For the purpose of “facilitating decentralised governance,” Shapeshift creator Erik Voorhees revealed in a blog post that the company airdropped FOX tokens to over a million consumers.
Following the firm’s recent anniversary, the company stated that Shapeshift will be transformed into a community-owned decentralised platform in the near future.
In a recent blog post from the company’s founder, as well as an announcement of an airdrop of the platform’s native FOX tokens to Shapeshift users, Shapeshift is undergoing a transformation.
As a result of the distribution of FOX, the platform is intended to become community-owned and regulated by FOX holders.
Shapeshift’s recent announcement comes on the heels of the company’s decision to discontinue its Know Your Customer (KYC) requirements in January 2021 and to transition to a completely non-custodial solution.
Shapeshift, which is utilising Thorchain for multi-chain unwrapped swaps, was the subject of a Bitcoin.com News article published in mid-April. Erik Voorhees, the company’s CEO, explained how the company would be completely dismantling its corporate structure on July 14.
The Shapeshift team has began decentralising, according to Voorhees, who elaborated on the initiative. « Shapeshift is open-sourcing everything, [and] the company’s entire corporate structure will be phased out, » says the CEO. According to Voorhees, decentralisation will take time and will be a progressive process that will take place over the course of the next few months.
“We are moving toward an open, immutable financial system at a faster rate than most of us realise,” Voorhees stated. “It all started with Bitcoin as an immutable form of base money, but it does not stop with that. It comes to an end when we have a full system of money, credit, and value exchange that is not controlled by any central authority and is not subject to any flag.” The founder of Shapeshift went on to say:
In the same way that mathematics enables all of humanity in an equitable manner, a system that empowers all of humanity is needed. Shapeshift is just recognising this trend and adjusting its positioning as a result.
Holders of FOX stock have increased by 24 percent in just two days. Currently, each FOX token is trading for $0.54 per token, and it reached an all-time high (ATH) of $1.65 per unit on April 5, 2021, when it traded for $0.54 per token. Since the crypto asset’s all-time high three months ago, FOX tokens have lost 67.27 percent of their value.
According to Etherscan statistics, the ERC20 token has witnessed 69,167 transfers to date, and there are now 27,521 FOX holders (i.e., unique addresses) in possession of the coin.
Furthermore, according to the data from Etherscan.io, the number of FOX holders climbed by 24.25 percent between July 13 and July 15.
The FOX cryptocurrency, in addition to being traded on Shapeshift, is now available for trading on the decentralised exchange (dex) platform Uniswap. According to Coingecko records, FOX has witnessed a total of $2.3 million in trades on Uniswap in the past 24 hours.