Shyft Network (SHFT) Explained: What the Crypto Coin Does and Why It Matters
Nov, 17 2024
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SHFT Token Utility Overview
The SHFT token serves multiple purposes in the Shyft Network ecosystem:
- Transaction fees for Veriscope services
- Staking for network security and rewards
- Access to compliance tools and features
Max Supply: 2.52 Billion SHFT
Circulating Supply: ~2.23 Billion SHFT
Key Features Comparison
| Feature | Shyft Network |
|---|---|
| Primary Focus | Regulatory compliance and data trust |
| Native Token Utility | Pay fees, stake, access Veriscope services |
| Compliance Tool | Veriscope (FATF Travel Rule) |
| Asset Custody | Shyft Safe smart-contract vault |
| Institutional Readiness | Designed for banks, telecoms, governments |
Why SHFT Matters in Compliance
Shyft Network's Veriscope framework addresses the FATF Travel Rule, which requires Virtual Asset Service Providers (VASPs) to share sender and receiver information for transactions above $1,000.
By embedding compliance directly into smart contracts, Veriscope automates KYC/AML data collection and sharing, reducing friction for users while ensuring regulatory adherence.
When you hear the name Shyft Network is a public blockchain protocol that aggregates, verifies and validates data across private and public ecosystems. Its native token, SHFT, powers the platform’s compliance tools, most notably the Veriscope framework that helps crypto exchanges meet the FATF Travel Rule. Launched in 2017 by Chris Forrester, Joseph Weinberg and Kris Coward, the project aims to turn raw data into trustworthy information for DeFi and traditional finance alike.
Key takeaways
- Shyft Network builds compliance‑first tools for DeFi, targeting the FATF Travel Rule.
- The $SHFT token is used for transaction fees, staking and accessing Veriscope services.
- Veriscope and Shyft Safe are the core products that enable secure, cross‑validated asset handling.
- Current price sits below $0.001, far from its $6.40 2021 peak, with a circulating supply of ~2.23B tokens.
- SHFT trades on major exchanges like Binance, Coinbase and Gate.io, but volume remains modest.
What is Shyft Network?
At its core, Shyft Network is a blockchain layer that connects siloed data sources and adds a trust layer for financial transactions. Unlike many public chains that focus solely on speed or smart‑contract flexibility, Shyft’s primary mission is regulatory compliance. It does this by providing tools that let both permissioned (private) and permissionless (public) networks share verified data without sacrificing privacy.
How does the SHFT token fit in?
The SHFT token is the utility fuel of the ecosystem. Holders can pay for verification services, stake to support network security, and earn rewards for contributing data validation. With a max supply of 2.52billion tokens, about 89% are already circulating, giving the token a relatively low inflation profile. Current market data (Oct2025) shows a price of $0.000591, a 1% rise over the past 24hours but still well below its all‑time high of $6.40.
Core products: Veriscope and Shyft Safe
Veriscope is a blockchain‑based compliance framework designed for Virtual Asset Service Providers (VASPs) such as crypto exchanges, non‑custodial wallets and brokerages. It automates the collection and sharing of required KYC/AML data, ensuring that every transaction complies with the Travel Rule set by the FATF. By embedding compliance directly into smart contracts, Veriscope removes the need for separate off‑chain checks, reducing friction for users.
Shyft Safe is an accounting‑focused smart‑contract suite that safeguards assets through cross‑validation mechanisms. It acts like a digital vault that records every inbound and outbound movement, creating an immutable audit trail. This is especially useful for institutional players that need provable asset custody without relying on a single centralized custodian.
Regulatory focus: why the Travel Rule matters
The Travel Rule requires VASPs to share sender and receiver information for transactions above a certain threshold (typically $1,000). Non‑compliance can lead to fines or loss of licence. Shyft’s Veriscope handles this by encrypting identity data, attaching it to the transaction metadata, and only revealing it to authorized counterparties. This design makes it easier for exchanges to stay on the right side of regulators while still offering a seamless user experience.
Market performance and availability
SHFT’s market cap hovers around $3.5million, placing it well outside the top 1000 cryptocurrencies. Daily trading volume averages $71k, with the bulk of activity concentrated in the SHFT/USDT pair. The token is listed on several major platforms, including:
- Binance
- Coinbase
- Gate.io
- Uniswap v2 (via ERC‑20 bridge)
Despite these listings, volume remains modest, reflecting the niche nature of compliance‑focused tokens.
Feature comparison: Shyft Network vs typical blockchain platforms
| Feature | Shyft Network | Typical Public Chain (e.g., Ethereum) |
|---|---|---|
| Primary focus | Regulatory compliance and data trust | General‑purpose smart contracts |
| Native token utility | Pay fees, stake, access Veriscope services | Gas fees and DeFi interactions |
| Compliance tool | Veriscope (FATF Travel Rule) | None built‑in |
| Asset custody | Shyft Safe smart‑contract vault | Third‑party solutions only |
| Institutional readiness | Designed for banks, telecoms, governments | Limited out‑of‑the‑box support |
Pros, cons and risk factors
- Pros
- Built‑in compliance reduces legal risk for partners.
- Cross‑chain data verification opens doors to private‑sector use cases.
- Token utility is clearly defined (fees, staking, services).
- Cons
- Price has collapsed >99% from its 2021 high, indicating weak investor confidence.
- Adoption depends on regulatory clarity; any roll‑back could stall growth.
- Liquidity is thin; large trades can move the market significantly.
- Risks
- Regulatory frameworks are still evolving-future rules may outpace the platform.
- Competing compliance solutions (e.g., Chainalysis, TRM Labs) have deeper market penetration.
- Technical roadmap lacks specific timelines, making progress hard to gauge.
How to get started with SHFT
- Choose a supported exchange (Binance, Coinbase, Gate.io, or a DEX like Uniswap).
- Create an account, complete KYC, and fund it with USD, EUR, or another fiat/crypto.
- Buy SHFT using the SHFT/USDT pair or via direct fiat purchase where available.
- Transfer the tokens to a non‑custodial wallet that supports ERC‑20 (e.g., MetaMask) if you plan to interact with Veriscope.
- Stake or lock SHFT through the official Shyft dashboard to earn rewards and access compliance services.
Frequently Asked Questions
What problem does Shyft Network solve?
It provides a blockchain‑native way for crypto businesses to meet the FATF Travel Rule, turning compliance from a costly afterthought into a built‑in protocol feature.
How is SHFT different from other utility tokens?
SHFT is specifically tied to compliance services (Veriscope, Shyft Safe). Most utility tokens simply pay gas fees or grant governance rights.
Can I use SHFT on any blockchain?
Currently SHFT exists as an ERC‑20 token on Ethereum and can be bridged to other EVM‑compatible chains via standard bridges.
Is Shyft Network safe for institutional investors?
Its compliance‑first architecture is designed for banks and regulated entities, but investors should still evaluate regulatory developments and liquidity risks.
Where can I find the latest SHFT price?
Major market data sites like CoinMarketCap, CoinGecko, and the trading pages of Binance or Coinbase show real‑time prices and volume.
In short, Shyft Network aims to be the bridge between DeFi innovation and the strict world of financial regulation. Whether you’re a developer, an exchange looking to stay compliant, or a curious investor, understanding how Veriscope, Shyft Safe, and the $SHFT token work together is the first step toward making an informed decision.
mukund gakhreja
November 17, 2024 AT 08:11Shyft is just another gimmick
Michael Ross
November 22, 2024 AT 10:16The compliance angle is interesting, though the market cap remains tiny.
Darius Needham
November 27, 2024 AT 12:22Shyft’s focus on the FATF Travel Rule gives it a clear niche, but the token’s price collapse raises red flags. If exchanges adopt Veriscope widely, the utility could rebound. Otherwise, it’s just another compliance token fighting for relevance. The tech looks solid; adoption will be the true test.
carol williams
December 2, 2024 AT 14:27From a regulatory standpoint, embedding KYC/AML directly into smart contracts is a bold move. It eliminates the need for off‑chain data reconciliation, which is often a source of error. However, the success of this approach hinges on global acceptance of the Travel Rule standards. The architecture appears sound, yet real‑world integration remains to be seen.
jit salcedo
December 7, 2024 AT 16:32Imagine a world where every transaction carries its own passport, verified by an immutable ledger. Shyft tries to draft that passport, weaving together privacy and authority. Some call it a utopia, others a surveillance nightmare – both perspectives have merit. The token’s price is a symptom of market uncertainty, not necessarily the tech’s value. In the end, only adoption will decide which side of history we sit on.
Fionnbharr Davies
December 12, 2024 AT 18:37Shyft’s compliance tools could lower barriers for traditional finance to dip their toes into DeFi. By offering a ready‑made solution, they save projects from building costly KYC pipelines. Still, the thin liquidity makes large moves risky, so it’s a trade‑off worth watching.
Narender Kumar
December 17, 2024 AT 20:42It is most regrettable that a project of such ambition suffers from such paltry market activity.
One hopes the governance will soon enact measures to invigorate participation.
Anurag Sinha
December 22, 2024 AT 22:48i think the govnments are using shYfT as a backdoor 4 control, its all a big scam lol.
the price drop is just proof that the crowd sees the trap.
stay awy from it.
Raj Dixit
December 28, 2024 AT 00:53Shyft claims compliance, but the token’s collapse tells the real story.
Investors beware.
Nilesh Parghi
January 2, 2025 AT 02:58Nice rundown! The token utility is clear, though the market cap is still modest.
Looking forward to seeing real adoption.
karsten wall
January 7, 2025 AT 05:03The integration of Veriscope could streamline compliance pipelines for exchanges, reducing operational overhead dramatically.
However, the token’s thin order books may impede large‑scale staking incentives.
Overall, a technically solid but financially precarious proposition.
Keith Cotterill
January 12, 2025 AT 07:08One must, of course, acknowledge the profound elegance inherent in Shyft’s architectural design, which, quite frankly, surpasses many contemporaries,
yet the market’s tepid response suggests a dissonance between visionary engineering and investor sentiment,
perhaps a symptom of broader macroeconomic malaise.
C Brown
January 17, 2025 AT 09:14Oh great, another "compliance‑first" token – because the world totally needs more regulators on the blockchain.
Sure, it sounds noble, but look at the price: a perfect illustration of hype meeting reality.
Maybe the next blockbuster will be a token that actually does something useful.
Noel Lees
January 22, 2025 AT 11:19Reading through the Shyft Network overview really got me thinking about how the crypto space is evolving. First, the fact that they built a compliance layer directly into the protocol is a game‑changer for institutional adoption. Second, Veriscope’s ability to automatically share KYC data could drastically lower operational costs for exchanges. Third, the token’s utility – covering fees, staking, and access to services – gives it multiple demand drivers. Fourth, the market cap of just $3.5 million shows there’s still a lot of room for growth if they can capture the right partners. Fifth, the token’s price collapse from $6.40 to under a cent is a stark reminder of crypto volatility. Sixth, liquidity remains thin, which means any large whale moves could swing the price wildly. Seventh, listing on major exchanges like Binance and Coinbase provides credibility, but trading volume is still modest. Eighth, their focus on the FATF Travel Rule addresses a genuine regulatory pain point that many projects ignore. Ninth, the Shyft Safe vault offers institutional‑grade custody, something banks are starting to look for. Tenth, the roadmap mentions upcoming integrations, though timelines are vague. Eleventh, competing solutions like Chainalysis already have a foothold, so Shyft needs a clear differentiation. Twelfth, the tokenomics with 2.52 billion max supply and 89 % circulating suggest low inflation pressure. Thirteenth, staking rewards could incentivize long‑term holding if they’re attractive enough. Fourteenth, the community’s sentiment seems mixed, reflecting both optimism about compliance and skepticism over price. Fifteenth, overall, if Shyft can deliver on their compliance promises, the token could see a resurgence, especially as regulators tighten rules worldwide. 😊
Raphael Tomasetti
January 27, 2025 AT 13:24Shyft’s niche focus on travel‑rule compliance could be its moat, but the token’s liquidity remains a stumbling block.
Time will tell if the market rewards the utility.
Jenny Simpson
February 1, 2025 AT 15:29Sure, the travel‑rule angle sounds slick, but without deep liquidity the token will forever sit on the sidelines, a glossy demo rather than a real contender.
Sabrina Qureshi
February 6, 2025 AT 17:35Indeed, the narrative is compelling; however, the empirical data-namely the sub‑$0.001 price point and sub‑$100k daily volume-suggests a market that remains unconvinced, perhaps overly cautious, perhaps merely awaiting regulatory clarity before committing substantial capital.
Rahul Dixit
February 11, 2025 AT 19:40As an Indian patriot, I see Shyft as a chance for our tech talent to shine on the global stage. The government should back such projects, not stifle them. Let’s rally behind homegrown compliance solutions.
CJ Williams
February 16, 2025 AT 21:45Hey team, love the ambition! 🌟 The compliance focus is a smart move, especially with regulators tightening. Keep pushing, the community is rooting for you! 🚀
Lana Idalia
February 21, 2025 AT 23:50Philosophically speaking, Shyft represents the intersection of law and cryptography-a digital social contract of sorts. Yet, contracts without trust are merely code, and trust must be cultivated through adoption. The token’s price is a symptom, not a cause.
Henry Mitchell IV
February 27, 2025 AT 01:55Interesting take! :) The social contract vibe is spot on.
Kamva Ndamase
March 4, 2025 AT 04:01Shyft could be the catalyst that finally brings banks into the crypto fold, provided they’re willing to adopt a compliant framework. Let’s hope regulators don’t over‑regulate to the point of stifling innovation.
Marie Salcedo
March 9, 2025 AT 06:06This looks promising, especially for newcomers who need a clear compliance path.
Fingers crossed for a price bounce!
Andrew McDonald
March 14, 2025 AT 08:11While Shyft’s compliance suite is technically sound, the token’s lackluster market performance raises questions about its long‑term viability.
Investors should weigh the utility against the liquidity risk.