DeFi Insight: ShapeShift’s transformation from a centralized platform to a DAO

What led to the decentralization of ShapeShift?

The announcement of the Shapeshift DAO on Twitter
Figure 1: The announcement of the Shapeshift DAO on Twitter

Technological Setup and the FOX token

FOX on-chain transactions chart
Figure 2: Daily active FOX users (source: dune.com)
FOX on-chain transactions chart
Figure 3: FOX on-chain transactions (source: dune.com)

FOXy and vFOX

“The DAO achieves this initially by utilizing the Tokemak reactor, which enables staked FOX to earn TOKE rewards. The DAO will then convert their TOKE rewards from the reactor to FOX, which will be used to reward FOX stakers.”, shapeshift.com

Foxchain

The classification of FOX according to the ITC:

Figure 4: The FOX Tokenbase entry (Source: https://itin.itsa.global/JV9DFTDG4)

The International Token Standardization Association (ITSA) e.V.

Remarks

ShapeShift cover image by ITSA

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