In July, ShapeShift announced its plans to decentralize our company and turn the decision making processes over to our community of FOX Token holders. We have seen amazing progress in the DAO since then and are so excited about the future. To date, the community has:

  • Elected six workstream leaders: Support, Engineering, Product, Operations, Marketing, and Globalization. 
  • Submitted over 20 proposals through the governance process, successfully passing all of them. 
  • Seen tremendous growth, welcoming over 5,700 new members to our Discord and a total of 36,992 addresses that hold FOX Tokens. 

Our next opportunity for community collaboration comes in the form of identifying the most beneficial rewards programs for our users. Currently, users of the ShapeShift platform can earn FOX in a variety of ways: for trading on the platform (“FOX Back”), rebates on gas fees spent on trades (“FOX Fuel”), referral bonuses, and sign-up bonuses. In addition, the “Rainfall” program rewards FOX Token holders with USDC every time a trade occurs on the platform.

These programs were created and financed by ShapeShift, the centralized corporate entity, prior to the formation of the DAO. As we are working to shut down all centralized processes and funding, it’s time to hand the torch over to our DAO to determine the best path forward to ensure a rich user experience and rewards/incentives for our global community of users. 

NOTICE: Current Rewards Ending—Claim Rewards by October 31, 2021

This is the official notice to our community that all current rewards programs will cease on October 31, 2021. No new rewards will be given out after this date unless the DAO votes to implement, fund, and begin rewards and incentives programs. Unclaimed rewards earned on your account from FOX Back, FOX Fuel, referrals, sign-up bonuses, or Rainfall will expire on October 31, 2021. So claim them now! There is one exception to this rule: Rainfall users who won a USDC reward before September 14th have until December 14th to claim their rewards, under the terms of the Rainfall Official Rules. 

What Will the Future Hold? Let’s DAO It!

‍But don’t fear! This is not the end of great rewards from ShapeShift, but a beginning to the DAO’s empowerment. Our community of users will now propose, vote, and decide on whether to continue these rewards, make changes to them, or add new, innovative incentives never seen before in the industry to add new value to the FOX Token. 

We want to hear from you! Our community will be hosting three community calls to discuss the new rewards programs. These calls will be moderated by the Marketing, Product, and Tokenomics workstreams. We hope you will join us! See below for dates and times: 

  • Rewards Program Community Call - Oct 7th 10 a.m.
  • Rewards Program Community Call - Oct 13th 1-2 p.m.
  • Rewards Program Community Call - Oct 20th 1-2 p.m.
  • Check out our Community Calendar 

Be sure to check out our FOX Forum regularly to see ideas brewing for rewards, incentives, and more—and keep in mind, we want YOUR ideas as well! If you have ideas for retaining FOX and ShapeShift rewards, innovative new ideas, or just want to see what’s being proposed, visit our Discord for discussion and our Forum for current proposals. 

Here is a reward idea currently being proposed:

https://forum.shapeshift.com/t/proposal-for-a-decentralized-reward-program-like-rainfall/184

Stay tuned for more!