Shapeshift FOX Token FOX
About
What Is ShapeShift?
Founded in 2014, ShapeShift is an open-source, self-custodial hybrid app and wallet that empowers you to trade, earn, and maximize your digital assets across major blockchains like Bitcoin, Ethereum, Cosmos, Dogecoin, and more. ShapeShift aggregates the top DEXs and routes such as CoW Protocol, 0x, LI.FI, Portals, and THORChain to ensure that you get the most optimal route when trading.
Dive into the full spectrum of DeFi with just one click through Portals and access the most popular (and degenerate) pools, vaults, lending, liquid staking derivatives, and yield assets to achieve the APY you’ve been dreaming of. ShapeShift carefully curates opportunities to enhance your digital asset journey ensuring that you do the most with your tokens and time.
Who Are the Founders of ShapeShift?
ShapeShift was founded by Erik Voorhees and Jon ShapeShift (pseudonym). Erik Voorhees is among the top-recognized serial crypto advocates and entrepreneurs, communicating the virtues of Bitcoin as one of the most important inventions ever created. Having been a featured guest on Bloomberg, Fox Business, CNBC, RT, BBC Radio, and numerous crypto industry events, Erik humbly suggests that there is no such thing as a “free market” when the institution of money itself is centrally planned and controlled.
Before founding ShapeShift, Voorhees was the creator of SatoshiDICE, which popularized the concept of provable fairness and was responsible for most of the world’s Bitcoin transactions in 2012 and 2013. Prior to that, Erik was Head of Marketing at BitInstant in NYC.
Jon ShapeShift was Chief Product Officer and co-founder of ShapeShift and was responsible for driving product strategy, leading product development teams and efforts, and designing solutions that integrate the changing landscape of crypto, decentralized finance, and macroeconomics in general. He has been deeply involved in the founding and pioneering of online gaming and cryptocurrency platform companies, helping to propel ShapeShift to being one of the most internationally recognized crypto brands in the industry.
More Info
How Many FOX Tokens Are There in Circulation?
The total capped supply of FOX is 1,000,001,337 tokens.
34% were granted to over 1.1M ShapeShift customers and DeFi community members in the world’s largest token airdrop on June 30 2021.
32% were granted to employees and shareholders before decentralization. These vest over three years from June 2, 2021
24.2% were granted to the FOXDEN—the DAO governance treasury of the now decentralized ShapeShift.
7.5% were granted to the ShapeShift Foundation—a non-profit tasked with facilitating the transition to decentralization.
1.3% were retained by ShapeShift.
1% was already in circulation, held by over 21,000 ShapeShift users before the airdrop distribution event.
Where Can I Access ShapeShift, or Buy FOX Tokens?
Visit ShapeShift, where you can begin trading, or download the app.
FOX Tokens are available for trading on a growing number of exchanges, such as Uniswap, THORChain, and Coinbase. Through ShapeShift’s integration with 0x, CoW Protocol, LI.FI, and Portals which aggregate liquidity from Uniswap and over a dozen other DEXs, FOX can be traded in ShapeShift’s web and mobile app.
AI Analysis
What is the Shapeshift FOX Token (FOX) cryptocurrency good for? What are its main use cases?
The ShapeShift FOX Token (FOX) is a utility token associated with the ShapeShift platform, which is a non-custodial cryptocurrency exchange and wallet service. Here are the main use cases and benefits of the FOX Token:
Governance: FOX holders can participate in the governance of the ShapeShift platform. This includes voting on proposals that affect the platform's future, such as changes in features, fees, and overall direction.
Loyalty Program: The FOX token can be used within ShapeShift’s loyalty program, where users can earn rewards for trading or utilizing the platform. Users can often receive benefits like fee discounts or access to exclusive features through their FOX holdings.
Incentives for Users: ShapeShift integrates FOX tokens in various ways to incentivize user behavior, such as rewarding users for participating in trading activities or engaging with the platform.
Staking: Depending on the platform’s evolution, FOX tokens may offer staking opportunities where users can earn rewards for locking up their tokens, contributing to the security and functionality of the ecosystem.
Partnerships and Integrations: FOX tokens might also be used in partnerships with other projects or platforms, promoting cross-platform utility and enhancing its use in the wider crypto ecosystem.
Access and Privileges: Holding FOX can provide access to premium features or early access to new services that ShapeShift offers.
It’s worth noting that while these are the main intended use cases, the evolution of the ShapeShift platform and the broader market can influence how tokens are used and valued over time. Always consult official resources or the ShapeShift community for the most current details and developments.
What blockchain does Shapeshift FOX Token use? Is it its own blockchain or built on top of another?
The ShapeShift FOX Token (FOX) is an ERC-20 token, which means it is built on the Ethereum blockchain. It is not its own blockchain; instead, it operates on Ethereum, utilizing its infrastructure for transactions and functionality.
Is Shapeshift FOX Token programmable? Does it support smart contracts or decentralized applications?
The ShapeShift FOX Token (FOX) is an ERC-20 token on the Ethereum blockchain, which means it is indeed programmable to some extent, as is any ERC-20 token. However, FOX itself does not natively support smart contracts or decentralized applications (dApps) in the way that platforms like Ethereum do.
ERC-20 tokens adhere to a standard that allows them to be transferred between addresses and used within the Ethereum ecosystem, but the functionality of the token itself is limited to the operations defined in its smart contract. That being said, developers can build applications that utilize FOX for various purposes, such as payments, staking, or governance within other decentralized applications.
If you want to use FOX in a programmable manner, you would typically interact with it through platforms or services that support Ethereum and ERC-20 tokens, leveraging existing smart contracts.
How fast are Shapeshift FOX Token transactions? What is the typical confirmation time and throughput (transactions per second)?
Shapeshift FOX Token operates on the Ethereum blockchain and, like many ERC-20 tokens, the transaction speed and confirmation time depend largely on the Ethereum network's congestion and the gas fees paid for the transaction.
Confirmation Time: Typically, transactions on the Ethereum network are confirmed in about 15 seconds to several minutes, depending on network traffic. During peak times, it can take longer if the gas fees set by the user are too low for miners to prioritize the transaction.
Throughput (Transactions per Second): The Ethereum blockchain can currently process around 30 transactions per second (TPS) in its original proof-of-work mechanism. However, this can vary significantly based on the current load on the network. Ethereum 2.0 aims to increase this throughput significantly with a new consensus mechanism and sharding.
For the FOX Token specifically, the actual speed of transactions will also depend on the wallet and service you are using to carry out transactions, as well as any additional time needed for interacting with decentralized applications (dApps) or exchanges.
If you are considering carrying out a transaction with FOX Tokens, it's best to check current network conditions, as well as the gas prices, to get a sense of when your transaction might be confirmed.
How much data can I store on the Shapeshift FOX Token blockchain? Does it support on-chain data storage?
The ShapeShift FOX Token is primarily an ERC-20 token built on the Ethereum blockchain, which means it operates within the Ethereum ecosystem. While Ethereum itself supports smart contracts and can be used for certain types of on-chain data storage, storing large amounts of data directly on the Ethereum blockchain is often not practical due to high costs and scalability concerns.
Ethereum allows for the storage of small pieces of data via smart contracts, but this method typically involves higher gas fees, especially as the amount of data increases. Therefore, while you technically can store some data on-chain using smart contracts, it's generally not advisable for large datasets. For larger data storage needs, off-chain solutions (such as IPFS or decentralized storage networks) are commonly used in conjunction with on-chain references.
In summary, while you can store some data on-chain using the ShapeShift FOX Token's underlying Ethereum technology, it is not optimized for substantial data storage and can be costly. Most efficient practices lean towards utilizing off-chain storage solutions.
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