ShapeShift Airdrops Over $2M in FOX to Active DeFi Users

Not everyone got their slice of the pie during a $100 million airdrop in July, but now they have a second chance.

AccessTimeIconSep 23, 2021 at 5:57 p.m. UTC
Updated Sep 23, 2021 at 6:51 p.m. UTC

Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.

ShapeShift, a decentralized cryptocurrency platform, airdropped some 6.6 million of its FOX tokens worth over $2 million to 33,000 holders of various decentralized finance (DeFi) tokens on Thursday.

The airdrop is an effort to include holders who would have been eligible for a slice of a previous $100 million airdrop but were not included because their tokens were deployed in yield-bearing strategies.

Dubbed a “Fairdrop,” the follow-up handout is the product of FOX community member “NukeManDan” as well as others, who argued that community token holders who were deploying their tokens in staking or liquidity provision strategies should not have been left out.

Targeted communities include Gitcoin, Uniswap, SushiSwap, Yearn, Aave, Alchemix, BadgerDAO, 1inch, Compound, Curve, Balancer, Maker and 0x, according to a press release.

“While there was no deliberate intent to exclude DAO stakers and LP providers from the initial airdrop, the DAO offers the structure to address such opportunities through governance proposals,” Willy Ogorzaly, FOX Foundation head of decentralization, wrote in the press release, adding:

“This is an example of the process working as intended, with strong participation and solidarity across DAO communities.”

In July, ShapeShift airdropped 340 million FOX tokens to past users of the ShapeShift exchange and to those participating in affiliated DeFi communities. Targeting over 1.2 million Ethereum addresses, it was dubbed the “largest airdrop ever.”

The airdrops are part of a broader effort to decentralize the non-custodial platform, which was founded in 2014 and is one of the oldest continually operating crypto exchanges. In January, the company announced integrations with a series of decentralized exchanges in an effort to lift know-your-customer (KYC) burdens. It was the first step in what has turned out to be a much longer roadmap towards full decentralization.

Users can check their airdrop eligibility here.

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Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.

CoinDesk - Unknown

Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.