Fox Foundation gradually relinquishes account ownership to Shapeshift DAO

Fox Foundation gradually relinquishes account ownership to Shapeshift DAO

A proposal to transfer ownership of some media accounts controlled by the Fox Foundation to Shapeshift DAO has been passed by the latter. Approximately 100% of the community was in support of the initiative.

The proposal, which seeks to hand over the administration of ShapeShift accounts under the Fox Foundation to trusted DAO members, was passed on Monday as part of efforts to “move the ShapeShift DAO towards complete self-sufficiency and eventually wind down the Fox Foundation.”

Fox Foundation was formed in May by ShapeShift’s centralized corporate brand, ShapeShift AG. The non-profit organization was created to support the ShapeShift DAO in achieving full decentralization, with plans to dissolve the entity and distribute the remaining funds to the ShapeShift DAO Treasury once this objective is achieved. Its charter includes maintaining the DAO’s centralized infrastructure, hosting servers, and paying bills in fiat currency.

With the proposal now approved, Fox Foundation will “create and fund a 1password account to store credentials” for several of the DAO’s accounts, including Twitter, Facebook, Instagram, Medium, YouTube, Notion, Fleek, WalletConnect, and others. On the flip side, the foundation will still retain control over the DAO’s Cloudflare, Apple App store, Google Play store, AWS, GoDaddy, TechGDPR, CoinGecko, Infura, and Autopilot accounts.

Access to the 1password account will be delegated to the signers of the DAO’s multisig, as well as workstream leaders with more than one year of tenure. While the foundation will retain access to paid accounts for billing purposes, it will hand over oversight and administrative roles. Meanwhile, trusted workstream leaders and multisig signers DAO would be financially responsible if changes are made without communication with the foundation.

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