Constitution DAO was an ambitious project that has now come to an end. In November 2021, a group of web3 enthusiasts formed a decentralized autonomous organization with the goal of purchasing a copy of the U.S. Constitution at a Sotheby's auction. Out of the 13 original copies of the U.S. Constitution, this particular auctioned copy attracted significant interest and competition. Despite the group's success in raising over $40 million in ETH, they ultimately couldn't outbid Ken Griffin, a billionaire hedge fund manager and CEO of Citadel.
Following the unsuccessful attempt to acquire one of the most significant and iconic American documents, Constitution DAO declared its disbandment. All donations are being returned.
Who Are the Founders of Constitution DAO?
Constitution DAO did not have a single founding figure but can be seen as an evolution of grassroots fundraising efforts similar to those that gave rise to meme coins like Dogecoin and Shiba Inu. In just a few days, the DAO managed to gather over $47 million from more than 17,000 donors, with the average donation being $206. This effort also sparked a viral movement on Twitter, with many supporting the DAO’s mission through memes. Among the key contributors were Brian Wagner and Liminal Warmth.
What Makes Constitution DAO Unique?
Constitution DAO represented another example of a grassroots movement on the internet challenging traditional establishment icons using cryptocurrencies. Much like the GameStop saga, Constitution DAO harnessed the collective power of online communities, coming tantalizingly close to making a historical impact.
The DAO's first tweet was sent out on November 12, just six days before the Sotheby's auction on November 18. This copy of the Constitution was the last privately-owned version, marking the first time in 33 years that such a copy was up for sale. Within hours, the DAO's Discord server rapidly grew to thousands of members, reaching 20,000 in just over a week.
The movement quickly gained traction on Crypto Twitter, fueled by Nicolas Cage memes inspired by a film where Cage attempts to steal the Constitution, and the crypto-centric (x,x) meme popularized by Olympus (OHM). The DAO received Ether donations through Juicebox, amassing over $47 million, which would have sufficed to succeed in the auction if not for unaccounted auction house fees and document storage costs. Ironically, Ken Griffin, known for his opposition to Bitcoin, won the auction.
Post-auction, Constitution DAO announced it would dissolve, as was planned from the outset in case of a failed bid. Citing technical and administrative reasons, they allowed donors to reclaim their contributions indefinitely via the project’s website.
How Many Constitution DAO (PEOPLE) Coins Are There in Circulation?
Since a DAO could not legally own the Constitution copy, contributors wouldn't have received fractional ownership. Instead, PEOPLE is a governance token designed to give holders voting rights on decisions regarding the display location of the Constitution, such as which museum would host the document.
How Is the Constitution DAO Network Secured?
Constitution DAO was a non-profit organization linked to the DAO's LLC, legally owned by two members of the DAO.
Where Can You Buy Constitution DAO (PEOPLE)?
PEOPLE is available for purchase on platforms like Uniswap (V3) and the 0x Protocol.
