ShapeShift announced a big change in the corporate structure to move to a community-based system that resulted in %200 gains for the FOX token.
The latest announcement comes with various news about plans of ShapeShift for decentralizing the governance and open-sourcing the platform. It also points at a big airdrop of FOX token that goes to ShapeShift users and some other eligible users.
After all, the announcement had resulted in price gains for the FOX token, but the gained price may vanish after airdropped tokens come to exchanges for selling.
Decentralizing the Governance System
Founded in 2014, ShapeShift is one of the most active platforms in the crypto market. It has offered various services and tools to traders and is now aiming at a new direction. The latest announcement says that the corporate structure of ShapeShift is going to be dissolved. Besides, the entire codebase of the project will be open-sourced from now on. ShapeShift wants to become a fully immutable, decentralized financial platform and the new changes are all on the path of that vision. The most important part is decentralization that will come to action with a big community around the crypto platform. Creating a community needs financial incentives, too, and the FOX airdrop is designed to handle that.
ShapeShift will airdrop FOX tokens to over 1 million users. The announcement says that over 1.1 million addresses are eligible for the airdrop. 120,000 addresses holding Gitcoin, Uniswap, SushiSwap, Yearn, Aave, Alchemix, 1inch, Curve, Balancer, and 0x are eligible. The airdrop makes it possible to create a decentralized governing community for ShapeShift and make it a fully decentralized DeFi platform. According to the announcement, liquidity mining will begin at 9:00 a.m. MT on Friday, July 16, 2021.
Like many other governance tokens, FOX will play a vital role in the ShapeShift community. FOX holders can have an effect on important decisions of the project.
According to the announcement:
“FOX hodlers are encouraged to engage—discuss and debate ideas, brainstorm the optimal path forward, suggest a route change to the roadmap. Please see the “Important Links” section below for the ShapeShift community chat on Discord, the ShapeShift Discourse forum, and ShapeShift’s governance portal on Boardroom, where we will focus all open discussion and communications for the decentralized community.”
As mentioned above, the recent announcement from ShapeShift has resulted in %200 gains for the FOX token. We should wait and see what happens to the price after the airdrop is complete and people start liquidity mining. You can check if you’re eligible for the airdrop here.
If you found this article interesting, here you can find more Blockchain and cryptocurrency news