ShapeShift comes under the control of DAO under the control of FOX token holders – Bits Media

ShapeShift cryptocurrency exchange ceases to operate as an official company and comes under the control of a decentralized autonomous organization (DAO), controlled by holders of Fox token.

Shapeshift, founded in 2014 year by Eric Vorhis (Erik Voorhees), announced the imminent cessation of her activities as an official company. According to the Wurchis, Currently, Shapeshift works 65 Human, But through 4-12 She will not have employees, bank accounts and general director.

"This is definitely radical", - said the Wurchis. “A year ago I thought, that such an initiative lies in the field of science fiction. But now I know, How this tool is created, And I saw, How these communities are built around token, not the structure of capital. The fact, that Shapeshift really closes its legal entity, Highlights us among others ".

To attract more people to the new version of Shapeshift, The exchange will be distributed for free 340 Milln Fox tokens to all former users of the exchange, which are there about 900 000, as well as owners 120 000 addresses, interacting with large defi protocols. Now Fox is standing about $0.92 after reaching the historical maximum in $1.65 In April.

The general proposal of tokens is limited 1 000 001 337 Fox without inflation. Of them 34% distributed among the project communities and other cryptocurrency communities, 32% - Among the employees of Shapeshift, 24% – ShapeShift DAO, 7.5% - To the fund, which will control everything, that cannot be decentralized immediately, and 1.3% - Companies for use as it closes.

Around 10 Milln Fox tokens are already in circulation. First of all, the free distribution of tokens will affect everyone, Who at least once used Shapeshift. The exchange will also hold a small distribution among users of various Defi protocols, Including Gitcoin, Underp, YEARN and some others. Besides, Free distribution will affect Thorchain users.

Vurkhis explained, that Fox is not required to use Shapeshift, but holders can receive income. Fox owners will be able to take part in liquidity mining - Shapeshift will reward users, who become liquidity suppliers in key pools Uniswap, helping to increase the depth of liquidity for Fox token.

Wurchis is not concerned about the end of the era of the exchange of the exchange as an official company. He said, what hopes to get rid of the whole bureaucracy, which was burdened. According to him, This step can improve relations with users and developers.

“The most significant part of the company is people. I hope, that this will improve our relationship. For me, nothing will change much - I'm going to remain part of Shapeshift and be one of many of its leaders. ".

Recall, that at the beginning of the year, Shapeshift announced the integration of Defi Uniswap applications, Balancer, Curve, Bacor, Kyber, 0x и mStable. This allowed Shapeshift customers to avoid the KYC procedure. In April, researchers of the cryptocurrency exchange said, that decentralized insurance protocols can eliminate risks, which are faced with Defi projects.