The non-custodial cryptocurrency platform ShapeShift will hand control of the project to the community after the FOX token airdrop. This is stated in a press release.
“Open immutable finance requires such projects. We decided to move to a 21st-century model of economic integration.”, commented ShapeShift CEO Erik Voorhees.
The platform will eventually transform into a decentralized organisation.
“No corporation. No CEO and board of directors, employees, banks, office. Only pure technology in the service of users: an open-source, non-custodial crypto interface for all mankind,” Voorhees outlined the prospects.
After this transformation, there is no corp. No CEO. No board. No shareholders. No employees. No banks. No office. No statist OSHA posters.
What remains is pure technology in the service of users: an open-source, non-custodial, cross-chain crypto interface for all mankind.
— Erik Voorhees (@ErikVoorhees) July 14, 2021
ShapeShift distributed 340 million FOX among 900 thousand current and former users (34% of the total supply).
The airdrop was distributed according to the following schedule:
- 1-4 completed trades: 200 FOX;
- 5-9 completed trades: 350 FOX;
- 10-24 completed trades: 750 FOX;
- 25-99 completed trades: 1500 FOX;
- more than 100 completed trades: 8500 FOX;
- KeepKey wallet holders with a non-zero balance as of June 9: 250 FOX;
- 120,000 users of other DeFi protocols, including THORChain, Curve, Balancer and Uniswap, who interacted with ShapeShift on the same date: 900 FOX each.
There is no token lock-up for airdrop participants.
As part of the decentralization process, the ShapeShift-affiliated nonprofit organisation received an equivalent of 7.5% of the issuance, and the team 1.3%.
Around 1% of the total supply before the airdrop was held by more than 21,000 users.
The vesting period for employees and shareholders (32% of the issuance), as well as ShapeShift DAO reserves (24%), will run for three years — until June 2, 2024.
The first phase of liquidity mining of tokens will start at 9:00 UTC-7 on July 16. Over the next three months, an additional 15,768,000 FOX will be distributed.
In subsequent stages, the platform will open the entire codebase and grant FOX governance rights. Users will be able to submit proposals for consideration and vote.
ShapeShift intends to decentralize all protocol functions currently dependent on centralized infrastructure. In particular, ShapeShift OAuth allows partners to request user access to third-party applications.
Earlier in January, ShapeShift’s decentralization process began with integrations with DEXs such as Uniswap, Balancer, Curve, Bancor and Kyber.
In early 2019 the company laid off a third of its staff. ShapeShift CEO Erik Voorhees then admitted that mandatory customer verification led to a substantial reduction in the user base.
In July 2019 the platform completed a rebranding and, after several months, released the FOX token.
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