Shapeshift was established on July 1, 2014, and has been providing global transactions of various digital assets for seven years. After the company’s most recent anniversary, it announced that Shapeshift is developing into a community-owned decentralized platform. Shapeshift founder Erik Voorhees explained in a blog post that the company airdropped FOX tokens to more than 1 million customers to “promote decentralized governance.”

The deformation is changing

According to a recent blog post by its founder and the company’s announcement about airdropping the platform’s native FOX tokens to Shapeshift users, Shapeshift is changing. The issuance of FOX aims to be owned by the platform community and managed by FOX holders.

The most recent news from Shapeshift comes after the company abandoned KYC rules in January 2021 and moved to a completely non-custodial solution. In mid-April, Bitcoin.com News reported that Shapeshift used Thorchain for multi-chain unpacking exchanges. On July 14, Erik Voorhees explained how the company will completely dissolve its corporate structure.

“Looking at the future, Shapeshift has begun to decentralize,” Voorhees elaborated. “Shapeshift is everything open source, [and] The entire company structure of Shapeshift will gradually come to an end. Voorhees continued to add that decentralization will take time and it will be a gradual “process in the coming months.”

“Faster than most of us realize, we are moving towards an open and unchanging financial system,” Voorhees said. “It started with Bitcoin as an immutable base currency, but it didn’t stop there. It ended when we had a complete system of currency, credit, and value exchanges that were not captured by a central entity and did not obey any flags.” The Shapeshift founder added:

A system that empowers all mankind fairly, just like the mathematics on which it is based. Shapeshift just senses this trend and positions it accordingly.

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FOX holders increased by 24% in 2 days

At the time of writing, the trading price of each FOX token was US$0.54 per token, and it reached an all-time high (ATH) of US$1.65 per unit on April 5, 2021. Since the ATH of crypto assets three months ago, FOX tokens have fallen by 67.27%. Etherscan statistics show that to date, ERC20 tokens have been transferred 69,167 times, and today there are 27,521 holders (only addresses) owning FOX .

Etherscan.io data further shows that from July 13th to 15th, the number of FOX holders increased by 24.25%. In addition to trading on Shapeshift, FOX can also be traded on the decentralized exchange (dex) platform Uniswap. Coingecko records show that FOX’s transaction value on Uniswap in the past 24 hours was $2.3 million.

What do you think of Shapeshift’s decision to dissolve the corporate model and become all platforms in the community?Tell us your thoughts on this topic in the comments section below

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Bitcoin, Coingecko statistics, encryption platform, DEX, Dex platform, ERC20, Erik Voorhees, etherscan, FOX, FOX airdrop, FOX holders, FOX tokens, governance system, market, Shapeshift, Shapeshift community, uniswap

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