FOX TOKEN
Crypto Overview
Purpose and Utility
FOX Token is the governance token for the ShapeShift DAO (Decentralized Autonomous Organization). It was created by ShapeShift, a cryptocurrency exchange platform that transitioned to a fully decentralized model in July 2021. The token gives holders voting rights on protocol decisions and treasury management.
Business Model Assessment
The token's primary utility is governance of the ShapeShift protocol, which provides decentralized cryptocurrency trading and asset management services. The business model is transparent and based on facilitating legitimate cryptocurrency trades and operations. The platform does not engage in lending, interest-bearing products, or any prohibited activities.
Real-World Adoption
FOX has active governance participation, with token holders regularly voting on proposals affecting the protocol's development and treasury management. The ShapeShift platform continues to operate as a decentralized exchange, though with relatively modest trading volumes compared to larger exchanges.
Development Activity
The project maintains active development, with regular updates to the platform and ongoing improvements to the protocol. The transition to DAO governance has been successfully implemented, with a functioning governance system in place.
Token Distribution
The token distribution was conducted through an airdrop to previous ShapeShift users and staff when the project decentralized. The distribution model included provisions for the DAO treasury and community incentives. There are no concerning concentrations of tokens among founders or early investors.
Crypto Impact
To assign a comfort level investing in FOX TOKEN from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to FOX TOKEN.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.