What is Shadow (SHADOW)?
SHADOW is the token from Shadow Exchange, a concentrated liquidity layer built on Sonic powered by [x(3,3)](https://docs.shadow.so/pages/x-33)—a more fluid and accessible exchange model. SHADOW can freely be converted to xSHADOW to earn 100% of protocol fees, vote incentives, and rebases from Shadow Exchange. Shadow delivers an ultra-responsive trading experience on par with Sonic's speed, while also taking advantage of Sonic's FeeM to improve user experience through dynamic fees and arbitrage (MEV).
Where can you buy Shadow?
Shadow (SHADOW) is traded on a wide range of centralized and decentralized exchanges. The most liquid markets for SHADOW sit on tier-1 venues - the sort of exchanges where institutional desks and professional market makers rebalance continuously - which is what keeps the spread tight and the last price tied closely to fair value.
The price and 24-hour volume on this page combine the exchanges ReadPrices tracks for SHADOW. Before you trade, compare the fee schedule and the order-book depth on the venue you plan to use: the same coin can cost noticeably more to buy on a thin market.