{"id":46151,"date":"2021-07-15T14:33:30","date_gmt":"2021-07-15T11:33:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46151"},"modified":"2025-09-01T14:54:38","modified_gmt":"2025-09-01T11:54:38","slug":"shapeshift-moves-to-a-decentralized-governance-model","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/shapeshift-moves-to-a-decentralized-governance-model\/","title":{"rendered":"ShapeShift moves to a decentralized governance model"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Open immutable finance requires such projects. We decided to move to a 21st-century model of economic integration.&#8221;<\/em>, commented ShapeShift CEO Erik Voorhees.<\/p>\n<\/blockquote>\n<p>The platform will eventually transform into a decentralized organisation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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,&#8221; Voorhees outlined the prospects.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">After this transformation, there is no corp. No CEO. No board. No shareholders. No employees. No banks. No office. No statist OSHA posters. <\/p>\n<p>What remains is pure technology in the service of users: an open-source, non-custodial, cross-chain crypto interface for all mankind.<\/p>\n<p>\u2014 Erik Voorhees (@ErikVoorhees) <a href=\"https:\/\/twitter.com\/ErikVoorhees\/status\/1415340018999074818?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>ShapeShift distributed 340 million FOX among 900 thousand current and former users (34% of the total supply).<\/p>\n<p>The airdrop was distributed according to the following schedule:<\/p>\n<ul class=\"wp-block-list\">\n<li>1-4 completed trades: 200 FOX;<\/li>\n<li>5-9 completed trades: 350 FOX;<\/li>\n<li>10-24 completed trades: 750 FOX;<\/li>\n<li>25-99 completed trades: 1500 FOX;<\/li>\n<li>more than 100 completed trades: 8500 FOX;<\/li>\n<li>KeepKey wallet holders with a non-zero balance as of June 9: 250 FOX;<\/li>\n<li>120,000 users of other DeFi protocols, including THORChain, Curve, Balancer and Uniswap, who interacted with ShapeShift on the same date: 900 FOX each.<\/li>\n<\/ul>\n<p>There is no token lock-up for airdrop participants.<\/p>\n<p>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%.<\/p>\n<p>Around 1% of the total supply before the airdrop was held by more than 21,000 users.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/assets.website-files.com\/5cec55545d0f47cfe2a39a8e\/60ee99b227abae6ec6a63d67_allocation%20chart.jpg\" alt=\"ShapeShift moves to a decentralized governance model\"\/><figcaption>Data: <a href=\"https:\/\/shapeshift.com\/shapeshift-decentralize-airdrop\">Shapeshift<\/a>.<\/figcaption><\/figure>\n<p>The vesting period for employees and shareholders (32% of the issuance), as well as ShapeShift DAO reserves (24%), will run for three years \u2014 until June 2, 2024.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/assets.website-files.com\/5cec55545d0f47cfe2a39a8e\/60ee9b3a558d84a6c5876fcb_FOX%20Supply%20Schedule%20v3.jpg\" alt=\"ShapeShift moves to a decentralized governance model\"\/><figcaption>Data: <a href=\"https:\/\/shapeshift.com\/shapeshift-decentralize-airdrop\">Shapeshift<\/a>.<\/figcaption><\/figure>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Earlier in January, ShapeShift&#8217;s decentralization process began with integrations with DEXs such as Uniswap, Balancer, Curve, Bancor and Kyber.<\/p>\n<p>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.<\/p>\n<p>In July 2019 the platform completed a rebranding and, after several months, released the FOX token.<\/p>\n<p> Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":46152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[80,1093,787,595],"class_list":["post-46151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dao","tag-defi","tag-dex","tag-shapeshift"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=46151"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46151\/revisions"}],"predecessor-version":[{"id":46153,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46151\/revisions\/46153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/46152"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=46151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=46151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=46151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}