The crypto exchange ShapeShift uses native tokens to decentralize governance
ShapeShift, popular unmanaged Cryptocurrency platform, Announced today that it has begun to dismantle its corporate structure and delegate governance power to users through its FOX token.
In a multi-step process (starting with the airdrop), ShapeShift is dissolving all corporate structures.
Subsequently, ShapeShift will open source its entire code base and technology; at the same time, instill governance rights into FOX tokens so that airdrop recipients can start governance of the organization.
Enabling this decentralized governance is the largest cryptocurrency airdrop in history; more than 1 million recipients received 340 million FOX tokens.
For airdrops, FOX tokens are widely distributed to more than one million current and past ShapeShift users, KeepKey hardware wallet Owners and users of other DeFi agreements.
The official FOX token contract address is as follows:
“It is clear that open and unchanging finance requires open and unchanging organizations. Inspired by the wider DeFi community, we will now help create a new model of economic coordination in the 21st century. There are no corporate entities, no banks, and no borders. The tools are ready. Our customers, as well as the broader crypto community; are now the main stakeholders of the global decentralized, open source digital asset platform.”
– Erik Voorhees, Founder and CEO of ShapeShift
Decentralized ShapeShift Ecosystem
Since ShapeShift’s current organization is open source and decentralized; all FOX token holders will have the ability to guide the future of the platform by voting and submitting proposals.
Please note that 48 hours after the airdrop today-FOX token liquidity mining will be activated.
ShapeShift is one of the longest-running cryptocurrency exchanges.Earlier this year, the platform Integrate new decentralized exchange (DEX) technologyToday, it is still one of the only venues that offer local unpackaged Bitcoin and Ethereum assets, with no counterparties or intermediaries, and no additional fees.
For more details about airdrops and decentralization, please see Posted posts Through ShapeShift.