July 16, 2024

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Shapeshift has now created a new open-source app to which users will have to migrate, to take additional steps into complete decentralization. 

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On Wednesday, noncustodial crypto exchange and decentralized autonomous organization (DAO), Shapeshift, announced the launch of its new open-source mobile application to move fully into decentralization.

According to Shapeshift, this new move would enhance user mobility, and in addition, provide an authentic DeFi universe experience for its users, as well as also offer additional flexibility, mobility, and features when interacting through the wallet and trading crypto on the platform.

Willy Orgorzaly, head administrator for Fox Foundation, stated that the mobile app is fully ‘’open source’’ and that the only backend is ‘’blockchain data,” — which is also advancing into the process of being truly decentralized.

In addition, to go fully decentralized, Shapeshift has provided users with more options for crypto asset services such as investing and managing crypto assets. It has also vowed that it will permanently erase all users’ data once the company’s centralized infrastructure has completely worn out.  

Notably, this news comes after the organization transitioned into a DAO last year as a part of a broader assurance of its aims to decentralize its operations.

Founded in 2014, Shapeshift started as a DAO and eventually evolved into a community-owned and governed crypto platform. The platform aims to be the pathway into a borderless financial system, and an open-source self-custody crypto platform that will enable individuals to achieve financial sovereignty.

Speaking of DAO, Binance is now ranked as the second largest voting power in Uniswap DAO (after mega Venture capital firm Andreessen Horowitz 16z) with its latest delegation of 13 million UNI tokens to Uniswap DAO. As reported by Blockchain.News, Binance holds 5.9% voting power against the 6.7% commanded by a16z.

Image source: Shutterstock



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