ShapeShift global crypto management and trading platform is all set to dissolve in its current form. Founder Erik Voorhees is making waves by announcing that the organization is evolving into a community-owned platform. However, the event also triggered the largest-ever cryptocurrency airdrop of all time.
Why is ShapeShift Decentralizing?
Since its inception in 2014, the organization has been one of the leading crypto platforms in the world. This has brought much-deserved success to the corporate structure of the organization. As the world of crypto is full of innovation and vision, ShapeShift believes in immutable & decentralized finance ideas.
In pursuit of these ethics, ShapeShift is also making a bold move by letting the community own and govern. Meanwhile, it also indicates an ambitious plan to conjure a tight-knit community around the world. Additionally, this future involves the open-source availability of ShapeShift’s codebase.
This organizational decision causes the largest airdrop in crypto history.
This announcement isn’t an exclusive matter for the higher-ups, just the opposite. With the decentralization also comes a slew of airdrop executions from the platform to community members. Evidently, terms like airdrop might not be the best for non-specialists, but it’s simple. Airdrop is a distribution of cryptocurrency to multiple addresses free of cost as an act to gain goodwill.
In this case, ShapeShift has already airdropped in over a million wallet addresses. While these are mostly their customers, it also includes members of the larger DeFi community.
Consequently, more than One billion FOX tokens are on their way to several thousand addresses. While 60% is reservedly going to the existing customers, which is just under 1 million addresses, that’s not all. Over 120,000 customers of smaller platforms like SushiSwap, Gitcoin, Alchemix, 1Inch, THORChain, and several others are eligible for the airdrop.
The amount to be dispensed to each individual is based on their trade volume history. For example, 200 FOX will be awarded to those who completed one to four trades. This dramatically increases to 8,500 FOX for people who oversaw over 100 trades.
What does the future hold for ShapeShift?
In an official statement, the company has also cleared the air shortly. Liquidity mining starts at 8:30 PM IST (or 9:00 a.m. MT) on the 16th of July 2021. The organization is highly likely to shut down all its corporate endeavours completely gradually.
With the seemingly noble endeavour, ShapeShift plans to establish a non-profit organization in the coming years. This project will help in the steady transition for the company in a theoretically turbulent phase.
Recently, in January 2021 announcement about the integrated decentralized exchange (DEX) technology was sending shockwaves through the ecosystem.