Erik Voohees founded ShapeShift, a leading non-custodial cryptocurrency exchange platform, in 2014. ShapeShift plans to open-source its platform and dissolve its entire corporate structure. The company will hand over control to its users and become a decentralised exchange (DEX) that allows trading without the use of intermediaries.
“Decentralization has become not only a viable organizational strategy, but also the necessary model for enabling the borderless, immutable financial system that so many of us passionately advocate,” writes Voorhees. “This decision is our way of reinforcing our core values and acting in the best interests of our stakeholders, team, and valued users.”
ShapeShift has airdropped 340 million FOX tokens to over a million users, including over 900,000 ShapeShift customers, to help with this transition. An airdrop is a method of distributing free tokens to current users of a platform or service, typically for marketing purposes. Existing ShapeShift users will receive a FOX token bounty in this case.
Each ShapeShift user will receive a different number of tokens depending on how much they utilised the exchange before June 9, ranging from 200 FOX for customers who conducted one to four deals to 8,500 FOX for individuals who completed 100 or more trades. ShapeShift users who held crypto in a wallet on the site before June 9, as well as KeepKey customers who connected their accounts, would receive additional FOX tokens.
The airdrop effectively passes ShapeShift governance rights to users, who will now be in charge of the platform, which is now community-owned.The ShapeShift community will receive more than 60% of the overall FOX supply. Over 120,000 DeFi users from other platforms, such as THORChain, Curve, Balancer, and Uniswap, will be eligible to receive FOX tokens as part of the airdrop.
The first round of FOX liquidity mining began on July 16th. There are no lockup periods for airdrop recipients, according to the company. The ShapeShift DAO Governance Treasury, as well as all employees and shareholders, are subject to a three-year vesting period that ends on June 2, 2024.
Voorhees will hold slightly more than 5% of the total FOX token supply, which will be unlocked on-chain over the next three years.