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What is ShapeShift FOX?
ShapeShift FOX is an ERC-20 governance token created by ShapeShift, which functions as the utility token for its cross-chain crypto trading platform and portfolio manager. It is designed to facilitate decentralized finance operations and community governance within the ShapeShift ecosystem.
How does ShapeShift FOX work?
ShapeShift FOX operates as both a governance and utility token within the ShapeShift platform. Holders of FOX tokens can participate in governance decisions through voting on proposals related to the ShapeShift DAO's operations. Additionally, FOX tokens are employed in various DeFi activities, such as staking, yield farming, and liquidity provision. The token also allows users to offset gas costs associated with trades on the platform.
What are the potential use cases for ShapeShift FOX?
Potential use cases for ShapeShift FOX include:
- Governance: FOX holders can vote on proposals concerning the ShapeShift DAO's operation and treasury management.
- Loyalty and Rewards: Users earn FOX tokens as a reward for trading and engaging with the platform.
- DeFi Strategies: Holders can engage in staking and yield farming to maximise benefits.
- Trading and Liquidity: FOX is used to provide liquidity to the FOX-ETH pool. Users can earn additional rewards by staking their liquidity provider (LP) tokens.
- Gas Cost Reimbursement: FOX tokens can offset transaction gas fees, reducing trading costs.
What is the history of ShapeShift FOX?
ShapeShift FOX's history is closely linked to the development of ShapeShift, a cryptocurrency exchange founded by Erik Voorhees in 2014. Initially a centralised platform, ShapeShift transitioned to a decentralised model, becoming a DAO in 2021. This shift was marked by one of the largest token airdrops in crypto history, distributing FOX tokens to over a million addresses. The FOX token became integral to the platform's operations, serving as both a governance and utility token. ShapeShift has since evolved to support multiple blockchains and decentralised finance functionalities, guided by its community-driven governance model.
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Frequently Asked Questions (FAQs)
What is the current price of FOX (FOX)?
The FOX price is $0.10264649 AUD, representing a -4.4% from the day prior.
Where is the best place to buy FOX (FOX) in Australia?
The best place to buy FOX (FOX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell FOX (FOX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of FOX (FOX)?
The trading volume of FOX (FOX) is $649.0K AUD in the last 24hrs, representing a -4.4% from the day prior.
How can I buy FOX (FOX)?
FOX (FOX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of FOX (FOX)?
The current market cap of FOX (FOX) is $63.8M AUD.
Can I convert FOX (FOX) to cash?
Yes - With Coinstash you can convert your FOX (FOX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many FOX (FOX) are there?
The current circulating supply of FOX (FOX) is 622.4M.
Is Coinstash a safe place to buy FOX (FOX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling FOX (FOX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.