ShapeShift to become the first completely open-source cryptocurrency exchange

ShapeShift to become the first completely open-source cryptocurrency exchange

The crypto exchange is handing over the keys to the company to the crypto ecosystem

At times, many companies demonstrate in a big way the commitment they currently have to decentralization; however, none have ever planned to do what ShapeShift has in mind. According to indications, this major non-custodial cryptocurrency exchange has every intention of opening up its platform and dissolving its entire corporate structure, a move that has never been seen before.

ShapeShift founder and CEO Erik Voorhees made it clear that all of this decision-making is based on the DeFI (decentralized finance) community and that the company will now become the pioneer of a new model of economic coordination for the new era we are living in. With this kind of launch, the governance rights will now be transferred to the users. In other words, the platform will now be owned by the community. It is expected that over the next few months, all ShapeShift code and infrastructure will be open source.

The company explained that “Anything that cannot be open-sourced in the near term will be managed by the Foundation, with the intention of making it open-source and decentralized where possible in coordination with the community.”

As part of the company’s allegiance to decentralization, ShapeShift has announced that it plans to release a total of 340 million FOX tokens to all those users who, before June 9, 2021, exchanged $1 or more of Ether or any ERC-20 token through the platform, the number of reported users is estimated to be as high as one million. It doesn’t matter if you are a current or past ShapeShift user. Everyone will be eligible to receive this benefit. The more trades you have made, the more FOX you will be distributed, with a cap of 8,500 FOX for those who have made more than 100 trades.

For all those wallets that are registered under ShapeShift, and had cryptocurrency balances before the same date mentioned above, they will be eligible to receive 250 FOX.

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