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Offshift (XFT) is the 1072nd largest cryptocurrency in the world by market cap, valued at $7,854,585. The current price of Offshift is $1.11, which is -11.337% lower than yesterday. Prices have ranged between $1.26 and $1.098 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 10:03 UTC.
Offshift is a private derivatives platform. The protocol has been developed on top of both Ethereum and Moonbeam, a Polkadot ecosystem blockchain.
The aim of Offshift is to offer all of the innovation available within the decentralized finance (DeFi) ecosystem, while maintaining the privacy of transfers. This combination of DeFi and privacy is better known as PriFi within the Offshift ecosystem.
According to the project’s documentation, Offshift’s long term ambition is to become the base layer for a privacy-focused ecosystem of DeFi applications. These applications will include private decentralized exchanges, private lending and borrowing protocols, private insurance protocols, and private NFT applications. Privacy is achieved on Offshift by the burning and minting of the natvie token, XFT, and synthetic assets, known as zkAssets. All Offshift users can burn the native token, XFT, to mint any number of equivalent zkAssets. zkAssets are are pegged directly to real-world price via the Chainlink data oracle and can be used within DeFi applications. zkAssets allow for completely private transactions to be completed. When a user wishes to exit Offshift they simply burn the zkAssets to retrieve XFT. Supported zkAssets currently include zkBTC, zkETH, zkUSD, zkXAU, and zkXFT
As previously described, XFT is crucial to the inner workings of Offshift. The token is required by Offshift users as it is required for the creation of all zkAssets.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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