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ShapeShift DAO's proposal to integrate their native token, FOX, into the Aave platform is expected to enhance platform liquidity and boost usage and fees. ShapeShift, a pioneer in frictionless crypto trading, has transitioned to a fully decentralized organization, with its V2 platform and upcoming FOX Chain providing backend node infrastructure for true decentralization, and its token, FOX, showing a proven track record of bug-free interactions with the Ethereum blockchain.
The discussion primarily revolves around the proposal by ValtheDad from ShapeShift DAO to add their native token, FOX, to the Aave platform. The integration of FOX into Aave is expected to boost the platform's usage and fees, as FOX holders would collateralize their assets, thereby enhancing platform liquidity1. FOX is a rapidly growing token in the DeFi ecosystem, linked to an open-source platform designed to streamline and enhance the user experience for crypto users.
ShapeShift, established in 2014, has been a pioneer in frictionless crypto trading, with no user accounts and no custody of user funds. In late 2020, it began integrating decentralized protocols directly into its platform, enabling immutable, borderless trading without an intermediary. By mid-2021, it transitioned to a fully decentralized organization. The roadmap for ShapeShift DAO is steered by the community of FOX Token holders, who enjoy benefits such as voting rights on DAO proposals, exposure to ShapeShift’s various value-accrual mechanisms, and revenues from commissions from validators operated on behalf of the DAO1.
ShapeShift's V2 platform, which supports multiple wallets and blockchains, is designed for complete decentralization. The upcoming FOX Chain will provide backend node infrastructure for any interface seeking true decentralization. Through integrations with DEX and DEX aggregator protocols, ShapeShift enables users to seamlessly move crypto assets across chains without KYC, custody, or added fees1. FOX was distributed to the largest number of eligible recipients in crypto history through an airdrop and "fairdrop". The lending market for FOX is projected to grow over time, with FOX already available on Rari Fuse and added to Coinbase Pro in December 2021. The token’s smart contract has been live since 2019 and has a proven track record of bug-free interactions with the Ethereum blockchain1.
Posted 2 years ago
Last reply 2 years ago
Summary updated 2 months ago
Last updated 06/12 00:43