What is Offshift (XFT)?
XFT is an ERC-20-based digital asset on the Offshift platform that allows token holders to shift between zkAssets. As the tradeable aspect of the Offshift platform, the XFT price is determined by the market.
The Offshift Ecosystem is a completely on-chain, non-custodial ecosystem of PriFi Applications created to offer privacy and security safeguards without sacrificing yield or decentralization. Users connect with apps using Shifting, a technique in which XFT is burnt to mint synthetics in multiple protocols and vice versa.
Use Cases of XFT Tokens
Users may benefit from a smooth trading experience free of slippage and associated liquidity issues thanks to Offshift's patented Burn-and-Mint system and XFT's flexible supply structure. How does it work? In essence, they burn XFT tokens to create synthetics. Though they can also burn synthetics to mint back to XFT tokens at any moment. To join the Burn-and-Mint process, users must have a positive XFT balance and enough ETH to cover gas expenses.
A structure like this allows users to mint, hold, and exchange synthetics without having to worry about collateral demands or the margin calls and sell-offs that follow them, resulting in more cost-effective and tension-free trading. While such tokenomics structure requires a flexible supply paradigm for XFT, it does neither imply nor mandate any tendency to long-term inflationary or deflationary monetary qualities.
Before acquiring Offshift tokens, make sure to make a thorough XFT price analysis. Use the Offshift price chart above for doing that.
Who Founded Offshift?
Despite some of the narratives on the web, the official website of Offshift crypto does not provide any information on the founders’ identity. The website states, “In alignment with Offshift's ethos and commitment to privacy, our team has chosen to remain anonymous.”
Tokenomics of XFT
You can view the latest XFT price, trade volume, supply, and other details in the charts above. In terms of distribution, Offshift has allocated the supply to marketing/ecosystem, development, and team members, and also saved some for staking rewards. The specifics are as follows:
- 22.5% – marketing efforts and the ecosystem;
- 22.5% – development plans;
- 20% – team members and the staff;
- 15% – staking rewards.
