FOX is the first of a handful of protocols to be featured on the Olympus Pro Bond Marketplace, increasing protocol-owned liquidity and providing its holders more diverse investment options.
Published: Oct. 15, 2021 at 11:32 AM CDT|Updated: 12 minutes ago
DENVER, Oct. 15, 2021 /PRNewswire/ — The ShapeShift decentralized autonomous organization (DAO), a global community governed by FOX Token holders to provide a leading, non-custodial cryptocurrency platform, announced today that liquidity providers in the FOX/ETH Uniswap V2 liquidity pool can now bond their unstaked liquidity tokens in the Olympus Pro Marketplace. The ShapeShift and Olympus DAOs partnered together to run the bond program through February 24, 2022, after a proposal on the bond measure was passed by ShapeShift DAO members by an overwhelming majority on October 6.
FOX is one of the first tokens available on Olympus Pro, a bond marketplace helping projects increase and own their liquidity, without the typical associated high costs and effort
In July, ShapeShift announced the largest airdrop in history, as well as a liquidity mining program for its FOX governance token on Uniswap V2. In September, the DAO voted to extend the Uniswap liquidity mining program through February 24, 2022. This bond program is designed to run concurrently with the Uniswap liquidity mining program extension.
This latest addition to FOX investing options enables the token’s holders to purchase FOX by bonding their FOX/ETH Liquidity Providing (LP) tokens from the Uniswap pool in exchange for FOX Tokens, which unlock linearly over seven days. Bonding also enables DAOs like ShapeShift to accumulate their own liquidity, helping to solve what is a common struggle for projects. Investing in any vehicle always comes with both risks and potential rewards; users should gain an understanding of these risks and benefits or seek advice from investment professionals.
Any FOX Token holder can take advantage of the bond program through the following steps:
- Users must first have liquidity tokens from the FOX/ETH Uniswap V2 pool. If they do not already have them, they can provide this liquidity on Uniswap, on the ShapeShift FOX farming web page or in the ShapeShift mobile application. Only unstaked LP tokens can be bonded.
- Visit Olympus Pro at https://pro.olympusdao.finance/ (users will be able to view the exchange rate on FOX/ETH Uniswap V2 bonds and should note the ROI is estimated for a seven-day period rather than annualized).
- Click “Bond” to trade LP tokens for a FOX bond; confirm transaction.
- Return to https://pro.olympusdao.finance/ after seven days to claim all FOX Tokens or return at any point during the seven-day bonding period to claim vested tokens (users can claim 50 percent after 3.5 days).
About the ShapeShift DAO
Since 2014, ShapeShift has been pioneering self-custody for digital asset trading. In July 2021, ShapeShift decentralized into ShapeShift DAO—a community-owned project that believes blockchains and crypto tech are tools that can empower people on a global level.
Growth & Marketing Workstream – ShapeShift DAO
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