ShapeShift, an international, non-custodial cryptocurrency leader, announced today that it has begun dismantling its corporate structure, decentralizing governance to its customers via its FOX Token.
Enabling this decentralized governance was the largest crypto token airdrop in history: 340 million FOX Tokens were granted to over one million recipients. This unprecedented move aligns the platform with the ethos of decentralized finance. In a multi-step process (beginning with today’s airdrop), ShapeShift will dissolve all corporate structure, 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.
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.
“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.”
Following the airdrop, the majority of FOX Tokens are now owned and controlled by hundreds of thousands of individuals around the world. These tokens now govern ShapeShift’s future. As the company open-sources and decentralizes itself, 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 (9:00 a.m. MT, Friday, July 16, 2021).
ShapeShift is one of the longest-running crypto brands and made waves in January with its announcement of 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.
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 and interact with digital assets such as Bitcoin and Ethereum.