Exploring ShapeShift’s “Project” Rainfall: HODL FOX, Get Free USDC
ShapeShift recently released a nifty new feature called Rainfall, which rewards ShapeShift users simply for using the platform.
What is a FOX token?
FOX token is an ERC-20 token pioneered by the non-custodial exchange ShapeShift that grants users the luxury of zero-commission trading, among other benefits. These tokens don’t expire, and offer this zero-commission trading structure in proportion to the number of FOX tokens held.
- 100 FOX = $1,000 trading volume per month.
- 160 FOX = $1,600 trading volume per month.
- 200 FOX = $2,000 trading volume per month.
So, a user holding 5,000 FOX tokens would be able to trade up to $50,000 worth of cryptocurrency in any single month.
Enter Project Rainfall
ShapeShift launched Rainfall to incentivize user engagement and involvement.
Rainfall rewards ShapeShift users with free USDC every time someone trades. As a user, you basically don’t have to do anything but hold FOX in your wallet to be eligible to receive a randomized “rainfall” of tokens in real-time. For every single trade that happens on ShapeShift, a random user gets USDC.
The more FOX tokens one holds, the better their chances of winning.
ShapeShift users can automatically enroll into rainfall by holding FOX in their wallet. If you don’t have ShapeShift yet, you can snag yourself 10 FOX tokens for free by following this link and signing up for an account.
For the more experienced corner of the cryptocurrency trading world, Rainfall can be seen as a combination of the user benefits of DEX trading (liquidity) and exchange trading (availability.)
Centralized exchanges, such as Coinbase and Binance, primarily exist to provide massive liquidity to users. If you want to sell Bitcoin or trade Ethereum, you won’t have a hard time finding a counter-party to fill your trade.
Decentralized exchanges, or DEXes, exist to allow direct peer-to-peer trading. ShapeShift, for example, is a non-custodial decentralized exchange, which allows users to trade– and ShapeShift doesn’t take custody of their assets to do so. Since DEXes are primarily peer-to-peer, they must incentivize or reward users to provide liquidity.
Rainfall aims to take the best of both worlds– the liquidity of a classic exchange and the user rewards of a DEX.
So, here’s what this means for you as a potential ShapeShift user.
- If you hold 100 FOX tokens, you can trade up to $1,000 in volume every month with no fees. Yes, that makes ShapeShift a zero commission, zero spread, and zero trading fee platform up to the extent of your FOX holdings, although standard network mining fees apply.
- These 100 FOX tokens enter you into the Rainfall program. Anytime a user trades on ShapeShift, you’re eligible to get a USDC reward. This USDC is generated from the transaction fees.
Final Thoughts – The TL;DR
By creating a ShapeShift account and holding FOX tokens, you have the possibility of winning some USDC on every trade. You don’t need to take any other action than just holding FOX tokens.
A reputable entity in the cryptocurrency space since 2014, ShapeShift prides itself in being a non-custodial exchange that offers extremely competitive trading rates. The exchange is completely decentralized, so users always retain full custody of their private keys.
If this sounds like music to your ears, give ShapeShift and Project Rainfall a shot. Get your 10 free FOX tokens.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Alex Moskov is the Founder and Editor-in-Chief of CoinCentral. Alex leans on his formal educational background (BSBA with a Major in Finance from the University of Florida) and his on-the-ground experiences with cryptocurrency starting in 2012. Alex works with cryptocurrency and blockchain-based companies on content strategy and business development. He privately consults entrepreneurs and venture capitalists on movements within the cryptocurrency industry.
His writing has been seen in The Hustle, VentureBeat, Yahoo Finance, Harvard Business Review, and Business Insider. His articles on CoinCentral have been cited on publications like Forbes, TechCrunch, Vice, The Guardian, Investopedia, The Motley Fool, Seeking Alpha, and more.
He also regrets not buying more Bitcoin back in 2012, just like you.
You can connect with Alex on Twitter.