Proposal to Whitelist ShapeShift FOX Token (FOX)

This proposal is expected to appear on Snapshot for voting on Sunday, October 3, 2021 at 12:00 pm UTC

TL;DR

• Proposal to whitelist FOX.
• Proposed co-investment is 100,000 BNT.
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the ShapeShift project.
• The benefits to Bancor are clear.

Token Address: 0xc770eefad204b5180df6a14ee197d99d808ee52d

Project Website: https://shapeshift.com

Benefits for Bancor

1. If the FOX/BNT pool on Bancor is incentivized with BNT and/or FOX Tokens, ShapeShift will deploy an open-source UI for providing/managing liquidity to the FOX/BNT pool on Bancor, which would pave the way for providing liquidity to any pool on Bancor via ShapeShift
2. A deep FOX/BNT pool will drive more trade volume through Bancor. This has the potential to be the deepest FOX liquidity pool.
3. There is currently no option to stake FOX one-sidedly and earn yield. This will be a compelling option for FOX holders and can introduce them to Bancor and the world of one-sided LPing.

Token Security

FOX does not have an elastic supply, or rebase mechanism. The ShapeShift contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The FOX token supply is fixed at 1,000,001,337, of which 56,955,476 are in current circulation. The contracts and addresses with the highest concentration of FOX tokens are predominantly the token vesting contracts, the 16 airdrop contracts, the FOX Foundation’s cold storage, the FOX/ETH Uniswap liquidity pool and liquidity mining staking rewards contract, and the DAO’s Gnosis Safe Treasury. The token supply and distribution is detailed here: https://shapeshift.com/shapeshift-decentralize-airdrop

Project

Since ShapeShift’s formation in 2014, our purpose has been to empower the digital asset market in alignment with the ethos of financial sovereignty.

Seven years ago, we pioneered frictionless crypto trading with no user accounts, and no custody of user funds.

• In 2017, we acquired KeepKey to bring easy cold-storage to our users.

• In 2018, we built a full self-custody crypto interface that incorporated KeepKey, Ledger, and Trezor hardware wallets with integrated trading functionality across chains.

• In 2019, we removed all commissions for holders of the FOX Token.

• In 2020, we acquired Portis to further engage with the burgeoning web3 dapp ecosystem and released ShapeShift’s self-custody mobile app.

• And by late 2020, we began integrating decentralized protocols directly into the ShapeShift crypto platform to enable immutable, borderless trading with no intermediary, removing ourselves—and our prior business model—from the process.

This evolution enabled us to return protection and dignity to our users, ending KYC and other intrusive financial surveillance practices. ShapeShift will never be a bank. The end goal has been and remains: a world where people are empowered to manage their own financial futures, without sacrificing their privacy and control to governmental and middlemen entities. A world where users can participate in and explore new voluntary forms of financial innovation.

It has become clear to us that decentralization is the only way to achieve borderless, immutable finance. Therefore, decentralizing ShapeShift is how we choose to maintain fidelity to the principles first established by Satoshi and the Bitcoin whitepaper.

Starting today, our process of decentralization will occur in steps:

• It means ShapeShift will, over time, go fully open-source.

• It means ShapeShift will dismantle its entire corporate structure in a way that respects our shareholders and empowers our employees.

• It means the ownership and governance over ShapeShift’s future moves to the broad and decentralized community of FOX Token holders, starting now.

To our knowledge, no established company has ever decentralized itself to this degree. This is new ground that we hope will inspire others as well.

It is with great enthusiasm and gratitude to the many pioneers around us that we begin this next phase of ShapeShift’s journey.

We begin this new phase from a position of strength. Since 2014, ShapeShift has grown to support a broad community of users and has facilitated a vast number of crypto transactions (as of the end of May 2021):

We’ve continually evolved to offer users access to a range of widely requested, innovative services and capabilities, without friction:

• Trading via 0x DEX aggregation with the best rates available

• Cross-chain swaps, including native BTC to ETH, via THORChain integration

• Earn interest by providing FOX & ETH liquidity on Uniswap V2 (and hopefully Bancor soon :slight_smile: )

• Fully non-custodial, including our secure native software wallet

• Accessible with KeepKey and most prominent hardware wallets including Ledger and Trezor

• Fast and private, with no account or KYC required

Tokenomics

See https://shapeshift.com/fox/benefits and https://forum.shapeshift.com/t/workstream-fox-tokenomics/43 for more info on FOX Tokenomics

Available Audits

FOX Token contract Airdrop Smart Contracts Staking Rewards Contract