To stake FOX, go to app.shapeshift.com and select “stake.” You will send your FOX to the staking contract and receive FOXy on a 1:1 basis. FOXy is an up-only rebasing token, meaning your balance grows automatically as rewards are added to the contract.

If you are long on FOX, FOXy is the smart contract for you. Not only are you able to save on hefty Ethereum gas fees, but you are rewarded in FOX Tokens instead of the standard TOKE that the Tokemak reactor offers. The best part is this all occurs without having to re-stake, harvest, or manage your FOX Tokens.

While the initial version of FOXy focuses on building out a basic functional version of FOXy, using only a single yield strategy of depositing FOX into the Tokemak Reactor (yielding in the range of 5–20% annually). The DAO envisions FOXy incorporating many more yield strategies in the future.Both staking and unstaking FOXy on app.shapeshift.com are designed with extreme simplicity and ease of use, with a simple click of the “Stake FOX Tokens” button next to your FOX balance, and then the selection of an amount to stake. Users can unstake for free with a 10-day waiting period (equivalent to roughly two Tokemak epochs), or unstake instantly with an early withdrawal fee.

FOXy passed two audits—one internally conducted by the ShapeShift Security team and another by Zokyo, which passed with a 98/100. Click here to view the audit. A few architectural decisions to the FOXy smart contract were implemented to ensure that the FOXy contract maintains the rigorous security and quality standards that all ShapeShift products aspire to.

Since 2014, ShapeShift has been pioneering self-custody for digital asset trading. Today’s ShapeShift DAO is an engaged community of builders working to advance the state of crypto trading, investing, and access to open, decentralized financial systems. Our web and mobile platforms empower users to safely buy, hold, trade, invest, and interact with digital assets such as Bitcoin, Ethereum, and Cosmos.

ShapeShift has long been a pioneer in the crypto space: the organization was the first major platform to offer cross-blockchain trades, the first company to fully decentralize all corporate operations, and issued the largest airdrop to date when it became a DAO.

ShapeShift believes that the world deserves an open-source, non-custodial partner in the growing DeFi universe.

View the new open-source ShapeShift Platform

The ShapeShift DAO is powered by SafeSnap (SnapShot + Gnosis Safe), which means community members can vote on proposals with zero gas fees, and the result of those votes can trigger on-chain transactions from the DAO’s Gnosis Safe — view the ShapeShift SnapShot. 

You must hold FOX Tokens in your wallet when a proposal goes live for the Tokens to count in the snapshot. Being an ERC-20 Token, FOX Tokens can be held on any Ethereum-based chain and participate in available DeFi opportunities within those ecosystems. As FOX continues to expand into more chains and DeFi opportunities, the SnapShot voting strategy will continue to be updated to grant one vote for one FOX wherever feasible. Voting is super easy — click here for the step-by-step on voting!

The current ShapeShift governance sequence is as follows:

1. Incubation: 3-day minimum. Post your idea in the relevant Workstream on the forum to obtain feedback from the community. No specific template is needed
2. Ideation: 5-day minimum. Post a draft proposal in Proposal Discussion. Proposals must follow this template and include a yes or no poll. They may continue to be refined based on community feedback during this stage
3. Voting: 3-day minimum, 60-day maximum. If a draft proposal has more upvotes than downvotes, it can be posted to the Boardroom for an official vote.

Click here to view more details on the governance process

The FOX Token is an ERC-20 Token created by ShapeShift in November of 2019. The FOX Token now serves as the governance Token for the ShapeShift DAO allowing holders of the Token to vote on proposals relating to the treasury of the DAO and other essential governance matters — such as adding features and integrations to the platform, approving partnerships, workstream budgets, and other initiatives. In addition to leveraging their governance abilities, Token holders can also utilize several unique DeFi strategies to maximize the benefits of owning FOX. The total capped supply of FOX is fixed at 1,000,001,337 Tokens which ensures FOX will never become an inflationary Token.

ShapeShift was co-founded by Erik Voorhees and Jon ShapeShift in 2014. Erik was one of the earliest bitcoin and cryptocurrency advocates in the space. In addition to ShapeShift, Erik co-founded the bitcoin company Coinapult and founded the groundbreaking gaming phenomenon Satoshi Dice, that was, at its peak, responsible for more than half of all Bitcoin transactions.