Digital asset company ShapeShift is abandoning its traditional organizational structure to become a 100% decentralized organization, governed by its own community.
shapeshift, a Swiss-based company dedicated to global trading with digital assets, begins what is one of the largest and most significant transformations that have occurred in the cryptocurrency industry. cryptocurrencies, . The company is taking a giant step advertising which will abandon its conventional organizational structure to become a 100% decentralized company.
As ShapeShift explains, true decentralization of digital finance requires financial organizations that are completely autonomous and 100% decentralized. Therefore, to align with the revolutionary spirit of the cryptocurrency industry, ShapeShift has begun to dissolve its traditional corporate structure, evolving into a community-owned platform, governed in a balanced way by its own members. This means that ShapeShift is transforming into a Decentralized Autonomous OrganizationKnown as DAO, to decentralize its governance and offer transparency and reliability to its users.
ShapeShift was founded in 2014 and has since become one of the biggest leaders in the crypto industry. Its platform and portfolio of services serve over 150.000 active users from around the world every month. To date, the company has processed a trading volume of over 6.000 million and holds over $2.500 billion in user digital assets.
In January of this year, the company announced that it was integrating with decentralized finance protocols to remove KYC requirements and reduce its centralized trading activity.
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Goodbye to the corporate model
ShapeShift’s big step allows the company to abandon its corporate model and embrace innovation. As a DAO, ShapeShift will literally leave the company’s future in the hands of its own community of users, offering transparency, immutability, autonomy, and security in every process.
It is worth remembering that the operating structure of a DAO is based on technology blockchain and smart contracts (smart contracts) to ensure their decentralized nature. DAOs are fully controlled by smart contracts, which are responsible for establishing the rules of how the parties involved must cooperate within these organizations. These smart contracts are designed according to the nature of the organization, and once they are published on the blockchain, they cannot be modified. In this way, DAOs allow any member of the community to verify the operation and rules established for the DAO in a transparent and immutable way.
In the case of ShapeShift, the company reports that within the next few months its entire codebase and technology will be open source. All of the changes the company is implementing are designed to get even closer to the true vision of decentralized finance.
“Through this transition, we aim to build a powerful community around an open-source, self-custodial, multi-chain cryptocurrency platform for everyone.”
So far this year, the growth of DeFi, as the decentralized digital finance ecosystem is known, has been over 240%. Currently, DeFi accumulates value for more than 57.180 billion dollars, according to data from DeFiPulseThis figure highlights the growing interest of investors in accessing fully decentralized financial services.
The biggest airdrop in history
Along with the announcement of its evolution, ShapeShift is reporting that it will be launching the largest airdrop ever seen in history. The company has upgraded its FOX token to transform it into a governance token, which will give voice and voting rights to ShapeShift community members. According to its plans, FOX’s “governance powers” will be improved and increased over time.
The FOX airdrop is the largest in cryptocurrency history, reaching over 1,1 million ShapeShift customers and members of the broader DeFi community. In total, ShapeShift will be giving away over 60% of the total FOX supply of 1.000.001.337 tokens (over 1.000 billion FOX tokens) to its users for free. Of the broader DeFi community members, 120.000 holders of DeFi protocols Gitcoin, Uniswap, SushiSwap, Yearn Finance, Aave, Alchemix, 1inch, Curve Finance, Balancer, and 0x Protocol will be eligible to receive the free FOX tokens, as will the majority of users of the THORChain protocol.
This impressive launch makes FOX one of the most distributed tokens in history.
FOX token soars almost 200%
The FOX token has appreciated by almost 200% in the last few hours, since ShapeShift announced the airdrop. The value of FOX rose to $0,83 per unit at the time of this edition.
ShapeShift announced that it will open its liquidity mining program for FOX tomorrow, Friday, July 16. The program will last for 3 months and after this time, ShapeShift's decentralized governance will decide whether the liquidity mining program will continue or be suspended.
Finally, ShapeShift CEO Erick Voorhees stated that the company’s transition to a DAO will help eliminate all the bureaucratic processes that have slowed down its operation as a company.
In 2018, ShapeShift was forced to introduce KYC (Know Your Customer) requirements to its platform and suspend trading in privacy cryptocurrencies to comply with regulators’ demands. However, as mentioned, in January of this year it began to change its structures to turn to DeFi, as a solution to eliminate the imposed regulations.
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