FOX is the Ethereum-based token that runs ShapeShift, a decentralized exchange platform. ShapeShift developed the ERC-20 token FOX, which acts as the governance token for the ShapeShift DAO. The token supports and serves as a portfolio manager for user self-sovereignty on a global, cross-chain cryptocurrency trading platform.
ShapeShift was founded in 2014 in line with the ideals of financial sovereignty and its goal has been to empower the market for digital assets. Users can choose from a variety of software or hardware wallets to utilize on the platform, including ShapeShift native, Portis, KeepKey, Trezor, and Ledger. Users can also buy, send, receive, exchange, and manage assets via mobile interface or web platform.
To provide its consumers with simple cold storage, ShapeShift purchased KeepKey in 2017. In 2018, they developed a full self-custody crypto interface with integrated trading across chains that included hardware wallets from KeepKey, Ledger, and Trezor.
In 2019, they stopped offering commissions to FOX Token owners.
And to further connect with the developing web3 dapp ecosystem, in 2020 they purchased Portis and launched ShapeShift’s self-custody mobile app.
Furthermore, by the end of 2020, they started incorporating decentralized protocols directly into the ShapeShift cryptocurrency platform to enable immutable, borderless trading without a middleman, so removing themselves —and the previous revenue model—from the process.
By abolishing other intrusive financial surveillance techniques, this evolution has enabled users back protection and dignity. Banks are not what ShapeShift is. The ultimate goal has been and continues to be: a society in which people have the freedom to manage their own financial destinies without ceding their privacy and control to governmental and middleman corporations. A setting where people can investigate and take part in fresh, voluntary types of financial innovation.
With ShapeShift, the user always has control over their keys because it is a 100% self-custody platform. Neither does ShapeShift impose any trade fees nor does it gather any personal information. Trading is more cost-effective than going to DEXs directly thanks to the project’s governance and utility token, FOX, which is provided on all trades.
With no trading costs beginning in 2019, the FOX Token has always been our means of rewarding individuals who support the ShapeShift platform and community. Currently, FOX is taking over the project’s whole ownership and control structure.
As mentioned above, ShapeShift is a decentralized exchange platform, that is run by the FOX (its native token) token on Ethereum. With FOX holders can vote on upcoming asset integrations, products, and fee structures for the platform by joining the ShapeShift DAO (decentralized autonomous organization).
Who are the founders of FOX (FOX)?
Erik Voorhees and Jon ShapeShift (a pseudonym) founded ShapeShift. One of the most well-known serial cryptocurrency enthusiasts and businessmen, Erik Voorhees promotes Bitcoin as one of the most significant ideas ever made. Erik modestly asserts that there is no such thing as a “free market” when the institution of money itself is centrally planned and controlled, having been a featured guest on Bloomberg, Fox Business, CNBC, RT, BBC Radio, and several crypto industry events.
ShapeShift was first established in 2014 as a Swiss-based, privately held business. However, the company declared in June 2021 that it was becoming a completely decentralized enterprise, opening up all of its source code and giving the community of FOX Token holders control over ownership and governance. This decentralized mechanism, according to its creator and co-inventor of Bitcoin Erik Voorhees, “is the only way to maintain user sovereignty.”
Voorhees founded ShapeShift after developing SatoshiDICE, which promoted the idea of proven fairness and was in charge of the majority of Bitcoin transactions in the world in 2012 and 2013. Erik formerly served as BitInstant’s Head of Marketing in New York City.
As Chief Product Officer and a co-founder of ShapeShift, Jon ShapeShift was in charge of formulating product strategy, managing product development teams, and creating solutions that took into account the evolving nature of cryptocurrencies, decentralized finance, and macroeconomics in general. He played a significant role in the establishment and innovation of online gaming and cryptocurrency platform firms, which helped ShapeShift become one of the most well-known cryptocurrency brands in the world.
What is FOX (FOX) used for?
Why should you care about FOX except for governance?
As a “Perpetual Utility” token, FOX has always offered advantages as long as you keep them in your wallet. To receive the benefits of your tokens, you do not need to use them. Holders of FOX Tokens have the option to select how to use their earnings: they can choose to distribute them to holders, hold them or allocate them to diversify the Treasury’s holdings, purchase back FOX to either burn or continue funding community incentive programs, invest in other endeavors, or take any other actions the community takes.
When customers trade on ShapeShift, Rainfall gives free cryptocurrency to FOX holders. You have a higher chance of obtaining a Rainfall reward the more FOX you own.
You can also reduce these expenses using FOX Tokens. Every 30 days, you can get a payment in additional FOX Tokens equal to 10% of the current market value of your FOX Tokens to assist cover the gas expenses associated with trading. This might be able to pay for all of your trade-related gas expenses if you have enough FOX Tokens.
How is FOX (FOX) unique?
Even with its growth and evolution, ShapeShift’s FOX has maintained outstanding governance abilities and token holders can also utilize several unique DeFi strategies to maximize the benefits of owning FOX.
It is built basically for financial sovereignty and to empower the market for digital assets.
How many FOX (FOX) coins are in circulation?
FOX has a cap on its total quantity of 1,000,001,337 tokens.
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On June 30, 2021, the largest token airdrop in history was held, giving 34% of all tokens to approximately 1.1 million ShapeShift clients and DeFi community members.
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Before decentralization, 32% was given to shareholders and employees. From June 2, 2021, these vest over a period of three years.
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The DAO governing treasury of the now decentralized ShapeShift received 24.2% of the reward.
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7.5% of the funds were given to the ShapeShift Foundation, a nonprofit organization dedicated to easing the shift to decentralization.
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ShapeShift kept 1.3% of the participants.
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Before the airdrop distribution event, over 21,000 ShapeShift users had 1% of the total supply, which was already in circulation.
How is the FOX (FOX) network secured?
Given that FOX is decentralized, market manipulation is impossible, investors control the currency, and their money is secure.
How do I buy DIA (DIA)?
The FOX token can be used for a wide range of purposes, like staking and payments.
FOX (FOX) tokens can be easily purchased with the following steps.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy CNS through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports FOX (FOX)?
The PTPWallet platform supports many cryptocurrencies, with FOX soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most popular platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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