🔮The ShapeShift DAO
What does this mean?
The Seeds
The former ShapeShiftAG organization made the first official documented transition from an existing traditional corporate organization to a DAO. To assist in these efforts one of the largest airdrops up to this point in crypto was rolled out over 1 million plus addresses, and a structured process of dissolving the existing corporate structure began. With the official documented start date of July 14, 2021 ShapeShift set out to attempt something new and innovative in the business world.
ShapeShift DAO Terminology
DAO - Decentralized Autonomous Organization
What is a DAO and how does that affect ShapeShift operations - A DAO is a "decentralize autonomous organization". You can learn more about DAO's, the history, and their future in this Cointelegraph guide.
Decentralization - provides the possibility to allow a larger community to steer the direction of our suite of products and services and contribute to our future success, while helping to better ensure that content and ability aren't censored, or limited to a select few.
Learn about our DAO's specific structure here.
****FOX:
This is ShapeShift's governance token. It is an ERC20 token. ERC20 tokens are a second layer protocol on the Ethereum blockchain. All ERC20 tokens require ETH to send them across the Ethereum blockchain.
FOX Liquidity Providing:
This is when you provide equal amounts of FOX and ETH to the UniSwap v2 FOX-ETH Liquidity pool. This gives that liquidity pool depth and lowers the price impact of swaps.
FOX-ETH LP Tokens:
When you provide liquidity, UniSwap sends you back a FOX-ETH LP tokens. Think of these as a coat check ticket that you give back to UniSwap when you want to remove your liquidity.
FOX Staking:
This is when you send your FOX-ETH LP Tokens to the FOX Staking Contract so you can earn additional FOX Token rewards.
FOX Farming:
After you stake your FOX-ETH LP Tokens in the FOX Staking Contract, the FOX Token Rewards you earn is also know as Farming or Yield Farming.
Yieldies:
A Yieldy is an ERC20 rebasing token that is redeemable 1:1 with the underlying ERC20 asset.
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