ShapeShift FOX
FOX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
FOX (ShapeShift FOX) is the governance token of the ShapeShift DAO, originating from Erik Voorhees's 2014-founded ShapeShift platform and its 2021 decentralization. Active Development (6/10) remains ongoing through the open-source web repository and an active bug bounty program on HackenProof, though public commit cadence has slowed compared to earlier years. Community Support (5/10) is anchored by a dedicated governance cohort and multi-stage proposal workflows, but suffers from a narrow holder base (~38,400 holders) and limited retail engagement. Tokenomics (5/10) benefits from a fixed total supply of 1,000,001,337 FOX with finished insider vesting and no inflation, yet demand utility remains purely governance-driven with optional integration on the platform. Market and Use Case (3/10) reflects legacy asset dynamics with a low market cap ($3.66M-$4.2M), minimal 24h trading volume, and deep market ranking. Team and Governance (7/10) is a notable strength given the well-known public team, substantial DAO treasury, and structured multi-workstream governance. Security and Audit History (5/10) shows an audited contract base (BlockchainLabs on OpenZeppelin) and no direct token exploits; historical ecosystem issues (2016 exchange hack, 2021 KeepKey CVE) pre-date or are distinct from the token contract and are fully remediated. With no qualifying red-flag events, the overall score mathematically matches the weighted average across all evaluated sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About ShapeShift FOX (FOX)
FOX (ShapeShift FOX) is the ERC-20 governance token for the ShapeShift decentralized autonomous organization (DAO) on the Ethereum blockchain. ShapeShift was originally founded as a centralized digital asset exchange in 2014 by Erik Voorhees. In July 2021, the organization initiated a decentralization process, dissolving its corporate structure and distributing 340 million FOX tokens to over one million recipients via an airdrop to transition operational control to community governance.
The FOX token operates with a fixed total supply hard-capped at 1,000,001,337 tokens with no ongoing inflation, with the DAO treasury retaining 567 million tokens (56.7% of the total supply). Token holders use FOX to propose, deliberate, and vote on governance initiatives across multi-stage processes spanning forum discussions and on-chain voting across various workstreams. To assist in transitioning remaining operational assets to community management, the FOX Foundation was established in 2022.
From a security perspective, the FOX token contract was built using OpenZeppelin standards and audited by BlockchainLabs, with an ongoing bug bounty program maintained on HackenProof; no exploits of the FOX token contract itself have occurred. However, the broader ShapeShift ecosystem has experienced historical security incidents, including an insider-assisted exchange compromise in 2016 prior to the token's creation, and a firmware buffer overflow vulnerability (CVE-2021-31616) in its KeepKey hardware wallet in 2021 that was subsequently patched. The token also faces challenges with weak organic utility demand—since holding FOX is optional for platform use—low trading liquidity, a narrow active holder base, and a severe, unrecovered price drawdown from its 2021 all-time high.