Foxify is a groundbreaking decentralized trading platform that aims to provide users with a seamless and secure trading experience. By combining the advantages of centralized finance (CeFi) with the security and transparency of decentralized finance (DeFi), Foxify offers a unique solution for traders. This review will delve deeper into the platform’s features, highlighting its trading fees, oracles, and price feeds, tokens and staking, liquidity provision, Foxify Trading Co NFTs, and the non-custodial wallet.
Trading Fees
Foxify implements a transparent fee structure, ensuring traders are fully aware of the costs associated with their trades. For options trading, users are charged a competitive 0.75% fee, only applicable when they have winning trades. Perpetual (perps) trading incurs a nominal 0.1% transaction fee in addition to a 0.005% borrowing fee. To cover the expenses related to Oracle services and auto-resolver gas fees, Foxify imposes a small service fee of 0.0001 ETH, equivalent to approximately $0.19.
Oracles & Price Feeds
Foxify leverages the power of Chainlink and TWAP (time-weighted average price) oracles to obtain accurate and reliable pricing data. By aggregating data from multiple sources, Foxify ensures that the pricing information is not easily manipulated or prone to data errors. The price feeds are updated in real-time, providing traders with the most up-to-date market conditions and pricing data.
Tokens & Staking
The Foxify platform operates using two tokens: FOXIFY and PLP (Perps Liquidity Pool). Users can stake their FOXIFY tokens to earn a percentage of the trading fees paid on the platform, with rewards distributed in FOXIFY and Stablecoin on a 50/50 basis. The staking rewards are variable and depend on the trading volumes, aiming for an attractive annual percentage yield (APY) range of 20-80%.
Additionally, users can auto-stake their FOXIFY earnings into the Foxify Perps LP, ensuring a seamless and efficient staking process.
Liquidity Provision
Foxify allows users to provide liquidity for leverage on the platform’s Perps trading using the PLP token.
By participating in liquidity provision, users can earn up to 75% of the trading fees generated by the Perps market. The liquidity pool consists of various assets, including BTC (35%), ETH (35%), Stablecoins (22.5%), and FOXIFY (7.5%).
Furthermore, Foxify introduces the concept of Leveraged Liquidity, allowing users to deposit their existing “vaulted” LP tokens and earn double rewards, enhancing the profitability of their liquidity providers.
Foxify Trading Co NFTs
In an exciting development, Foxify introduces the Foxify Trading Co, a collection of NFTs built on the Arbitrum blockchain. These NFTs offer traders attractive discounts on Foxify trading fees. The collection is tiered, with Gold NFTs granting a 25% fee discount, Silver NFTs providing a 10% fee discount, and Bronze NFTs being mergeable into Silver. Traders can acquire these NFTs on the secondary market through the popular NFT marketplace, OpenSea, adding a layer of rewards and incentives to their trading experience.
Non-Custodial Wallet
Security and user control are paramount on the Foxify platform. Therefore, Foxify provides a non-custodial wallet creation feature that prioritizes seamless user onboarding, strong security measures, and password-less authentication. Users can effortlessly create a wallet by clicking on a unique link sent to their email or phone. This link contains a secure authentication token that grants users access to their wallets without remembering complicated passwords. Users can trade confidently with complete control over their funds and implement multi-factor encryption, knowing their assets are protected.
In conclusion, Foxify is a user-friendly and secure decentralized trading platform prioritizing a seamless and profitable trading experience. With its transparent fee structure, powerful oracles and real-time price feeds, attractive token staking opportunities, innovative liquidity provision options, rewarding NFT collection, and user-friendly non-custodial wallet, Foxify offers a comprehensive solution for traders seeking a seamless and secure trading experience. By combining the best elements of CeFi and DeFi, Foxify paves the way for the future of decentralized finance.
For more info and regular updates, join the community today!
Website | Telegram | Twitter
