Shapeshift to dissolve the company model, platform sends FOX tokens to the user community – Bitcoin News

Shapeshift was founded on July 1st, 2014 and has been trading a wide variety of digital assets globally for seven years. After the company’s recent anniversary, the company announced that Shapeshift was developing into a decentralized, jointly owned platform. Shapeshift founder Erik Voorhees stated in a blog post that the company had dropped FOX tokens on over a million customers in order to “facilitate decentralized governance”.

Shape change is changing

Shapeshift is changing, according to a recent blog post by its founder and the company’s announcement via an airdrop of the platform’s native FOX tokens to Shapeshift users. The distribution of FOX is intended to make the platform community owned and administered by FOX owners.

The latest news from Shapeshift follows the company’s change to drop KYC rules in January 2021 and move to a completely unsecured solution. In mid-April, Bitcoin.com News reported that Shapeshift is using Thorchain for multi-chain unwrapped swaps. On July 14, Erik Voorhees stated how the company would completely dissolve its corporate structure.

“Looking ahead, Shapeshift has started decentralizing,” Voorhees said. “Shapeshift is open sourcing for everything [and] The entire corporate structure of Shapeshift will be dissolved. ”Voorhees added that decentralization will take time and will be a gradual“ process over the coming months ”.

“Faster than most of us realize, we are moving towards an open, immutable financial system,” said Voorhees. “It started with Bitcoin as unchangeable base money, but it doesn’t end there. It ends when we have a whole system of money, credit and value exchange that is not recorded by any central authority and is not subject to any flag. ”The Shapeshift founder added:

A system that empowers all of humanity, just like the mathematics on which it is based. Shapeshift simply perceives this trend and positions itself accordingly.

FOX holders increase by 24% in 2 days

At the time of writing, each FOX token is trading for $ 0.54 per token, hitting an all-time high (ATH) of $ 1.65 per unit on April 5, 2021. FOX tokens are down 67.27% since the crypto asset’s ATH three months ago. Etherscan statistics show that the ERC20 token has seen 69,167 transfers so far and there are 27,521 holders (unique addresses) who own FOX today.

The data from Etherscan.io also shows that the number of FOX holders rose 24.25% from July 13-15. FOX can not only be traded on Shapeshift, but also on the decentralized exchange platform (Dex) Uniswap. Coingecko records show that FOX has made $ 2.3 million in trades on Uniswap in the past 24 hours.

What do you think of Shapeshift’s decision to dismantle the business model and become a collaborative platform? Let us know what you think on this matter in the comments below

Tags in this story

Bitcoin, Coingecko statistics, crypto platform, DEX, Dex platform, ERC20, Erik Voorhees, Etherscan, FOX, FOX Airdrop, FOX holder, FOX token, governance system, market, Shapeshift, Shapeshift community, uniswap

Photo credits: Shutterstock, Pixabay, Wiki Commons

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