ShapeShift, a leading global cryptocurrency management platform, has begun dismantling its corporate structure to decentralise governance to its customers through its FOX token.
The process was initiated with 340 million FOX tokens being granted to more than a million recipients, making it the largest crypto airdrop in history. Current and past ShapeShift users, KeepKey hardware wallet owners, and users of other DeFi protocols all received tokens.
ShapeShift’s decision aims to align the platform with the decentralized finance ethos. In a multi-stage process that began with the airdrop, the company will dissolve all corporate structure, open-source its entire code base and technology, and imbue the FOX Token with governance rights.
“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.”
In the wake of the airdrop, the majority of FOX Tokens are now owned and controlled by hundreds of thousands of individuals around the world. These tokens will govern ShapeShift’s future.
As the company open-sources and decentralizes itself, token holders will be able to direct the future of the product and brand by voting on and submitting proposals.
Liquidity mining for the FOX Token has also been initiated 48 hours after the airdrop, marking the roadmap to total decentralisation one step closer.
Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.