ShapeShift DAO Launches Decentralized Mobile App

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Blockchain
ShapeShift DAO Launches Decentralized Mobile App

ShapeShift DAO has made significant strides in its quest for complete decentralization by moving its native users to the newly launched open-source decentralized mobile application, according to a press release on October 19, 2022.

 Connecting all DeFi Chains and Assets

ShapeShift an open-source, multi-chain crypto platform and decentralized autonomous organization (DAO) is launching a new mobile app that connects all DeFi chains and digital assets.

The company explained that with the launch of the new app, users can now experience an authentic DeFi experience where they can enjoy all exciting features when connecting to the new mobile app on iOS and Android.

Per the announcement, existing users who have downloaded the new app and still have the old app on their phones would have the option of importing their wallet into the new app or creating a new one altogether. Should they choose to import their existing wallet and credentials, a prompt will appear for them to input their email address and password to recover their seed phrase from ShapeShift’s servers.

According to ShapeShift, the app has a smooth UI (User Interface) and features a portfolio value graph displayed on the home page, similar to that of the crypto exchange, Robinhood. Other new features include biometric protection for wallets, access to clam staking yield on the app, and so on. However, the app only supports ShapeShift’s Native Wallet and WalletConnect, with integrations with MetaMask, Portis, and other wallets coming after launch.

 “This is a huge milestone in ShapeShift’s journey to complete decentralization,” said Willy Ogorzaly, Head of Decentralization for the Fox Foundation. “In addition to the numerous improvements and new features, the new mobile app is fully open source and the only backend is blockchain data一which we are actively working to decentralize with FOXChain. ShapeShift DAO is dedicated to building the best interface to the decentralized universe, and with new wallets, chains, and protocols being added each week, the vision is coming together.”

“ShapeShift-ing” to Full Decentralization

In July 2021, ShapeShift began its migration to become a fully decentralized autonomous organization (DAO). the company open-sourced its source code and distributed its governance tokens, FOX, in a bid to build a community-oriented project.

According to Early Bitcoin adopter and ShapeShift co-founder Erik Voorhees, DAOs are the future of money and finance.

ShapeShift subsequently launched its governance token, FOX, and distributed over 60 percent of its one billion FOX tokens to more than one million clients. It airdropped 25% of the FOX tokens in ShapeShift DAO’s treasury.

 The Evolution of DAOs

Over the past year, DAOs have become one of the most active sectors in crypto. There’s been a lot of DAOs since it was introduced into crypto, with different structures and purposes.

DAOs became a household name in crypto in November 2021 when ConstitutionDAO raised $45 million in ETH to buy a copy of the U.S. Constitution at auction. The DAO was fraught with challenges and later failed but it prompted traditional companies across the world also to consider it as an alternative way of structuring their organization.

The DAO movement has suffered a setback recently. In September 2021, The U.S. Commodities and Futures Trading Commission fined blockchain protocol bZeroX (later Ooki DAO) and founders Tom Bean and Kyle Kistner for violating CFTC regulations. The matter took an interesting turn when a  US Judge allowed LeXpunK and DEF to join Ooki DAO’s defense, ordering the (CFTC) to reconsider the court ruling.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.