FOX token rises: What are ShapeShift platform and its native token?

Crypto assets are popular among investors but, at the same time, they are prone to wide price fluctuations. As of writing, the combined market cap of these assets was under US$2 trillion, having lost substantially as compared to over US$2.18 trillion almost a week back.

Notably, Bitcoin (BTC) has almost 41 per cent share in the above-mentioned figure, and Ether (ETH) has close to 20 per cent share. But aside from these two, CoinMarketCap tracks more than 18,800 assets, which can rise or fall independently of the wider market.

While both BTC and ETH had lost over the past 24 hours as of writing, some assets were up, including FOX token.

Let’s know about this relatively lesser-known cryptocurrency.

What is ShapeShift cryptocurrency?

ShapeShift’s key offering is a crypto trading platform that, the project claims, charges no commission from users. Investors can use fiat currency to make purchases of assets, and the official website of the platform mentions support for over 750 assets across 11 blockchain networks.

Also read: What's in Canada Budget 2022 for cryptocurrency enthusiasts?

ShapeShift further states that trades on the platform can be executed without ID. The platform uses the THORChain protocol to facilitate cross-chain swapping of assets.

ShapeShift is projecting itself as more decentralized than other crypto trading platforms, which it says hold and control users’ funds. ShapeShift instead allows control to users through what it claims is its decentralized autonomous organization (DAO) attribute.

FOX token

ShapeShift crypto or FOX token serves as the platform’s governance crypto. Governance tokens enable voting by token holders that can influence how the project is governed. FOX token, it is claimed, would also generate revenue for holders when the ecosystem expands.

Also read: How Secret Network and SCRT token rival Ethereum’s blockchain?

FOX token price

FOX crypto had a market cap of over US$130 million as of writing, which ranked it among the top 500 assets on the CoinMarketCap list. Notably, Ethereum’s native ETH token’s market cap was over US$380 billion, and by this measure, FOX token has to gain immensely before it can make a place in top cryptos.

FOX token started 2022 with a price tag of nearly US$0.5, but by the end of February price declined to under US$0.3. Recently, the price and trading volume has surged, with the former hitting nearly US$0.45 at the time of writing. Volatility makes FOX token price prediction difficult and speculative.

Data provided by CoinMarketCap.com

Bottom line

ShapeShift platform claims to enable trading in over 750 assets, with a zero-commission lure. FOX token has had a volatile ride so far this year, but its price has recently surged nearly 50 per cent.

FOX is the governance token of ShapeShift, which would allow users to participate in the project’s governance. ShapeShift competes with conventional crypto trading platforms, which it says have control over the funds of users.

Also read: Is EGL token a reminder of risks that ail crypto verse?

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