Shapeshift gone decentralized?

[Abiky]

It looks like the good-old Shapeshift gave up by announcing its decision to become a fully-decentralized instant exchange. FOX tokens are being distributed to certain ETH addresses in order to bring the masses into the platform itself. I wonder how Shapeshift will be able to stay in business with a decentralized model? It's going to have to compete with existing AMM platforms like Uniswap and PancakeSwap which have greater liquidity and a wider audience. I'm guessing the new ShapeShift will be built on Ethereum, but we won't know exactly how the platform will turn out to be until launch. It would be best to make it a multi-chain decentralized exchange so that it could leverage the benefits of other blockchain networks (like instant transactions and dirt-cheap fees). No matter how developers decide to build the new platform, they're going to have to provide innovation or be left out of the game. I seriously doubt Shapeshift will gain traction especially with the aforementioned AMMs platforms in play.

What do you think about the new Shapeshift? Is decentralization the best path for it to take? Do you think it will be able to compete directly with Uniswap, PancakeSwap or SushiSwap? If not, why? How do you think Shapeshift will generate revenue with a decentralized model? Your input will be greatly appreciated. Thank you very much.

[Cryptomiles1]

It looks like the good-old Shapeshift gave up by announcing its decision to become a fully-decentralized instant exchange. FOX tokens are being distributed to certain ETH addresses in order to bring the masses into the platform itself.

i want to know something here, those wallet they distributed FOX token were only address associated with their exchange or has already gain the token before they could receive?

please don't be mad at me.

[joniboini]

i want to know something here, those wallet they distributed FOX token were only address associated with their exchange or has already gain the token before they could receive?

They explain the distribution here: https://shapeshift.com/shapeshift-decentralize-airdrop. In short, most of the airdrop is for their platform users (which is not surprising), while the rest are for others who use ETH defi ecosystem such as Uniswap, Sushi, etc.

I think the fact that they decided to be a decentralized project is one of the proofs that suggests they're not running that well. So this switch might be the best thing for them. Whether they can compete or not, will be decided by the market. Even if they fail, I don't think the impact would be that huge. If anything, the team should be the one to think about this.

[jrrsparkles]

It feels like they are falling apart that is why trying to bring traffic by announcing airdrop tokens but in reality FOX tokens doesn't have enough liquidity like UNI or other decentralized exchange promotion.

[livingfree]

It feels like they are falling apart that is why trying to bring traffic by announcing airdrop tokens but in reality FOX tokens doesn't have enough liquidity like UNI or other decentralized exchange promotion.

That's one reason.

Before, they're one of the market's biggest exchange and now that they have to come up with a strategy to take back the traffic and their users.

They're making themselves competitive again through this type of marketing through airdrops because it seems to be effective.

[MFahad]

It feels like they are falling apart that is why trying to bring traffic by announcing airdrop tokens but in reality FOX tokens doesn't have enough liquidity like UNI or other decentralized exchange promotion.

That's one reason.

Before, they're one of the market's biggest exchange and now that they have to come up with a strategy to take back the traffic and their users.

They're making themselves competitive again through this type of marketing through airdrops because it seems to be effective.

By using the words like "fully-decentralized instant exchange", doesn't mean that they are fully decentralized. If you analyze it properly, its just a marketing strategy to buy back their reputation and make popular at least for some time.

[livingfree]

It feels like they are falling apart that is why trying to bring traffic by announcing airdrop tokens but in reality FOX tokens doesn't have enough liquidity like UNI or other decentralized exchange promotion.

That's one reason.

Before, they're one of the market's biggest exchange and now that they have to come up with a strategy to take back the traffic and their users.

They're making themselves competitive again through this type of marketing through airdrops because it seems to be effective.

By using the words like "fully-decentralized instant exchange", doesn't mean that they are fully decentralized. If you analyze it properly, its just a marketing strategy to buy back their reputation and make popular at least for some time.

They can claim what they want.

I'm only talking about their proclamation since they've been one of the best in the market before. And what they're doing about the airdrops, it's a type of marketing.

Since they're likely coming back with the huge market that they've missed for the past years which should be staying on them.

[FloridaKid]

It looks like the good-old Shapeshift gave up by announcing its decision to become a fully-decentralized instant exchange. FOX tokens are being distributed to certain ETH addresses in order to bring the masses into the platform itself.

i want to know something here, those wallet they distributed FOX token were only address associated with their exchange or has already gain the token before they could receive?

please don't be mad at me.

They don't received, they have to claim the tokens themselves first, the thing is if you've swap ETH with your address through shapeshift in the past years you are eligible to claim FOX tokens free, I used shapeshift alot in 2016 that's why I was eligible

[jrrsparkles]

It feels like they are falling apart that is why trying to bring traffic by announcing airdrop tokens but in reality FOX tokens doesn't have enough liquidity like UNI or other decentralized exchange promotion.

That's one reason.

Before, they're one of the market's biggest exchange and now that they have to come up with a strategy to take back the traffic and their users.

They're making themselves competitive again through this type of marketing through airdrops because it seems to be effective.

I don't think these airdrops will work for them because they are not traditional exchange so their fee structure is comparatively high meanwhile they also kyc exchange so no one is going to avail their service regularly. If they want to bring back the customers then they have to either remove KYC policy or reduce their fee structure.

[Abiky]

They explain the distribution here: https://shapeshift.com/shapeshift-decentralize-airdrop. In short, most of the airdrop is for their platform users (which is not surprising), while the rest are for others who use ETH defi ecosystem such as Uniswap, Sushi, etc.

I think the fact that they decided to be a decentralized project is one of the proofs that suggests they're not running that well. So this switch might be the best thing for them. Whether they can compete or not, will be decided by the market. Even if they fail, I don't think the impact would be that huge. If anything, the team should be the one to think about this.

I've never used Shapeshift in my life, but my ETH address was still eligible for the airdrop. It's probably because of my participation in Uniswap since the beginning of the year. The fact that Shapeshift went from being a centralized exchange to a decentralized one tell us that it wasn't that much of a success as one would thought it would be. I wonder how the Shapeshift team will be able to make money by decentralizing everything? The move could be related to regulatory pressure from mainstream governments. By becoming decentralized, Shapeshift would become "immune" from government regulations. At least, that's the way I see it. But I could be wrong.

Now it's a matter of time before Shapeshift competes directly with already-established platforms like Uniswap and PancakeSwap. The team needs to give their all in order to make the project a success. Otherwise, it'll go down the drain as its competitors gain traction in the mainstream world. Uniswap is the biggest decentralized exchange in the world right now, so I doubt Shapeshift will be able to challenge it in the future. I wouldn't worry about this since the more decentralized exchanges there are, the more crypto/Blockchain tech will be able accessible to everyone. Just my thoughts