Article Summary, Automatically Generated By AI
Summary of Constitution DAO
Key Points
- Constitution DAO was a decentralized autonomous organization that aimed to buy a copy of the U.S. Constitution at a Sotheby’s auction in 2021.
- The DAO raised over $40 million in ETH but was outbid by Ken Griffin, a billionaire hedge fund manager.
- The DAO was dissolved after the unsuccessful attempt, and all donations were refunded.
- The DAO had no single founder, but key contributors included Brian Wagner and Liminal Warmth.
- The DAO’s uniqueness lay in its grassroots movement, using cryptocurrencies and internet power to challenge establishment symbols.
Numbers and Figures
- $40 million: Amount
About ConstitutionDAO: A Beacon of Decentralized Governance
Introducing Constitution DAO (PEOPLE): A Revolutionary Governance Model
Constitution DAO, a pioneering experiment, has now been dissolved. In November 2021, a collective of web3 visionaries coalesced as a decentralized autonomous organization, united by a shared ambition: to acquire a rare copy of the U.S. Constitution at a Sotheby’s auction. With only 13 original physical copies of the U.S. Constitution in existence, this auction ignited a fiercely competitive bidding war. Despite successfully raising over $40 million in ETH, the group ultimately fell short, outbid by Ken Griffin, a billionaire hedge fund manager and CEO of Citadel.
Constitution DAO has announced its dissolution following an unsuccessful grassroots endeavour to acquire one of the most valuable and iconic documents in U.S. history. As a consequence, all donations are being reimbursed.
The Visionaries Behind Constitution DAO: Unveiling the Founding Team
Constitution DAO’s genesis was not attributed to a single source, but rather emerged as a natural progression of the grassroots fundraising movements that propelled meme coins like Dogecoin and Shiba Inu to prominence. In a remarkable display of collective enthusiasm, the DAO amassed over $47 million in donations from more than 17,000 contributors in a remarkably brief span of just a few days, with a median donation size of $206. Furthermore, it sparked a viral Twitter phenomenon, with a deluge of memes enthusiastically endorsing the DAO’s endeavors. Notable contributors to the DAO included Brian Wagner and Liminal Warmth.
Unveiling the Unparalleled Constitution DAO: A Beacon of Innovation
In a remarkable display of digital defiance, Constitution DAO exemplified an internet-driven grassroots movement that leveraged the power of cryptocurrencies to challenge traditional institutions. Echoing the GameStop phenomenon, Constitution DAO harnessed the collective virtual might of the masses, only just falling short of rewriting real-world history.
The DAO broke its silence on November 12, mere days ahead of the highly anticipated Sotheby’s auction on November 18, with its inaugural tweet. The rare copy of the Constitution, the last remaining privately-owned edition, marked the first time this national treasure had been put up for sale in 33 years. In a remarkable display of fervor, the DAO’s Discord server swelled to several thousand members within hours, ultimately surpassing 20,000 enthusiasts in a span of just over a week.
By leveraging a blend of Nicolas Cage memes, inspired by a film in which Cage attempts to pilfer the Constitution, and the crypto-specific (x,x) meme popularized by Olympus (OHM), the endeavor rapidly went viral on Crypto Twitter. The DAO utilized Juicebox to receive Ether-based donations, amassing a staggering sum exceeding $47 million, which would have comfortably secured the auction’s top bid, were it not for the unforeseen auction house fees and storage costs for the document, overlooked by the DAO. Ironically, Ken Griffin, a self-proclaimed Bitcoin skeptic, ultimately emerged victorious in the auction.
In the aftermath of this saga, Constitution DAO announced its dissolution, a contingency plan it had established from the outset in the event of failure. The organization cited technical and administrative requirements as the primary reasons for this decision, and has facilitated a refund process, allowing donors to reclaim their contributions via the project’s website for an indefinite period.
What Is the Circulating Supply of Constitution DAO (PEOPLE) Coins?
Notably, a DAO cannot possess a copy of the Constitution, which means its contributors would not have acquired fractional ownership of the document. Instead, PEOPLE serves as a governance token, granting its holders voting privileges to determine the physical location of the Constitution, specifically, the museum that would host the esteemed document.
The Constitution DAO Network’s Security Framework: A Robust Defense Mechanism
The Constitution DAO was a non-profit entity affiliated with the DAO’s LLC, which was legally owned by two members of the DAO.
Where to Acquire Constitution DAO (PEOPLE) Tokens
PEOPLE is now accessible on prominent decentralized exchanges, including Uniswap (V3) and 0x Protocol, ensuring seamless trading experiences.
Associated Resources:
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Discover Curve DAO (CRV), the premier stablecoin protocol in the decentralized finance landscape.
Peruse our latest news bulletin, detailing the disappointing outcome of Constitution DAO’s bid at the esteemed Sotheby’s auction.
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