What is Shapeshift FOX Token?

Shapeshift FOX Token (FOX) is the governance and utility token of the ShapeShift platform, a borderless, cross-chain crypto trading platform and portfolio manager. The platform is designed to uphold user self-sovereignty, allowing users to acquire, send, receive, swap, and manage assets via a mobile interface or web platform. ShapeShift is a 100% self-custody platform, meaning users always control their keys. The platform does not collect personal information and adds no trading fees. The FOX token is allocated with each transaction, aiming to make trading more competitively priced.

How does Shapeshift FOX Token work?

FOX Token operates as the governance and utility token of the ShapeShift platform. It is allocated with each transaction conducted on the platform, aiming to provide more competitive pricing for users. The token allows holders to participate in the governance of the ShapeShift platform, giving them the ability to submit and vote on proposals. This decentralized model is designed to maintain user sovereignty. The total capped supply of FOX is 1,000,001,337 tokens, distributed among ShapeShift customers, employees, shareholders, the DAO governance treasury, the ShapeShift Foundation, and ShapeShift itself.

What are the potential use cases for Shapeshift FOX Token?

FOX Token has several potential use cases. Primarily, it serves as a governance token, allowing holders to participate in the decision-making process of the ShapeShift platform. This includes the ability to submit and vote on proposals, helping to shape the future of the platform. Additionally, the token is used within the platform to make trading more competitively priced. It can also be used to receive incentives on the platform, providing additional incentives for users to hold and use FOX Tokens.

What is the history of Shapeshift FOX Token?

ShapeShift was founded in 2014 as a privately held company based in Switzerland. The platform's governance and utility token, FOX, was introduced to make trading more competitively priced and to allow users to participate in the platform's governance. ShapeShift became a fully decentralized project in June 2021, open sourcing all of its source code and turning ownership and governance over to the community of FOX Token holders. The founder, Bitcoin pioneer Erik Voorhees, stated that this decentralized model aims to maintain user sovereignty.