ShapeShift, a leading non-custodial cryptocurrency exchange, announced that it will begin winding down its operations as a formal company. The company is closing its doors by handing over its legacy to a decentralized autonomous organization (DAO) controlled by holders of its FOX token.
The company announced the largest airdrop in crypto history. It will send out 340 million FOX tokens to over 1 million ShapeShift customers and members of the DeFi community.
“It has become clear that open, immutable finance requires open, immutable organizations,” said Erik Voorhees, founder and CEO of ShapeShift. “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.”
ShapeShift will dissolve its corporate structure in a multi-step process. The process would also include open-sourcing its entire code base and technology, and imbuing the FOX Token. FOX token will give governance rights so that airdrop recipients can begin governing the organization.
Liquidity mining for FOX tokens will begin on July 16, 2021, 9am MT.
Distribution of FOX Tokens
Following the airdrop, now hundreds of thousands of people around the world own and control the majority of FOX Tokens. These tokens now control ShapeShift’s future. As the company opens-source and decentralizes itself, token holders will direct the future of the product and brand by voting on and submitting proposals.
Past ShapeShift users, KeepKey hardware wallet owners and users of other DeFi protocols will get the FOX tokens. The ShapeShift community will get 60% of the total FOX supply. Over 1200,000 DeFi users from other chains including THORChain, Curve, Balancer and Uniswap will also get FOX tokens.
Also Read: Coinbase Announce Support for Polygon Network on Coinbase Wallet
ShapeShift’s support of decentralized exchanges began in January 2021 after integration with them. ShapeShift will integrate with Uniswap, Balancer, Curve, Bancor, Kyber, 0x and others.
Since 2014, ShapeShift has been pioneering digital asset trading with an emphasis on protecting customers and making self-custody easy. The company’s new web and mobile platform allows users around the world to safely buy, hold, trade digital assets.
