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ShapeShift (FOX) Price

FOX

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About ShapeShift FOX (FOX)

An early crypto trading platform with roots tracing back to the now-defunct Colorado-based company, ShapeShift, the platform, now known as ShapeShift FOX, focuses on a range of decentralized finance (DeFi) uses with an emphasis on self-sovereignty. In other words, platform users control their digital assets without any need for intermediaries. ShapeShift facilitates trades and storage. Its user-friendly mobile interface connects with a range of software or hardware wallets. These include ShapeShift native, Portis, KeepKey, Trezor and Ledger. ShapeShift says it is borderless, and spans various layer-1 chains.

CoinDesk has described ShapeShift as a "sort of control panel” that allows a crypto user to conduct economic activity across multiple blockchains.

A "crypto interface," ShapeShift has been built with an eye toward integration at all levels, from blockchains to apps and anything newly created that still may be coming around the corner, and with holders dictating the future.

"The community via the FOX token will be the driving force," Messari said.

Who created FOX?

ShapeShift says it was co-founded by Erik Voorhees who previously was the creator of SatoshiDICE which helped facilitate Bitcoin transactions circa 2012-2013.

Another co-founder, Jon ShapeShift (not his real name) is said to have been involved in online gaming and crypto companies.

When was FOX created and how much was it worth?

Originally a private company, ShapeShift was founded in 2014. In June of 2021, the company declared it was shuttering as a for-profit, and instead converted to a fully decentralized project, open sourcing all of its code and handing governance over to the ShapeShift DAO controlled by FOX holders, according to CoinDesk.

A fully decentralized model was viewed as the "only way to maintain user sovereignty,” Voorhees said at the time.

"Shapeshift FOX is the result of the decentralization of ShapeShift," Messari summarized.

The FOX tokens arrived publicly by way of an airdrop. An estimated tens of millions (USD) worth of FOX went out to decentralized finance (DeFi) investors across multiple blockchains, CoinDesk said in July 2021.

At that time, FOX, per CoinGecko, was changing hands for about $1. It later fell to about $0.50 by the start of 2022.

How is the price of FOX determined?

The total supply of FOX is roughly 1 billion. About one-third went to platform users and DeFi community members in the June 2021 airdrop. Some 24% were granted to the DAO governance treasury. Another 32% went to employees and shareholders. As these tokens vest, over three years through 2024, there could be an impact on supply and selling pressure.

Why does FOX have value?

FOX isn't needed to use ShapeShift, but it makes the experience better, Voorhees has said.

Holders can earn income from the platform. There's a capped total supply, so the token is deflationary.

ShapeShift will reward users who become liquidity providers to key Uniswap pools that help increase liquidity depth for the FOX token, CoinDesk said.

What are the main benefits of FOX?

  • The token supports and provides utility for a borderless, cross-chain crypto trading platform and portfolio manager for user self-sovereignty, CoinGecko said.
  • As the ShapeShift ecosystem expands, users will be able to earn FOX tokens for activity that generates revenue for the DAO via affiliate partnerships such as yield farming arrangements.
  • The ShapeShift DAO earns revenues, and the user earns FOX tokens which can represent entitlement to those revenues.
  • ShapeShift is a 100% self-custody platform, meaning the user always controls their keys.
  • ShapeShift does not collect personal information and adds no trading fees.
  • The project’s governance token, FOX, makes trading more competitively priced versus going directly to DEXs.

How to buy ShapeShift FOX (FOX)

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1. Go to Uphold.com and click sign up.

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