Shapeshift announces zero commission trading and launch of FOX token
Shapeshift announced that it would roll out zero commission trading in an effort to promote its non-custodial cryptocurrency exchange. Trading will be enabled by Shapeshift’s previously announced FOX loyalty token, which allows users to access zero commission trading by simply holding it. Upon creating a new Shapeshift account users will receive 100 FOX, which allows $1,000 of free trading volume on a rolling 30 day basis. Thus, each FOX token grants $10 of free trading volume every 30 days, in perpetuity.
Why it matters:
- Self-sovereignty is a fundamental value to cryptocurrency. Cryptocurrency grants individuals the power to control their wealth through the use of cryptographic keys. However, to date most users have tended to sacrifice sovereignty for convenience, choosing to custody their crypto with trusted third parties like cryptocurrency exchanges. The roll out of zero commission trading could be a boom to winning back sovereignty from cryptocurrency exchanges.
- Non-custodial exchanges are not new. Self-custody is arguably the raison d'etre of the entire category of decentralized exchanges (DEXs). However, DEXs have failed to scale to date due to technical limitations, high fees, and speed. Shapeshift is likely now the cheapest, most scalable non-custodial exchange in the world.
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