ShapeShift FOX Token
What is ShapeShift FOX Token?
ShapeShift is a revolutionary and borderless crypto trading platform and portfolio manager designed to empower users with self-sovereignty over their assets. It offers a seamless experience for buying, sending, receiving, swapping, and managing various cryptocurrencies through its mobile interface or web platform. ShapeShift provides users with the flexibility to choose from a range of software or hardware wallets, including ShapeShift native, Portis, KeepKey, Trezor, and Ledger, ensuring the highest level of security and control over their funds.
One of the core principles of ShapeShift is its commitment to self-custody. This means that users always retain full control over their private keys, ensuring the utmost security and eliminating the need to trust a third party with their assets. ShapeShift takes privacy seriously and does not collect personal information from its users. Moreover, the platform does not impose any trading fees, making it a cost-effective solution for users compared to traditional decentralized exchanges (DEXs).
Founded in 2014, ShapeShift started as a privately held company headquartered in Switzerland. However, in June 2021, the organization made a groundbreaking announcement, transitioning into a fully decentralized project. As part of this transformation, ShapeShift open-sourced all its source code and transferred ownership and governance to the community of FOX Token holders. Erik Voorhees, a pioneer in the Bitcoin space and the founder of ShapeShift, emphasized that this decentralized model is essential for preserving user sovereignty.
The governance and utility token of the ShapeShift ecosystem is called FOX. It is granted to users on every trade and enhances the competitiveness of trading on ShapeShift compared to direct DEX interactions. With FOX, users can actively participate in shaping the future of the platform and have a say in important decision-making processes.
In terms of token supply, there is a total capped limit of 1,000,001,337 FOX tokens. Of this supply, 34% was distributed to over 1.1 million ShapeShift customers and DeFi community members in an unprecedented token airdrop that took place on June 30, 2021. Additionally, 32% of the tokens were granted to employees and shareholders prior to the decentralization process, vesting over a three-year period from June 2, 2021.
Furthermore, 24.2% of the tokens were allocated to the FOXDEN, which serves as the DAO governance treasury for the now decentralized ShapeShift. This allocation ensures that the community has resources to govern and enhance the platform effectively. Additionally, 7.5% of the tokens were granted to the ShapeShift Foundation, a non-profit entity responsible for facilitating the transition to decentralization. ShapeShift retained 1.3% of the token supply, while 1% was already in circulation, held by more than 21,000 ShapeShift users prior to the airdrop distribution event.
The founders of ShapeShift include Erik Voorhees, who is renowned for his advocacy and entrepreneurship in the crypto space. He has been a prominent figure in promoting the virtues of Bitcoin and has appeared on various media platforms and industry events to communicate the significance of decentralized finance and the shortcomings of centrally planned and controlled monetary systems. Before founding ShapeShift, Erik created SatoshiDICE, a platform that pioneered provable fairness and facilitated a significant portion of Bitcoin transactions globally between 2012 and 2013. He also served as the Head of Marketing at BitInstant in New York City.
Another key figure at ShapeShift is Jon ShapeShift, the Chief Product Officer and co-founder. Jon played a crucial role in driving the platform's product strategy, leading product development teams, and designing innovative solutions that integrate the evolving landscape of crypto, decentralized finance, and macroeconomics. With his expertise and involvement in founding online gaming and cryptocurrency platform companies, Jon has contributed to establishing ShapeShift as one of the most prominent and internationally recognized brands in the crypto industry.
In conclusion, ShapeShift is a groundbreaking crypto trading platform and portfolio manager that empowers users with self-sovereignty over their assets. With its emphasis on self-custody, user privacy, and fee-free trading, ShapeShift offers a secure and cost-effective solution for managing cryptocurrencies. The recent transition to decentralization and the introduction of the FOX token highlight the platform's commitment to community governance and active user participation. Founded by Erik Voorhees and Jon ShapeShift, ShapeShift has made significant contributions to the advancement of the crypto industry and remains at the forefront of innovation in this space.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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