The crypto exchange ShapeShift uses native tokens to decentralize governance
ShapeShift, popular unmanaged Cryptocurrency platform, Today announced that it has begun to dismantle its corporate structure and decentralize governance to customers through its FOX token.
In a multi-step process (starting with today’s airdrop), ShapeShift will dissolve all corporate structures, open source its entire code base and technology, and give FOX token governance rights so that airdrop recipients can start to govern the organization.
The realization of this decentralized governance is the largest crypto token airdrop in history: 340 million FOX tokens were awarded to more than 1 million recipients.
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:
“Obviously, 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
As the company is open source and decentralized; FOX token holders will be able to guide the future of products and brands by voting and submitting proposals. The liquidity mining of FOX tokens will also start 48 hours after the airdrop.
ShapeShift is one of the longest-running cryptocurrency exchanges in January this year Integrate decentralized exchange (DEX) technologyToday, it is still one of the only places in the world to trade 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.