The investment was made in FOX Success Tokens
Venture firms Coinbase Ventures and Chapter One have invested in ShapeShift's governance token FOX through ShapeShift's recently minted FOX Success Tokens. A solution developed by UMA that enables DAOs to raise funds from long-term strategic investors. Success Tokens allow investors to earn more tokens when a specific goal is achieved. A total of 1,764,482.25 Fox Success Tokens were sold to investors and the vesting period for Success Tokens ends on March 1, 2024.“We’re excited to back ShapeShift as an investment in a pre-existing DAO pioneering the decentralized, non-custodial cryptocurrency market,” said Menelaos Mazarakis, investor and head of product, Chapter One.The strike price for the Fox Success Token is $0.8 FOX /USD, and each Success Token is backed by 2 FOX . If FOX is worth less than $0.8 at expiration, each Success Token is worth only 1 FOX, but if it is worth more than $0.8, each Success Token is worth 1 FOX + (expiry FOX/USD price - 0.8)/expiry price. Success Tokens uses UMA's Optimistic Oracle, which provides DAO treasury management the tools and flexibility to query and rely on accurate data.
What is ShapeShift?
ShapeShift was a centralized cryptocurrency exchange founded in 2014 by Erik Voorhees. However, in July, ShapeShift transformed into a decentralized autonomous organization (DAO) and distributed FOX tokens to over 900,000 users to incentivize participation in governance.The platform offers users the ability to interact with digital assets across multiple chains to track, trade, and earn returns through a dashboard. Since its relaunch as DAO, ShapeShift has announced a growing number of DeFi opportunities for FOX Token holders.
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