ShapeShift targets gas bills with new FOX token feature

In today’s blog post, ShapeShift, a non-custodial wallet and decentralized exchange aggregator, announced the expansion of its FOX reward token, which is designed to reduce gas costs-or, as the project says, turn it into ” The fuel-guzzling philanthropist of DeFi Forest”. “

“FOX tokens now have super powerful features that can help you pay for gas when you trade on ShapeShift.” Blog. “ShapeShift will now help you pay for the gas costs in the transaction by compensating you with FOX.”

Users will be able to offset certain parts of their fees based on the amount of FOX they hold, and every transaction made using the service will provide traders with FOX rewards, creating what the platform calls a “beauty cycle”.

ShapeShift product manager Willy Ogorzaly told Cointelegraph that the gas mitigation function is one of the most widely requested functions by users.

“Every day we learn from users that the gas fee required to complete the transaction is crazy. Although ShapeShift cannot solve the fundamental problem, we think it can at least mitigate its harm.

Ogorzaly pointed out that the fee rebate applies to “any pair and any blockchain”, including Ethereum and Bitcoin transactions. Recently, as the major inspection of the EIP-1559 fee structure is approaching, gasoline costs have always been a particularly hot topic. Yesterday’s volatility could cause severe gasoline spikes, Other services (such as Dhedge) also provide similar procedures.

The gas fee plan is just one of the team’s expanding functions and services. Earlier this year, Shapeshift announces shift to sunset KYC requirements And aggregated more than a dozen decentralized exchanges, afterwards Integration with THORChain allows non-custodial local Bitcoin transactions.

Ogozy told Cointelegraph that the platform will continue to expand its service suite.

He said: “The vision of ShapeShift is to support autonomous sovereign finance from the very beginning, while minimizing user friction and costs.”

“As we move to a decentralized transaction model, we are continuing to find ways to stay true to this vision.”