ShapeShift, the popular non-custodial cryptocurrency platform, announced today that it has begun dismantling its corporate structure, decentralizing governance to its customers via its FOX token.
In a multi-step process (beginning with today’s airdrop), ShapeShift will dissolve all corporate structures, open-source its entire code base and technology, and imbue 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.
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.
Official FOX token contract address can be found below:
https://etherscan.io/token/0xc770eefad204b5180df6a14ee197d99d808ee52d
“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 and CEO of ShapeShift
Decentralized Platform
As the company open-sources and decentralizes itself; FOX token holders will have the ability to direct the future of the product and brand by voting on and submitting proposals. Liquidity mining for the FOX token will also be initiated 48 hours after the airdrop.
ShapeShift is one of the longest-running crypto exchanges back in January of this year integrated decentralized exchange (DEX) technology. Today, it remains one of the only venues in the world to trade native unwrapped Bitcoin and Ethereum assets with no counterparty or intermediary and no added fees.
More in-depth details of the airdrop and decentralization can be found in a post released by ShapeShift.
