The FOX token explodes by almost 300% after the news of ShapeShift’s Airdrop and the model conversion to DAO
The fact that the ShapeShift exchange is becoming a decentralized autonomous organization (DAO) along with “the biggest airdrop in history” has done wonders for the price of FOX.
The move is similar to UNI’s distribution by Uniswap last summer, when ShapeShift cut the company’s operations and existed as a decentralized exchange on the internet managed by token holders.
At the beginning of the month-long store closure, ShapeShift moved $ 98 million in cryptocurrency to decentralized financial investors (DeFi) on multiple blockchains.
ShapeShift, founded in 2014 by Erik Voorhees and based in Colorado, will start cutting operations as a fully fledged company. For the time being, ShapeShift will have 65 employees, no clerks, no bank accounts and no CEO for a period of four to twelve months, according to Voorhees.
“Definitely radical. A year ago I thought this was far-fetched, but now I know how this stuff is built and how these communities are structured around tokens rather than equity. The fact that ShapeShift actually closes its business unit is what sets it apart. “
Voorhees called the move “true decentralization” and said ShapeShift went one step further.
To attract more people to participate in this new ShapeShift project, 340 million FOX will be dropped to all previous ShapeShift users (approximately 900,000 addresses) and 120,000 addresses via several well-known DeFi protocols.
At the time of publication, FOX was trading at $ 1.04, trading at 268.8%. Before the news broke this morning, the token was trading at $ 0.28. It hit a high of 1.16 hours after the announcement. The increase may be driven by a liquidity mining program due to start on July 16.
ShapeShift launched FOX in November 2019 as the first step to lure retailers away from depot exchanges. FOX’s previous all-time high was $ 1.46 in April 2021.