Decentralized exchange becomes shapeshift, resets Fox tokens to more than 1 million users

ShapeShift, a cryptocurrency exchange founded by Eric Wuhis in 2014, today announced that it is decentralizing its operations and will gradually close its business operations. Instead, the company will become a decentralized exchange (DEX) that will transfer its controls to its users and allow trading without intermediaries.

ShapeShift’s codebase and technology will be fully open-source in the coming months, and control will be transferred to the Decentralized Autonomous Organization (DAO), according to the company. ShapeShift will be a not-for-profit fund to help ease the transition, and says the move is being made to better align with decentralized funding (Defi) principles.

“Decentralization has become not only a viable organizational strategy, but also an important model for creating an unlimited, immutable financial system that many of us so passionately advocate,” Voorhis writes. “This decision is a way to update the core principles and act in the best interests of our stakeholders, our team and our dear users.”

The Fox shapeshift token was strengthened with administrative powers that would increase over time, giving the community token-based sharing and ownership of votes in future decisions and developments. DAO was launched with 240 million Fox tokens, or 24% of the total supply.

To facilitate this transition, SHAPESHIFT Fox tokens were transferred to more than one million users, including more than 900,000 shapeshift customers. Airdrop is a way to distribute free tokens to existing users of a platform or service, usually for marketing purposes. In this case, existing shapeshift users receive a large number of Fox tokens.

Stunned! ShapeShift announces:

Biggest # airstrike # FOXTokens in history: 1 million buyers
# Decentralization of the entire shape-shifting organization (you haven’t heard wrong)

Claim # Fox. Start directing. Start # liquidity in 48 hours. Read more: https://t.co/ihZR0ohzmR pic.twitter.com/xix5kzıj

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