Market Signal

What Is Constitution DAO (PEOPLE)?

[Constitution DAO] was an experiment that has now been dissolved. In November 2021, a group web3-enthusiasts gathered as a [decentralized autonomous organization] with the shared objective of buying a copy of the U.S. Constitution at a Sotheby’s Auction. There are only 13 original physical copies of the U.S Constitution in existence, which meant that this auction sparked a competitive bidding battle. Even though the group managed to raise well over $40 million in ETH, it ultimately fell short and was outbid by Ken Griffin, a billionaire hedge fund manager and CEO of Citadel.

Constitution DAO announced that it would disband after its unsuccessful grassroots attempt to buy one of the most valuable and iconic documents in U.S. history. All donations are being refunded.

Who Are the Founders of Constitution DAO?

Constitution DAO did not have a single source of origin, but can instead be seen as an evolution to the grassroots fundraising movements that led to the rise of meme coins like [Dogecoin] and [Shiba Inu]. The DAO raised more than $47 million from 17,000+ donors in just a few days, with a median donation size of $206. It also sparked a viral Twitter movement that cheered on the DAO’s efforts with memes. Key contributors to the DAO were [Brian Wagner] and [Liminal Warmth].

What Makes Constitution DAO Unique?

Constitution DAO was another instance of an internet-based grassroots movement taking on establishment symbols with the help of cryptocurrencies. Similar to what happened with [GameStop], Constitution DAO channeled the virtual power of the masses to only narrowly miss out on making real-world history.

The DAO published its first tweet on November 12, only six days before the Sotheby’s auction on November 18. The copy of the Constitution was the last remaining privately-owned copy, and the first time a copy of the Constitution went on sale in 33 years. Within hours, the DAO’s Discord server grew several thousand people strong and eventually reached 20,000 members within a little over a week.

Relying on a mix of Nicolas Cage memes, inspired by a movie in which Cage is trying to steal the Constitution, and the crypto-specific (x,x) meme first popularized by [Olympus (OHM)], the attempt quickly went viral on Crypto Twitter. The DAO used [Juicebox] to receive donations in Ether and collected a sum north of $47 million, which would have easily been enough to win the auction, had it not been for the auction house fees and storage costs for the document that were not accounted for by the DAO. Ironically, Ken Griffin, a declared opponent of Bitcoin, won the auction.

In the aftermath of this saga, Constitution DAO announced it would dissolve as it had planned in case of failure from the very beginning. It cited technical and administrative requirements as reasons for doing so, and donations can be reclaimed for an indefinite period of time via the project’s [website].

Related Pages:

Check out [Olympus (OHM)] — the origin of the (3,3) meme.

Check out [Curve DAO (CRV)] — the biggest stablecoin protocol in decentralized finance.

Read our [news bulletin about Constitution DAO losing the Sotheby's auction.]

Get the latest crypto news and latest trading insights with the [CoinMarketCap blog].

How Many Constitution DAO (PEOPLE) Coins Are There in Circulation?

Since a DAO could not own the copy of the Constitution, its contributors would not have received fractional ownership of the Constitution. Instead, PEOPLE is a governance token that would have given its owners voting rights over where the Constitution would have been placed, i.e., which museum would host the physical copy.

How Is the Constitution DAO Network Secured?

Constitution DAO was a non-profit connected to the DAO’s LLC that was legally owned by two of the DAO’s members.