United States, July 14, 2021 /AlexaBlockchain/ – ShapeShift digital asset exchange is transforming itself into a fully decentralized autonomous organization (DAO) by transferring governance to the community.
What happened?
ShapeShift announced today that it has begun dismantling its corporate structure, decentralizing governance to its customers via its FOX Token.
As a first step towards the DAO, ShapeShift announced the largest crypto token Airdrop in history. 340 million which is over 60% of the total FOX supply of 1,000,001,337 tokens were granted to over 1 million people of ShapeShift community.
FOX Token To Act As The Governance Token
ShapeShift has planned to dismantle all corporate structure over time to become a full decentralized autonomous organization. It will also 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.
CEO’s Comments
Erik Voorhees, founder and CEO of ShapeShift, said:
“It has become clear that open, immutable finance requires open, immutable organizations. 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 said that this unprecedented move aligns the platform with the ethos of decentralized finance.
Price Action: FOX Token (FOX) gained over 190% in the past 24 hours, and 1 FOX was changing hands at US$0.8624 at the time of press according to ConMarketCap data.