Shapeshift FOX Token
Crypto Overview
Overview
ShapeShift FOX Token (FOX) is the governance token of the ShapeShift DAO, which evolved from the ShapeShift cryptocurrency exchange platform. In July 2021, ShapeShift announced its transformation into a decentralized autonomous organization (DAO) and airdropped FOX tokens to past ShapeShift users.
Intended Utility
The FOX token serves multiple purposes within the ShapeShift ecosystem: Governance rights for the ShapeShift DAO, allowing holders to vote on proposals affecting the protocol's development and treasury management. Token holders can also stake FOX tokens to earn yields through various DeFi protocols integrated with ShapeShift.
Actual Utility and Adoption
The token is actively used for its intended purposes, with regular governance proposals and voting activity occurring through the DAO. ShapeShift's transition to a DAO has been successful, with the community actively participating in governance decisions. The platform maintains significant development activity, with regular updates and improvements to the protocol.
Token Distribution
The initial token distribution was conducted through an airdrop to existing ShapeShift users, with 340 million FOX tokens distributed. The total supply is 1 billion tokens, with the remaining tokens allocated to the DAO treasury for future development and community initiatives. This distribution model demonstrates a fair launch approach with no pre-mine for founders.
Technology and Revenue Model
ShapeShift operates as a non-custodial cryptocurrency trading platform and DAO. The platform facilitates actual asset exchange and doesn't rely on interest-bearing mechanisms for its core functionality. While staking options exist, they are optional features rather than core components of the token's utility.
Crypto Impact
To assign a comfort level investing in Shapeshift 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 Shapeshift 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.