ShapeShift lately launched a nifty new characteristic known as Rainfall, which rewards ShapeShift customers merely for utilizing the platform.
Right here’s how Rainfall works: The whole system is predicated on holding FOX tokens.
What’s a FOX token?
FOX token is an ERC-20 token pioneered by the non-custodial trade ShapeShift that grants customers the posh of zero-commission buying and selling, amongst different advantages. These tokens don’t expire, and supply this zero-commission buying and selling construction in proportion to the variety of FOX tokens held.
For instance,
100 FOX = $1,000 buying and selling quantity monthly.160 FOX = $1,600 buying and selling quantity monthly.200 FOX = $2,000 buying and selling quantity monthly.
So, a person holding 5,000 FOX tokens would have the ability to commerce as much as $50,000 value of cryptocurrency in any single month.
Screenshot from ShapeShift.com/rainfall (12/4/2020)
Enter Venture Rainfall
ShapeShift launched Rainfall to incentivize person engagement and involvement.
Rainfall rewards ShapeShift customers with free USDC each time somebody trades. As a person, you principally don’t must do something however maintain FOX in your pockets to be eligible to obtain a randomized “rainfall” of tokens in real-time. For each single commerce that occurs on ShapeShift, a random person will get USDC.
The extra FOX tokens one holds, the higher their probabilities of profitable.
ShapeShift customers can mechanically enroll into rainfall by holding FOX of their pockets. Should you don’t have ShapeShift but, you possibly can snag your self 10 FOX tokens at no cost by following this hyperlink and signing up for an account.
For the extra skilled nook of the cryptocurrency buying and selling world, Rainfall might be seen as a mix of the person advantages of DEX buying and selling (liquidity) and trade buying and selling (availability.)
Centralized exchanges, corresponding to Coinbase and Binance, primarily exist to offer huge liquidity to customers. If you wish to promote Bitcoin or commerce Ethereum, you gained’t have a tough time discovering a counter-party to fill your commerce.
Decentralized exchanges, or DEXes, exist to permit direct peer-to-peer buying and selling. ShapeShift, for instance, is a non-custodial decentralized trade, which permits customers to commerce– and ShapeShift doesn’t take custody of their property to take action. Since DEXes are primarily peer-to-peer, they have to incentivize or reward customers to offer liquidity.
Rainfall goals to take the perfect of each worlds– the liquidity of a basic trade and the person rewards of a DEX.
So, right here’s what this implies for you as a possible ShapeShift person.
Should you maintain 100 FOX tokens, you possibly can commerce as much as $1,000 in quantity each month with no charges. Sure, that makes ShapeShift a zero fee, zero unfold, and 0 buying and selling charge platform as much as the extent of your FOX holdings, though normal community mining charges apply. These 100 FOX tokens enter you into the Rainfall program. Anytime a person trades on ShapeShift, you’re eligible to get a USDC reward. This USDC is generated from the transaction charges.
Closing Ideas – The TL;DR
By making a ShapeShift account and holding FOX tokens, you’ve got the potential for profitable some USDC on each commerce. You don’t must take some other motion than simply holding FOX tokens.
A good entity within the cryptocurrency area since 2014, ShapeShift prides itself in being a non-custodial trade that gives extraordinarily aggressive buying and selling charges. The trade is totally decentralized, so customers at all times retain full custody of their non-public keys.
If this seems like music to your ears, give ShapeShift and Venture Rainfall a shot. Get your 10 free FOX tokens.
