Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
Non-custodial exchange ShapeShift has announced new functionality to help decentralized finance (DeFi) users on its platform cut costs.
FOX Holders To Be Rewarded
This new functionality called “superpowers” of its FOX tokens will see users reimbursed for amounts spent trading on the ShapeShift platform.
ShapeShift will cover the gas fees, and users will get their rewards relative to the number of FOX tokens held within a 30-day window.
Users would be paid 10% in the relative market value of FOX, according to ShapeShift.
ShapeShift, founded in 2014 and headquartered in Switzerland, has reoriented its business model in the last few years. In Sept. 2018, the blockchain platform added a know-your-customer (KYC) protocol citing growing pressures from regulators. Speaking on the measure years later, CEO Erik Voorhees said that this step saw over 95% of its customer base leaving.
In 2020, the centralized crypto exchange integrated with multiple DEX platforms like Uniswap, Balancer, Curve, Bancor, and several others. Following the transition, the exchange dropped its trading desks along with the KYC rules. BAL 0.61% Balancer / USD BALUSD $ 23.13
$0.140.61% Volume 22.25 m Change $0.14 Open $23.13 Circulating 6.94 m Market Cap 160.6 m 3 w Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 mon Another $25 Million Gone, This Time xToken Was Exploited 1 mon Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface CRV 2.98% Curve DAO Token / USD CRVUSD $ 2.18
$0.062.98% Volume 121.25 m Change $0.06 Open $2.18 Circulating 359.16 m Market Cap 783.34 m 2 d Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 1 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC) 3 w Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards BNT 0.30% Bancor / USD BNTUSD $ 3.83
$0.010.30% Volume 47.73 m Change $0.01 Open $3.83 Circulating 208.94 m Market Cap 799.57 m 3 w Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 3 w DEX's Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May 3 w Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market
From KYC Fiasco to DeFi Trendsetter
Moving on to the booming DeFi space, ShapeShift enabled cross-chain swaps via THORChain and Ethereum-based DEX trading on their web trading platform. This made it possible for users to store Ether and ERC-20 tokens on a range of hardware wallets like Trezor, KeepKey, and Ledger.
This upgrade made ShapeShift the first crypto exchange to enable BTC and ETH trades on a hardware wallet. BTC 4.69% Bitcoin / USD BTCUSD $ 37,485.79
$1,758.084.69% Volume 34.05 b Change $1,758.08 Open $37,485.79 Circulating 18.73 m Market Cap 702.26 b 4 h Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 1 d Bitcoin Taproot Upgrade Officially Locked in For November Activation 1 d Cryptocurrency Mining Bill Dies Down After New York Union 'Opposes' ETH 0.83% Ethereum / USD ETHUSD $ 2,433.35
$20.200.83% Volume 24.09 b Change $20.20 Open $2,433.35 Circulating 116.28 m Market Cap 282.94 b 4 h Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 1 d The May Crypto Sell-off Predominantly Occurred in the US Session 2 d Best Cryptocurrencies with Growth Potential to Buy In June
In addition, the company added USDT and SUSHI tokens to the THORChain-enabled trades, which allow users to hold, send, and receive native RUNE tokens on their ShapeShift wallets. USDT 0.03% Tether / USD USDTUSD $ 1.00
$0.000.03% Volume 53.56 b Change $0.00 Open $1.00 Circulating 62.59 b Market Cap 62.64 b 5 d NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season 6 d Rates Fall Off a Cliff Suggesting Risk-Off Appetite, But Lending Protocols Leading DeFi 1 w Paxful Rolls Out Bitcoin Payments Feature for Online Businesses SUSHI -0.22% SushiSwap / USD SUSHIUSD $ 8.34
-$0.02-0.22% Volume 205.32 m Change -$0.02 Open $8.34 Circulating 127.24 m Market Cap 1.06 b 2 d Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 6 d Crypto Derivatives Market Now Represents 53.3% of Total Cryptocurrency Space: CryptoCompare Report 1 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC) RUNE 6.86% THORChain / USD RUNEUSD $ 7.77
$0.536.86% Volume 72.7 m Change $0.53 Open $7.77 Circulating 213.54 m Market Cap 1.66 b 2 w LUNA’s Over 81% Price Crash Knocks TerraUSD (UST) Off the Dollar Peg 3 w Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 mon Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets
Gas Fees Hurting DeFi
Rising gas fees, which are transaction costs for trading on the Ethereum network, have become a major issue for DeFi users in the past couple of months. The DeFi space has boomed, recording a 15% stake in the entire crypto market this year alone.
But the nascent crypto sub-sector has not overcome its challenges, or the Ethereum network has not been able to. Ethereum has become the official home of most decentralized applications (Dapps) built with blockchain technology.
The platform, which has since boomed following the rise of non-fungible tokens (NFTs), has suffered from continued rising gas fees and network congestion.
This has seen many developers and builders search elsewhere for alternatives.
Some rival protocols like Cardano (ADA) and Solana (SOL) are currently working on addressing this issue. Cardano, joined by other “Ethereum killers,” uses a proof-of-stake (PoS) mining protocol that is energy-efficient and cost-effective. ADA 1.20% Cardano / USD ADAUSD $ 1.49
$0.021.20% Volume 2.33 b Change $0.02 Open $1.49 Circulating 31.95 b Market Cap 47.61 b 2 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation 5 d Early Turn in Sentiment Seen as Crypto Asset Investment Products Record Inflows 1 w Cardano Partners with Multi-Billion Blockchain, Nervos to Launch First Interoperability Feature SOL 4.01% Solana / USD SOLUSD $ 38.14
$1.534.01% Volume 363.02 m Change $1.53 Open $38.14 Circulating 272.64 m Market Cap 10.4 b 4 d Solana Labs Raises $314 Million for the 'Next Phase' of Onboarding A Billion Users 1 w “Ethereum Killer” Raising Up to $450M; Solana Foundation Rolls Out A $20M Fund to Expand Ecosystem 1 w Crypto Exchange FTX Joins the NFT Trend, Launches Non-Fungible Token MarketPlace
This has seen the protocol grow as Etherum plans to migrate to a PoS in the coming months.