ShapeShift to Shutdown in Next 12 Months, Airdrops FOX Tokens to DAO, FOX Price Shoots 180%

UTC by Bhushan Akolkar · 3 min read
ShapeShift to Shutdown in Next 12 Months, Airdrops FOX Tokens to DAO, FOX Price Shoots 180%
Photo: ShapeShift

ShapeShift is planning to conduct one of the largest airdrops in the history of the crypto industry. The price of the native FOX tokens has jumped 180% in the last 24 hours.

On Wednesday, July 14, crypto trading giant ShapeShift announced that it will close its operations in the next 12 months. The crypto exchange will hand over its legacy to a decentralized autonomous organization (DAO) controlled by the FOX token holders. However, ShapeShift will soon kick off the largest airdrop in the history of the crypto space. As per the announcement, ShapeShift will start airdropping $98 million worth of FOX tokens to DeFi investors across multiple blockchains.

Founded in 2014 by Erik Voorhees, ShapeShift has attained significant growth so far. As of date, it employs around 65 people. The sudden decision from the crypto exchange has stunned several market players. Commenting on this Voorhees said:

“It’s definitely radical. A year ago I would have thought this was sort of fanciful, but at this point I’ve seen how this tool is getting built and I’ve seen how these communities get built around a token instead of an equity structure. The fact that ShapeShift is really closing its corporate entity sets it apart.”

The founder of the crypto exchange further added that this is the move towards “true decentralization”.

Details of the FOX Airdrop by ShapeShift

To get more people involved in this project, ShapeShift has decided to airdrop 340 million FOX tokens to all past users. This will happen across 120,000 addresses on the well-known DeFi protocols.

The announcement has triggered the price of FOX tokens on Wednesday. As of press time, FOX is trading 180% up at a price of $0.82 with a market cap of $9.1 million. Earlier in April 2021, the FOX price touched an all-time high of $1.65. the total supply of FOX tokens is currently over 1 trillion and exactly 1,000,001,337.

A massive 34% of this will go to the ShapeShift community and other crypto communities. Another 32% shall go to the ShapeShift staff, 24% to the ShapeShift DAO, 7.5% to the Foundation, and 1.3% to the company.

There are several different ways through which a user can participate in the airdrop. Users can check the details for the same in this official blog from ShapeShift. However, users need to claim this airdrop within 90 days. 10 days after the deadline everything that is left over shall be converted to DAO.

Interestingly, ShapeShift will be making airdrops for users of different DeFi protocols like Uniswap, Gitcoin, Yearn, and others. Besides, different users of ThorChain will also be a part of the airdrop.

Commenting on this decision, Voorhees also added that he’s looking forward to getting rid of this bureaucracy. He further added:

“The most meaningful part of a company is the people. I’m hoping this enhances those relationships. Nothing is really next for me. I’m going to remain part of ShapeShift and just be one leader among many.”

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