ShapeShift will host the largest-ever airdrop due to the reorganization of the project

ShapeShift, one of the oldest cryptocurrency storage and exchange platforms, has announced plans to open its source code and reorganize it into a fully decentralized project.

According to the announcement, the company launcheda multi-month process of closing a legal entity and moving to a decentralized autonomous organization (DAO) controlled by the holders of its FOX token. As part of the reorganization, ShapeShift will host the largest AirDrop in the history of the crypto market, giving out 340 million tokens to over a million people.

At the time of publication, the FOX rate is $ 0.29,but the total cost of the airdrop will be significantly less than $ 100 million due to the release of millions of new digital assets. Now there are only 10 million tokens, but the total emission will be 1,000,001,337 without inflation.

The reorganization plan stipulates that 34% of their total volume will be distributed among the users of the platform, who, depending on theactivity and balances on the wallet, get: 200 to 8500 FOX.Another 32% will be transferred to employees, 24% will go to ShapeShift DAO, and 7.5% will go to the management fund of structures that cannotbe decentralized, and 1.3% will be used by the company itself in the course of winding down activities.

The first wave of distribution will take place on July 16 at 9:00 Moscow time.Methods of obtaining are described in detail in the company's blog.

During the transformation, ShapeShift will fire all 65 employees, open the platform's source code, and transfer all management functions to token holders.

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