ShapeShift to decentralize entire company, plans for largest airdrop in history

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.

All of ShapeShift’s code and infrastructure will be open-sourced in the coming months

“Inspired by the broader DeFi community, we’ll now help pioneer a new model of economic coordination for the 21st century. No corporate entity, no banks and no borders. The tools are ready. Our customers, and the broader crypto community, are now the primary stakeholders of a decentralized, open-source digital asset platform for the world.”

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The ShapeShift DAO is powered by SafeSnap (SnapShot + Gnosis Safe), which means community members can propose and vote on proposals with zero gas fees, and the result of those votes can trigger on-chain transactions.

Initially, a multisig safeguard controlled by ShapeShift employees has been implemented alongside SafeSnap to mitigate the risk of a malicious proposal stealing funds from the DAO’s treasury. This is intended as a temporary protective measure, and we look forward to working with the community to transition complete control of the treasury to the community of FOX token holders. Verification of the identities and integrity of the ShapeShift employees comprising the multisig keys can be provided to security researchers upon request.

I see potential for Aragon :wink: