Available ERC20 Swap pairs:
- PEOPLE/USDT (TRC20)
- PEOPLE/USDT (ERC20)
- PEOPLE/BNB (BEP2)
- PEOPLE/BNB (BEP20)
- PEOPLE/BUSD (BEP2)
- PEOPLE/BUSD (BEP20)
What Is ConstitutionDAO (PEOPLE)?
A DAO experiment called Constitution has now been dissolved. In November 2021, a group of web3-enthusiasts formed an autonomous decentralized organization to buy a copy of the US Constitution at a Sotheby’s auction.
Due to the limited number of original copies in existence, this auction began a competitive bidding war. Despite raising more than $40 million in ETH, the group ultimately fell short and was outbid by Ken Griffin, a billionaire hedge fund manager and CEO of Citadel.
After failing in its grassroots attempt to purchase one of the most valuable and iconic documents in American history, the Constitution DAO announced it would disband. It is reimbursing all donations.
There is no single source of origin for Constitution DAO, but rather it is a result of grassroots campaigns like Dogecoin and Shiba Inu that contributed to the rise of meme coins. With a median donation of $206, the DAO raised more than $47 million in just a few days from 17,000+ donors. The DAO’s efforts with memes also sparked a viral Twitter movement. Brian Wagner and Liminal Warmth contributed significantly to the DAO.
The Constitution DAO was another example of a grassroots movement using cryptocurrency to challenge establishment symbols. Constitution DAO narrowly missed making history by channeling the virtual power of the masses. That was similar to the story of GameStop.
Six days before the Sotheby’s auction on November 18, the DAO published its first tweet on November 12. Purchasing the Constitution was the first time in 33 years that a copy of the Constitution had gone on sale, and it was the last privately-held copy. Within a week, the DAO’s Discord server had grown to 20,000 members and was growing every hour.
Using a combination of Nicolas Cage memes that were inspired by a movie in which Cage steals the Constitution, as well as the crypto-specific (x,x) meme first popularized by Olympus (OHM), the attempt went viral on Crypto Twitter. As a result of using Juicebox to receive donations in Ether, the DAO received more than $47 million, which would have easily seen the DAO 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. The auction was won ironically by Ken Griffin, someone who is opposed to Bitcoin.
The Constitution DAO announced after this saga that it would dissolve in the event of failure, as it had planned from the beginning. Donations can be reclaimed indefinitely via the project’s website, and it cited technical and administrative requirements as reasons for doing so.
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