ShapeShift exchange’s airdrop to distribute tokens and governance rights

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jul 15, 2021
  • Popular crypto exchange, ShapeShift, has announced the largest airdrop in history.
  • The airdrop will see the distribution of 60% of FOX token’s supply, granting users governance rights.
  • It all comes as part of ShapeShift’s move towards becoming a DEX and joining DeFi.

ShapeShift cryptocurrency exchange is running a new airdrop which is one of the largest, if not the largest, airdrop ever. The platform’s goal is to distribute tokens that would provide community members with governance rights — allowing them to contribute to the platform’s further development through voting.

Details about the airdrop

According to the platform’s recent statement, it decided to run this airdrop in order to further decentralize the project and dissolve its corporate structure. In other words, the platform aims to provide the community with the right to make impactful decisions about the project, and have a greater say in what happens next.

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ShapeShift also added that this airdrop will be the largest one in history, where 60% of the FOX token supply will be dropped. The project will distribute tokens to over a million different addresses, empowering users and making its ecosystem more decentralized than ever.

It also has additional tokens that have been allocated to users of other DeFi platforms. Those include anyone who holds cryptocurrencies belonging to protocols such as Uniswap, Gitcoin, SushiSwap, 1inch, Yearn, Balancer, Aave, Curve, Alchemix, and 0x. Lastly, it also includes any user of the popular KeepKey wallet, making them all eligible to receive the coins in this airdrop.

FOX token skyrockets following ShapeShift’s statement

The project’s FOX token skyrocketed following the announcement, surging by 215% as of July 15th. In less than 24 hours, the token’s price went from $0.29 to $1.16, before correcting to $0.8. At the time of writing, however, it is growing again, currently sitting at $0.92.

The tokens will serve several purposes, including holding value, providing users with the ability to participate in exchange governance, but also save on trading fees, and allow them to receive profits from liquidity mining.

With this move, ShapeShift will make the biggest step in its mission to transition towards being a DEX. In the past, the platform was criticized for adding KYC and identity requirements, but once it transitions to DeFi, such limitations will be eliminated.

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