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).