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

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ShapeShift Launches Exchange Token, FOX, for Commission-Free Trading Vide
PostSubject: ShapeShift Launches Exchange Token, FOX, for Commission-Free Trading   ShapeShift Launches Exchange Token, FOX, for Commission-Free Trading Icon_minitimeTue Dec 03, 2019 7:40 pm
ShapeShift is launching its own token, FOX, doubling down on the exchange’s attempts to further decentralized cryptocurrency trading.

ShapeShift Launches Exchange Token, FOX, for Commission-Free Trading 32826468548_60139bfec6_k-710x458

ShapeShift released the token, akin to Binance’s BNB, on Wednesday, enabling commission-free trading with zero fees between cryptocurrencies. All platform users who sign up get 100 FOX tokens automatically, which, if held, never expire and provide $10 worth of free trading volume per token on a rolling 30-day basis.

“We've obviously been thinking about doing a token ever since 2017 and we wanted to wade into it very slowly and carefully,” said founder and CEO Erik Voorhees in an in-person interview Tuesday. “We've been kind of evolving our concept of what our coin is going to be over the last two and a half years.”

ShapeShift’s FOX joins other exchange tokens such as Binance Coin and Bithumb Coin (BN). While still falling under the “utility token” classification, the ERC-20 token has a limited purpose, at least for now.

...

Voorhees says the exchange has more liquidity than any other self-custody option, like decentralized exchanges (DEXs) or swap services. While total trade volume decreased on the platform since the implementation of KYC, liquidity has increased over the same period by 10x on the exchange’s main pair, BTC/ETH, Voorhees said.

"ShapeShift is always the counterparty to each trade,” Voorhees explained. (Typically, order book exchanges match a buyer and seller for each trade.)

“This means we provide liquidity in whatever increments we feel comfortable offering,” he said. “We enable up to $50,000 single trades, and a user can trade over and over so long as each trade is under that size."

https://www.coindesk.com/shapeshift-launches-exchange-token-fox-for-commission-free-trading
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