ShapeShift, the popular non-custodial cryptocurrency platform, announced today that it has begun dismantling its corporate structure and decentralizing governance to its users via its FOX token.
In a multi-step process (beginning with the airdrop), ShapeShift is dissolving all corporate structures.
Subsequently, ShapeShift will open-source its entire code-base and technology; while instilling the FOX token with governance rights so that airdrop recipients can begin governing the organization.
Enabling this decentralized governance was the largest crypto token airdrop in history; 340 million FOX tokens were granted to over one million recipients.
For the airdrop, the FOX token was distributed broadly to over a million current and past ShapeShift users, KeepKey hardware wallet owners, and users of other DeFi protocols.
The official FOX token contract address can be found below:
“It has become clear that open, immutable finance requires open, immutable organizations. Inspired by the broader DeFi community, we’ll now help pioneer a new model of economic coordination for the 21st century. No corporate entity, no banks, and no borders. The tools are ready. Our customers, and the broader crypto community; are now the primary stakeholders of a decentralized, open-source digital asset platform for the world.”
– Erik Voorhees, Founder & CEO of ShapeShift
Decentralized ShapeShift Ecosystem
As ShapeShift’s current organization open-sources and decentralizes itself; all FOX token holders will have the ability to direct the future of the platform by voting on and submitting proposals.
Note, 48 hours after today’s airdrop – liquidity mining for the FOX token will be enabled.
ShapeShift is one of the longest-running crypto exchanges. Earlier this year, the platform integrated new decentralized exchange (DEX) technology. Today, it remains one of the only venues to offer native unwrapped Bitcoin and Ethereum assets with no counterparty or intermediary plus no added fees.
More in-depth details of the airdrop and decentralization can be found in a post released by ShapeShift.