In November 2019, ShapeShift (now ShapeShift DAO) released the FOX Token, an ERC-20 token. The FOX Token is the ShapeShift DAO’s “governance token,” granting its holders the right to vote on proposals involving the DAO’s treasury and other crucial governance matters, such as the addition of new features and integrations to the platform, the approval of new partnerships, the allocation of funds to new workstreams, and other initiatives.
Token holders may further increase the value of their FOX holdings by using a number of novel DeFi tactics, in addition to utilizing their governance skills. This guarantees that FOX will never become an inflationary Token since the total quantity is restricted to 1,000,001,337.
A quick reminder, before you learn more about FOX Token, in order to quickly and safely make swaps or learn about cryptocurrency, you can visit the LetsExchange website: https://letsexchange.io/custom/compare/fox/panda/info/.
The mission of the ShapeShift DAO is to establish a digital asset platform that delights, protects, empowers, and inspires people around us, and so become the most powerful crypto organization in the world. Our goal is to create a worldwide financial system based on transparent, distributed ledgers. By supporting projects and bootstrapping network effects via voting, the community can accomplish this goal with the help of FOX Tokens.
In all cases, one FOX Token will count as one vote. As the ShapeShift ecosystem grows to incorporate new initiatives like FOXy, affiliate agreements, and income streams for the DAO like those of validators, it becomes more important that it efficiently manages the delegation of the DAO’s cash and resources.
SafeSnap (SnapShot + Gnosis Safe) is the engine behind the ShapeShift DAO, allowing users to cast votes on proposals without using any gas and resulting in on-chain transactions from the DAO’s Gnosis Safe. To reduce the possibility of a malicious proposal siphoning cash from the ShapeShift DAO’s coffers, SafeSnap and a multisig safeguard managed by ShapeShift DAO full-time contributors have been included at launch. This is a precautionary move, and we look forward to working with the FOX community to eventually transfer full treasury authority to FOX Token holders.
Tokens are only included in the snapshot if they are present in a wallet at the time a proposal becomes live. Since FOX Tokens are ERC-20 tokens, they may be stored on any Ethereum-based chain and used for DeFi possibilities in those ecosystems.
SnapShot voting approach updates will be made to ensure that each FOX receives one vote when the company opens up new retail chains and DeFi possibilities.
At now, ShapeShift is governed in the following order:
- The minimum incubation time is 3 days. Get the opinion of the forum community on your concept by posting it in the appropriate Workstream. No special form is required.
- Minimum of 5 days for ideation. Create a new thread in the Proposal Discussion forum and provide your rough outline. All proposals must use this format and have a vote option for the audience’s consideration. At this point, they may still be tweaked in light of community comments.
- There should be at least 3 days and no more than 60 days to cast a vote. With a majority of support, a proposal may be sent to the Boardroom for a final vote.
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