Non-custodial exchange ShapeShift has announced new functionality to help decentralized finance (DeFi) users on its platform cut costs.
FOX Holders To Be Rewarded
According to a blog post on its website, ShapeShift says that users will now reduce their gas fee trades by holding their native token FOX.
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.
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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.
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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.
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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.
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Circulating 272.64 m
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This has seen the protocol grow as Etherum plans to migrate to a PoS in the coming months.
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