ShapeShift intends to decentralise the whole firm and conduct the greatest airdrop in history.

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“It has become clear that open, immutable finance necessitates open, immutable organisations,” said ShapeShift creator and CEO Erik Voorhees.

ShapeShift, a leading non-custodial cryptocurrency exchange, is planning to open-source its platform and dissolve its entire corporate structure — an unprecedented move that underscores the company’s commitment to decentralization.

The world’s largest airdrop in history

ShapeShift promises to airdrop 340 million FOX tokens to over one million customers that transacted $1 or more of Ether (ETH) or any ERC-20 token over the platform before to June 9, 2021 as part of its decentralisation pledge. The airdrop is open to both current and former ShapeShift users. The following is a breakdown of the FOX token distribution:

  • 1-4 trades: 200 FOX
  • 5-9 trades: 350 FOX
  • 10-24 trades: 750 FOX
  • 25-99 trades: 1,500 FOX
  • 100+ trades: 8,500 FOX

Wallets registered with ShapeShift that have bitcoin balances as of June 9 will receive 250 FOX as well. Additionally, KeepKey users who have linked with ShapeShift as of June 9 are eligible for 900 FOX.

The airdrop essentially passes ShapeShift governance rights to users, who will now be in charge of the now community-owned platform. The ShapeShift community will receive more than 60% of the entire FOX supply. Over 120,000 decentralised finance (DeFi) users from other platforms, including as THORChain, Curve, Balancer, and Uniswap, will also be eligible to receive FOX tokens via the airdrop.

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The open-sourcing approach also aims to decentralise all protocol functions that presently rely on centralised infrastructure, such as ShapeShift oAuth, which allows partners to request access to third-party apps from users.

Encouragement of a decentralised future

ShapeShift creator and CEO Erik Voorhees stated that the decision to disband the company’s corporate structure and pass governance powers to users was inspired by the DeFi community, which has expanded considerably in the last year. Voorhees elaborated:

“Anything that cannot be open-sourced in the short-term will be run by the Foundation, with the intention of it open-sourcing and decentralizing when possible in coordination with the community.”

The open-sourcing approach also aims to decentralise all protocol functions that presently rely on centralised infrastructure, such as ShapeShift oAuth, which allows partners to request access to third-party apps from users.

Encouragement of a decentralised future

ShapeShift creator and CEO Erik Voorhees stated that the decision to disband the company’s corporate structure and pass governance powers to users was inspired by the DeFi community, which has expanded considerably in the last year. Voorhees elaborated:

“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.”

Earlier this year, in an interview with Cointelegraph Magazine, Voorhees credited DeFi in general, and decentralised exchanges (DEXs) in particular, with assisting ShapeShift in reorienting its business model back to its original vision after traditional banking rules forced the company to implement Know Your Customer, or KYC, identity verification procedures.

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“I learned from Satoshi Dice that an economic relationship didn’t require anything other than a public key to send in a transaction, and everything else could be built around that,” he explained.

ShapeShift began supporting decentralised exchanges in January 2021, after integrating with Uniswap, Balancer, Curve, Banor, Kyber, 0x, and others.

Voorhees has spoken at length publicly about the ethos of decentralization and decentralized planning, also known as market competition. In May of this year, he gave a presentation titled “Decentralization & Use of Knowledge in Society” at the Cryptocurrency and Hayek Conference at George Mason University. In the presentation, he said:

“Amid the volatility, the periodic disasters, the silly dog memes, people often miss just how profound cryptocurrency as a social and economic phenomenon has become. This is a phenomenon where one-and-a-half-trillion dollars of wealth has been created in just over a decade. […] Where lending and exchange markets have formed to trade billions of dollars of value per day and yet which have no office, no CEO and are run by no company.”

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