ShapeShift Aims At Gas Fees With Latest FOX Token Functionality

Shapeshift aims at gas fees with the latest FOX token functionality so now the holders will be able to offset the fees proportionally to their token holdings as we can see more in our latest altcoin news today.

In a blog post a day ago, the noncustodial wallet and decentralized exchange aggregator ShapeShift announced another functionality for the FOX rewards token designed to mitigate the gas fees and the project will turn the token into a “Gas Guzzling Philanthropist of the DeFi Forest.” The blog reads:

“FOX Tokens now have the added superpower of helping you pay for gas when you trade on ShapeShift. ShapeShift will now help cover your gas costs on trades by reimbursing you with FOX.”

The users will be able to offset certain portions of the fees depending on the amount of FOX that they hold and each trade placed using this service rewards traders with FOX creates a new cycle. Willy Ogorzaly who is a product manager for ShapeShit said that the gas mitigation feature is one of the most widely requested from the users:

“Every day we hear from users that the gas fees required to complete a trade are insane. While ShapeShift can’t solve the underlying problem, we figured we could at least make it hurt less.”

Ogorzaly noted that the fee rebate applies to any pair and any blockchain like Ethereum and Bitcoin. The Gas fees are a burning topic as of late with the EIP-1559 fee structure overhaul drawing closer and incidents like the recent volatility being able to lead to major gas spikes and other services like Dhedge. ShapeShift aims at gas fees with its new program as one of the expanding sets of features and services from the team. Earlier in the day, ShapeShift announced a new move to the KYC requirements and aggregate a dozen decentralized exchanges with the integration with the ThorCHAIN that allows for noncustodial BTC trades. Ogorzaly said:

“ShapeShift was founded on a vision of supporting self-sovereign finance from its inception, while minimizing friction and costs to the user. As we’ve moved to a decentralized trading model, we are continuing to look for ways to stay true to that vision.”

While Shapeshift’s vision is to expand its sets of programs and features, there are many new aspiring projects on the market. One of them is ASIMI, which claims to harness blockchain technology to offer a complete tokenized economy – symbiotically helping advertisers and putting money in the hands of people that need it most.