Engage Victoria Asset Management (VAM) for FOX Liquidity, Exchange Listings & Derivatives Strategy [paused]

Proposal Discussion
1

Summary

This proposal seeks to engage Victoria Asset Management (VAM) for a six-month partnership at a fixed rate of $13,500/month. VAM will act as the FOX token’s official market maker, assist in securing centralized exchange (CEX) listings—starting with Kraken and Bybit—and explore FOX derivatives listings on smaller exchanges. The goal is to expand liquidity, increase visibility, and strategically reintroduce FOX into broader markets.

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Motivation

The FOX token is currently underexposed on centralized venues. Despite prior interest from exchanges like Kraken, progress has been stalled due to the absence of an officially listed market maker. Exchanges such as Binance have made it clear that FOX’s current volume and presence are insufficient for consideration.

VAM offers a credible and resource-efficient path to build market presence in a measured, snowball-like fashion. With strong exchange relationships—particularly with Bybit—VAM is well-positioned to lead listing negotiations, ensure liquidity, and help ShapeShift DAO execute a multi-layered exchange strategy.

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Specification
• Partner: Victoria Asset Management (VAM)
• Term: 6 months
• Retainer: $13,500/month (Total: $81,000)
• Services Provided:
• Official market making on Kraken (and other CEXs)
• Exchange listing coordination and negotiation (e.g., Bybit, OKX)
• Preparation of exchange materials (positioning, comps, metrics)
• Transparent monthly reporting to DAO
• Exploration of FOX derivatives (perpetuals) on smaller venues
• No unauthorized trading of FOX outside this agreement

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KPIs

Metric Target Value
Spread 15–50 basis points
Depth $25k Bid / $25k Ask ($50k total)
Uptime 98% availability
Reporting Monthly reports by venue
Scope Begin with Kraken, then expand

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Benefits
• Improved FOX token liquidity and credibility on CEXs
• Professional market making without predatory internal trading
• Better positioning with CEXs through VAM’s network (especially Bybit)
• Strategic exploration of derivatives (perps) to support hedging, arbitrage, and visibility
• DAO retains control and transparency throughout

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Drawbacks
• Upfront financial commitment of $81,000
• Exchange listings are not guaranteed; success depends on coordination and DAO engagement
• Requires DAO support to drive community interest alongside liquidity improvements

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Vote
• FOR: Approve a 6-month engagement with VAM at $13,500/month to serve as FOX’s market maker and listings lead.
• AGAINST: Do not engage VAM at this time.

2

If they do not meet the KPI’s, do we have the ability to stop the payment? Are the KPIs agreed to by the VAM team?

1 Like
3

This is a good question. I will ask them what the expected recourse could be if they fail to meet these KPIs

These were proposed by the VAM team

4

I would assume there would be some sort of loan of FOX to the market maker as part of this agreement.

If so can those terms be made clear here?

5

“VAM requires a loan of both FOX tokens and stable coin (USDC/USDT) to provide liquidity. The loan amount will be a function of desired liquidity and strategy. Initially, expected to be roughly $100k of FOX equivalent and $100k of stablecoin” --from VAM

What additional information are you looking for @jonisjon?

6

That is helpful - it’s just not in the current proposal.

I think that should be in the specification such that voters know they are authorizing this loan to the market maker.

7

can do in the next version of it :flexed_biceps:

1 Like
8

Thanks for writing this and exploring ways to make FOX more accessible.

Really interested in their answer, and actually would only support this proposal once this is made clear and specified in the proposal.

9

This snapshot has been removed since a primary reason for this engagement would be to get a centralized listing, specifically at kraken.

This proposal has been paused indefinitely.

The reason for this comes from a recent meeting with kraken, wherein the shapeshift team was told that a $50k “marketing fee” would be required for listing (there is a free option, but it would “be long time to never” if we chose that)

I will keep everyone updated by responding to this post once I have a greater understanding of the total funds necessary (along with KPIs that are agreed to by all parties).

3 Likes
10

Is a shame but glad we at least got to test the waters here and understand the path forward for these other markets on FOX.