ShapeShift and ICHI have collaborated to launch the $oneFOX Angel Vault
Today, the ShapeShift DAO is excited to announce the launch of the $oneFOX Angel Vault - a launch party sent from FOX angels. $oneFOX, the Branded Dollar backed by $FOX and $USDC, was introduced into the ShapeShift DAO ecosystem in November 2021. Since then, partner DAO ICHI has founded Angel Vaults, a Uniswap v3 liquidity management tool that enables projects to build a treasury of protocol-owned liquidity.
After many discussions with the $FOX community during governance calls and tokenomics meetings, ICHI was encouraged to submit a proposal to ShapeShift’s Snapshot to propose the $oneFOX-$FOX Angel Vault which passed with over 5m votes of FOX in favor. This proposal also received public support from Erik Voorhees, the founder of ShapeShift.
It is no surprise this proposal received tremendous support from the community since there are many benefits to having an Angel Vault using the $oneFOX Branded Dollar. The most significant reason being the ShapeShift DAO can build a treasury of DAO-owned buy-side liquidity and better protect the $FOX price during bear markets without hurting the upside during a bull market. In effect, the Angel Vault provides a significant amount of buy-side liquidity directly under the price of the FOX token. It does this through a single-sided liquidity pool where oneFOX is paired with FOX and then used to purchase FOX.
For liquidity providers, the rewarding and simple experience of Uniswap v2 is combined with the concentrated liquidity of Uniswap v3. By deploying the Angel Liquidity Vault, liquidity providers can deposit single-sided liquidity with $oneFOX into the Uniswap v3 pool. Allowing everyday DeFi users to earn fees without needing to manage their Uni v3 pool positions.
The $oneFOX Angel Vault is the easiest and most cost-effective way for ShapeShift DAO to increase its liquidity floor, enabling:
Liquidity providers to earn more trading fees with less
Liquidity rewards to incentivize buy-side liquidity without also incentivizing sell pressure
The inflationary cost of rewards to be offset by the deflationary minting of $oneFOX
The DAO to build assets under management (AUM), backing $oneFOX and supplying DAO-owned liquidity
To incentivize more buy-side pressure for the FOX token, Angel Vault rewards will incentivize deposits of $oneFOX into the Angel Vault. oneFOX depositors will receive yield in FOX tokens and Uniswap v3 trading fees relative to their share of the liquidity pool. Not only does this provide a rewarding experience for liquidity providers, but it also increases token-holder confidence by supporting the FOX price against sell pressure/bear markets.
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Additional Resources
To learn more about the oneFOX-FOX Angel Vault, here are some helpful links:
Angel Liquidity Vaults: Get Comfy this Crypto Winter
[SCP-49] Launch $oneFOX-$FOX Angel Vault
