ShapeShift, a leading non-custodial cryptocurrency exchange, is planning to open-source its platform and dissolve its entire corporate structure — an unprecedented move that underscores the company’s commitment to decentralization.
Largest airdrop in history
As part of its decentralization pledge, ShapeShift plans to airdrop 340 million FOX tokens to over one million users who traded $1 or more of Ether (ETH) or any ERC-20 token through the platform prior to June 9, 2021. Both current and past users of ShapeShift are eligible to receive the airdrop. The breakdown of the FOX token distribution is as follows:
- 1-4 trades: 200 FOX
- 5-9 trades: 350 FOX
- 10-24 trades: 750 FOX
- 25-99 trades: 1,500 FOX
- 100+ trades: 8,500 FOX
Wallets registered with ShapeShift that are holding cryptocurrency balances as of June 9 will also receive 250 FOX. Furthermore, users of KeepKey who have connected with ShapeShift as of June 9 are also eligible for 900 FOX.
The airdrop effectively transfers ShapeShift governance rights to the users, who will begin governing the now community-owned platform. Over 60% of the total FOX supply will be allocated to the ShapeShift community. Over 120,000 decentralized finance (DeFi) users from other platforms, including THORChain, Curve, Balancer and Uniswap, will also be eligible to collect FOX tokens through the airdrop.
The first round of FOX liquidity mining will begin at 9:00 am MT on July 16.
Airdrop recipients are not bound by lockup periods, the company confirmed. All employees and shareholders, as well as the ShapeShift DAO Governance Treasury, have a three-year vesting period through June 2, 2024.
Open-sourcing to begin shortly
All of ShapeShift’s code and infrastructure will be open-sourced in the coming months, the company said, explaining that:
“Anything that cannot be open-sourced in the short-term will be run by the Foundation, with the intention of it open-sourcing and decentralizing when possible in coordination with the community.”