Holders of the FOX token will now have the ability to offset as much gas fee as the number of tokens they hold. ShapeShift recently announced the proportional functionality.
The Latest “Superpower” Of FOX
On 21st May, ShapeShift made the announcement in a post on their blog. They are an aggregator of a decentralized exchange and noncustodial wallet. Their reward tokens are named FOX. The expanded functionality is designed to reduce the fees of gas. The project described it as making the token a philanthropist in the forest of DeFi that guzzles gas.
The blog read that FOX tokens will now have an added superpower. They can help with your gas bill when you are trading on ShapeShift. Now, ShapeShift will help you in your gas fees, on trades made, by reimbursing the cost with FOX as well.
Users can thus offset a certain percentage of the fees depending on how much of the token they hold. Moreover, each trade that is placed using this service will reward the trader with the token. The platform thus creates a self-proclaimed “beautiful cycle.”
Willy Ogorzaly, one of ShapeShift’s product managers, said that this feature of mitigating gas fees was widely requested by the users. He said that every day they heard users say that gas costs are insane when completing a trade. However, ShapeShift cannot do anything about the main problem. So they figured out a way to make it sting less.
He also said that the rebate on the fees applied to any blockchain and any pair. This includes both Bitcoin and Ethereum transactions. Gas Costs are a major topic of interest of late because the overhaul of the fee structure named EIP-1559 is drawing ever closer. Moreover, occurrences similar to the volatility that took place on 20th May can result in gas fees spiking to crippling amounts. Other services like Dhedge also have similar programs.
