The ShapeShift FOX Token (FOX) is an ERC-20 governance token created by ShapeShift, serving as the utility token for a borderless, cross-chain crypto trading platform and portfolio manager. It allows token holders to vote on proposals related to the ShapeShift DAO's operation and treasury, and provides utility for the platform. FOX token holders can earn tokens through various activities, such as trading and affiliate partnerships, and can utilize DeFi strategies to maximize benefits. The total capped supply of FOX is 1,000,001,337 tokens.
The ShapeShift FOX Token (FOX) is a multifaceted cryptocurrency that serves several purposes within the ShapeShift ecosystem. Here are the primary ways FOX is used:
Governance: FOX is the governance token for the ShapeShift DAO, allowing holders to vote on proposals related to the treasury, such as adding features, approving partnerships, and managing budgets. Each FOX token is equivalent to one vote, ensuring that the community has a direct say in the platform's development.
Loyalty and Rewards: FOX acts as a loyalty token, rewarding users for interacting with ShapeShift. Users can earn FOX by actively trading and participating in other promotions. The more FOX accumulated, the more benefits users can enjoy, such as zero-commission trading and other perks.
DeFi Strategies: FOX holders can utilize various DeFi strategies to maximize their benefits. For instance, FOXy, a rebasing token, allows users to earn yield on their FOX tokens by staking them. This provides an additional revenue stream for FOX holders.
Trading and Liquidity: FOX can be used to provide liquidity into the FOX-ETH pool, and users can stake their LP tokens to earn FOX bonus rewards. This encourages users to contribute to the platform's liquidity and rewards them for doing so.
Gas Cost Reimbursement: FOX tokens can be used to offset gas costs on trades. Users can receive 10% of the value of their FOX tokens back each month to cover gas costs, making trading more cost-effective.
Rainfall Rewards: FOX holders are eligible to participate in the Rainfall Rewards program, where a random user with FOX tokens wins a USDC reward each time a user trades crypto. The more FOX tokens held, the higher the chances of winning.
Overall, the FOX token is designed to incentivize user engagement, promote community involvement, and provide a range of benefits that enhance the ShapeShift experience.
You can store your ShapeShift FOX Token (FOX) tokens in various ways:
- Guarda Wallet: FOX tokens are available on Guarda wallet, allowing you to store them alongside over 50 coins and 400,000 tokens.
- Custodial Wallets: You can store FOX tokens in the custodial wallets of cryptocurrency exchanges, such as Binance Wallet, without managing private keys.
- Crypto Wallets: FOX tokens can be stored in crypto wallets like Trust Wallet for long-term holding.
- Cold Wallets: For maximum security, consider using cold wallets, which are offline and less susceptible to hacks. Options include paper wallets and hardware cold wallets like USB drives.
These storage options provide flexibility and security for managing your FOX tokens.
To buy ShapeShift FOX Token (FOX) tokens, follow these steps:
Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports FOX trading, such as CoinEx, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features.
Create an Account: Register a free account on the chosen exchange, providing the required personal information. You may need to complete KYC (Know Your Customer) verification to increase withdrawal limits and access additional features.
Fund Your Account: Deposit fiat currency into your exchange account using methods like bank transfers, credit cards, or PayPal. Alternatively, purchase a cryptocurrency like USDT, ETH, or BNB that can be easily traded for FOX.
Transfer Funds: If necessary, transfer your purchased cryptocurrency to the exchange that supports FOX trading.
Buy FOX Tokens: Place a buy order for FOX tokens using your deposited funds. You can set the desired amount and confirm the transaction details before finalizing the purchase.
Store Your FOX Tokens: Once purchased, store your FOX tokens securely in a crypto wallet that supports FOX, ensuring you have control over your keys and maintaining the principles of decentralization and self-custody.
Remember to research and compare fees, security features, and supported currencies before choosing an exchange, and be mindful of your investment approach and crypto storage.
