Fox Foundation Forgives DAO Line of Credit and Returns FOX Collateral

Tokenomics
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Following approval by the Fox Foundation Board, the Foundation has forgiven the outstanding balance of the USDC line of credit previously extended to ShapeShift DAO.

As part of this action, the Foundation has returned 33,364,214.915149655 FOX to the DAO treasury. This fully settles the line of credit and removes any remaining collateral or obligations associated with the facility. The Foundation determined that forgiving the loan and returning the collateral best supports the DAO’s long-term sustainability, decentralization, and governance autonomy, consistent with the Foundation’s mission.

Transaction hash: Ethereum Transaction Hash: 0xd69911298f... | Etherscan

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Previous context: [SCP-142] Request a loan of up to $1 million worth of USDC from the Fox Foundation

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This is important news for the DAO. Thank you for the update!

Thanks goes out to the Foundation for their long standing support of the DAO, and making this decision.

g

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Wonderful news.

Thanks 0xean for this update!

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:saluting_face: thank you, yet again, for your service and support at the Foundation @0xean

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Excellent news! Thanks to the Foundation for their renewed support to the DAO.

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