Decentralized finance, or DeFi, is the most popular concept in the world of blockchain and cryptocurrency right now. Taking your money and finding stores for it where one can build income on the most favorable terms possible is obviously a huge draw. It is, in fact, so huge that some blockchain networks are dramatically shifting to a fully decentralized model, like ShapeShift (CCC:FOX-USD). The result of this dramatic shift is a huge boost to the ShapeShift crypto, FOX.
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ShapeShift is a non-custodial cryptocurrency network that allows its user to buy, trade and store their crypto across 11 different Ethereum (CCC:ETH-USD) powered blockchains. The network uses 0x (CCC:ZRX-USD) and Thorchain (CCC:RUNE-USD) to allow these cross-chain trades. While ShapeShift is not a custodian of crypto, it boasts a whopping $2.5 billion in crypto assets held across its 150,000 regular users.
The key ingredient to this puzzle is the ShapeShift crypto, FOX. With the FOX token, you earn rewards on your trades. It’s like a gas station rewards card: For every 10 FOX you hold, you earn $1 back in FOX value on trades. It allows users to offset the gas fees they must pay to conduct trades on the blockchain.
Besides this major use case, it also allows for staking rewards on the ShapeShift network. Governance is one of the major draws to FOX as well, as it allows holders to sway the future of the network.
ShapeShift Crypto FOX Gains as Network Goes Fully Decentralized
The ShapeShift crypto is gaining in a big way today thanks to a press release from the company. The developers of ShapeShift are announcing the network’s full decentralization. This is a huge moment; the developers are renouncing their central roles in the network. Essentially, they are putting everything in the hands of the investors, making it a DeFi network in its truest form.
As part of the move, 340 million FOX tokens were airdropped to one million recipients in one of the largest token drops ever. These tokens are now the entire source of governance for the network’s future; investors have full power in making decisions regarding upgrades and the like.
As a result of this unprecedented decision, FOX is shooting sky-high today. The token is gaining nearly 72% on the day’s trading session, to a value of just above 50 cents. Over $1.6 million in FOX has swapped hands in the last 24 hours.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
