The unprotected cryptocurrency exchange Shapeshifting has completed its second FOX token airdrop named “Fairdrop” as part of a broad pledge of decentralization first announced in July.
The 6,613,000 FOX token airdrop was distributed to more than 33,000 members of the DAO community, ShapeShift announced on Tuesday. These holders were not previously eligible for the Airdrop reward as their tokens were locked for stock or liquidity trading.
On September 16, a proposal was made for Modify the token distribution process to include members of the DAO community, qIt received overwhelming support.
As Cointelegraph reported, ShapeShift released 340 million FOX tokens to more than a million users in July after the company announced it would liquidate its corporate structure, an industry first. as part of a broad commitment to decentralization.
In a follow-up interview with Cointelegraph, CEO Erik Voorhees described decentralization as an “iterative process” as some parts of an organization are easier to open than others. As part of this process, ShapeShift has created a basis for monitoring the change towards decentralization.That basis, Voorhees said, will be less relevant. as the open source process will expand over the next few years Years at that time ShapeShift is best described as an open source, multi-chain, self-custodial cryptocurrency platform for all users.
The modern premise of decentralization was made famous by Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), who initiated the blockchain revolution in a 2008 white paper that explained the benefits of a peer-to-peer e-cash system.Â Many blockchain projects that have sprung up since then have promised decentralization, although in practice its operations are closer to “shadow centralization”.
Recently, SEC Commissioner Hester Peirce warned that DeFi projects that are not fully decentralized run the risk of breaking federal regulations.In an interview with The Defiant in August, Peirce said:
“If you want to be decentralized, you really have to be decentralized and that will put you in a different category from the point of view of regulators because we haven’t looked at that yet.”