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Shapeshift Dissolves Corporate Model Airdrops Fox Tokens To Community Bitcoin News

Shapeshift to Dissolve Corporate Model, Airdrop FOX Tokens to Community of Users Shapeshift, which was founded on July 1, 2014, has been providing global trading of a variety of digital assets for seven years.

Shapeshift announced its evolution into a community-owned decentralized platform following the company’s recent anniversary.

Shapeshift is evolving, according to its founder Erik Voorhees, who said in a blog post that the company airdropped FOX tokens to over a million consumers in order to “enable decentralized governance.”

The FOX distribution is designed to make the platform community-owned and regulated.

Shapeshift’s current news comes on the heels of the company’s decision to abandon KYC standards in January 2021 in favor of a completely non-custodial solution.

Shapeshift is using Thorchain for multi-chain unwrapped swaps, according to Bitcoin.com News from mid-April.

Erik Voorhees announced on July 14 that the company would be completely dismantling its corporate structure.

Shapeshift has been decentralizing with an eye on the future, according to Voorhees.

“Shapeshift is open-sourcing everything,” Voorhees stated, “and Shapeshift’s entire corporate structure will wind down.” Decentralization will take time, and it will be a gradual “process over the following months,” according to Voorhees.

“It all started with Bitcoin as an unchangeable base currency, but it’s not over yet.”

It will come to an end when we have an entire system of money, credit, and value exchange that is not controlled by a single institution and is not subject to any flag,” the Shapeshift creator continued, “a system that empowers all of mankind equally, just as the mathematics on which it is based.”

Shapeshift is just picking up on the trend and adjusting its positioning accordingly.

FOX Token Holders Gain 24% in 2 Days At the time of writing, each FOX token is trading for $0.54 per token, with an all-time high (ATH) of $1.65 per unit reached on April 5, 2021.

FOX tokens have dropped 67.27% since their all-time high three months ago.

According to Etherscan, the ERC20 token has witnessed 69,167 transfers to date, and there are now 27,521 holders (unique addresses) of FOX.

According to Etherscan.io data, the number of FOX holders climbed by 24.25% from July 13 to July 15.

FOX can also be exchanged on the decentralized exchange (dex) platform Uniswap, in addition to Shapeshift.

FOX has witnessed $2.3 million in Uniswap trades in the previous 24 hours, according to Coingecko records.

What are your thoughts on Shapeshift’s move to ditch the corporate structure in favor of a community-owned platform?

Let us know what you think in the comments area below. Picture Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is provided solely for educational purposes.

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