What Is ShapeShift (FOX)?
FOX is the native token of ShapeShift, which is a multi-chain DeFi platform used for trading and portfolio management. It’s an open-source platform that allows users to track, trade, buy, and sell crypto assets. The ShapeShift platform is non-custodial, which means that users are in control of their private and public keys. If you're wondering about the current FOX price, view the ShapeShift FOX token price chart above.
The project has its own ShapeShift crypto wallet. However, it supports other wallets, including MetaMask, Keepkey, Kepler, and others.
Besides trading and portfolio management, the ShapeShift crypto project provides users with the possibility of yield farming FOX tokens. It features the FOX-ETH liquidity pool, which allows users to farm liquidity pool tokens and generate income in a passive manner.
The Founders of ShapeShift
ShapeShift initially was founded in 2014. However, back then, it was a private company, and only in 2021, it became a decentralized project. The ShapeShift crypto project was founded by Erik Voorhees and a person who goes by the name of Jon ShapeShift.
Erik Voorhees has a degree in business leadership and political economics. Prior to co-founding ShapeShift, he worked at such companies as Better Homes, Podium Group, and BitInstant. Besides that, he founded SatoshiDice and Coinapult.
Jon ShapeShift was the CPO of ShapeShift. However, as of writing this, he is the COO of the project. Since he goes by a pseudonym, there’s no information about his career prior to joining the ShapeShift crypto project.
Use Cases of FOX Tokens
Primarily, FOX is the governance token of the ShapeShift crypto project. It can be utilized to become a part of the FOXDEN, which is a decentralized autonomous organization (DAO) that decides upon further development of the ShapeShift project.
However, besides that, FOX is also a utility token of the platform used for trading and portfolio management.
Tokenomics of FOX
The max supply of ShapeShift FOX tokens is 1,000,001,337, which is quite a unique number. 34% of the supply was dedicated to what is referred to as “the largest airdrop,” which took place in 2021. Furthermore, 24.2% was dedicated to the FOXDEN, while the remaining portion was distributed to ShapeShift employees, shareholders, the ShapeShift Foundation, and the ShapeShift project itself.
Keep in mind though that the FOX price is liable to change if you thinking about buying ShapeShift FOX tokens. This happens because, same as how it affects the cost of other digital assets, the volatility of the overall crypto market has an effect on the ShapeShift FOX token price as well.
