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ShapeShift Exchange: Launches Token, FOX, for Commission-Free Trading

November 20, 2019 at 4:52 PM | By Jit Sutradhar News

Shapeshift launched his own mark, FOX, doubled over exchange efforts for further decentralization cryptocurrency trade.

Shapeshift released token, similar to this Binance BNB on Wednesday, allowing free trade with zero commission fees between cryptocurrencies. All users who sign up get a platform that FOX 100 automatic token, which, if held, never ending and provide $ 10 worth of free trade volume per sign a 30-day rolling basis.

“We’ve obviously been thinking about doing a token since 2017 and we want to wade into it very slowly and carefully,” said founder and CEO Erik Voorhees in the in-person interview Tuesday. “We’ve kind of evolved our concept of what’s going on our coins to be during the last two and a half years.”

This Shapeshift FOX join other exchanges such as Binance token Coin and Coin Bithumb (BN). While still falling under the “utility marks” classification, ERC-20 mark has a limited purpose, at least for now.

“It has nothing to do with building a new chain,” said Voorhees from FOX. “Basically, we try to keep people away from the exchange custodian. It is an endemic problem in the crypto world was a problem in 2011, when I first got involved, and it is still a problem. So, we realize that to solve that we have to give it all in one place. ”

While the same token facilitates transfer between the exchange value of the product, FOX Shapeshift ideology permissionless furthers this by attracting users to exchange themselves custodian with more liquidity from the same platform style, Voorhees said.

To date, FOX is basically a digital coupon. In the future, Voorhees said, it could be used for more functions in the exchange. Printed limited exchange 1 billion FOX token, he said.

“We hope that this will help a little move some people away from guards and more comfortable with the non-custodial models,” said Voorhees on the project objectives.

The launch marks the debut of July following a new platform Shapeshift, which Voorhees said crypto answer overreliance on the stock market as Coinbase custodian.

Thus, Voorhees see FOX as a third pillar of our corporate strategy to improve financial sovereignty

“The purpose Shapeshift,” Voorhees wrote in a blog post published Wednesday, “is to make ourselves prisoners smooth and pleasant experience, because it will help the world move toward financial self-sovereign, and away from fiat.”

Voorhees said the exchange has more liquidity than other prisoners self selection, such as the exchange of decentralization (DEXs) or swap services. While the total trade volume declined in the platform since the implementation of KYC, liquidity has increased during the same period by 10x on the main partner exchange, BTC / ETH, Voorhees said.

“Shapeshift always counterparty to every trade,” Voorhees said. (Normally, the exchange order book corresponding buyer and seller to every trade.)

“This means we provide liquidity gradually whatever we feel comfortable casualties,” he said. “We allow up to $ 50,000 single trade, and the user can repeatedly trade for each trade is under the size of it.”

Image via Shutterstock

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