOX. The fully diluted market cap is $50,107,890.
FOX tokens are available on growing exchanges like Uniswap v2 and v3. It can be traded on ShapeShift’’s web and mobile apps.
Founders of ShapeShift
Erik Voorhees and Jon ShapeShift (pseudonym) founded ShapeShift. Erik is a renowned crypto advocate and entrepreneur. He has been a featured guest on Bloomberg, Fox Business, BBC Radio, and many crypto events. He suggests that there is no “free market” when the institution of money itself is centrally planned and controlled.
Voorhees was the creator of SatoshiDICE who popularized the concept of provable fairness. This was responsible for most of Bitcoin’s transactions in 2012 and 2013. Before this, he was Head of Marketing at BitInstant in NYC.
Jon was the Chief Product Officer and co-founder of ShapeShift. He was responsible for product strategy, designing solutions, and leading the product development teams and efforts.
He has been deeply involved in propelling ShapeShift to be an internationally recognized crypto brand in the industry and for this reason, he was associated with online gaming and crypto platform companies.
Security at ShapeShift
Security is the core feature of this hardware-secured platform. Two-factor authentication (2FA) is added as an extra layer of protection. To enable the 2FA, entering a six-digit code called Time-based One-Time Passcode (TOTP) with a username and password, is necessary.
It is of utmost importance to keep a copy of the secret code called ‘seed’ in a secure place. The ShapeShift membership account allows the user to enable 2FA on their account for an added layer of security. SMS 2FA is not advisable as it is easier to intercept.
Features of the ShapeShift FOX Token
The ShapeShift platform does not hold any personal information. It is very easy to use. They do not collect any personal information and apply no trading fees. It does not require a KYC process.
It is simply a software interface that makes it easy for people to hold and manage their digital assets and safely interact with decentralized technology. Some of its features are discussed below:
Interoperability: The open-source community-owned platform permits cross-chain swaps powered by THORChain and 0x.
Portfolio Manager: This is a platform that permits users to trade, track, buy and sell, and also earn cryptocurrencies. Thus, it acts as a portfolio manager. The user has to connect the wallet and it is not necessary to create an account, confirm the identity, or anything of the sort.
Supports over 750 cryptocurrencies: It is a multi-chain platform that permits users to access more than 750 supported digital currencies.
Advantages of ShapeShift FOX Token
No trading fees: The users do not have to pay any fees, and this means no service fees and no exchange fees. Miner fees are all that is required.
Governance Token: The project has its native token, the ShapeShift FOX token. If any user is holding the token then he has access to the project DAO. This means users holding the FOX token can participate in the governance of the token.
Keep private keys: The platform allows you to keep private keys. This means that only one person can access and manage the token. No one else can access the coin unless they somehow also gain access to the private key.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
