In an unprecedented fusion of cryptocurrency and civic engagement, ConstitutionDAO emerged in November 2021 as a decentralized autonomous organization aiming to purchase a rare copy of the U.S. Constitution. This collective effort, comprised of web3 enthusiasts, rapidly garnered over $40 million in ETH from more than 17,000 contributors. The initiative captivated the internet, driving a viral movement fueled by memes and social media buzz. However, despite the overwhelming support, ConstitutionDAO fell short, losing the auction to billionaire Ken Griffin. The DAO announced its dissolution shortly after, leaving behind a legacy of what could have been a groundbreaking moment for decentralized communities.

What Is ConstitutionDAO (PEOPLE)?

ConstitutionDAO was an experimental project that has since been dissolved. In November 2021, a group of web3 enthusiasts came together to form a decentralized autonomous organization with the shared goal of purchasing a copy of the U.S. Constitution at a Sotheby’s Auction. With only 13 original physical copies of the U.S. Constitution in existence, the auction sparked a competitive bidding war. Despite raising well over $40 million in ETH, ConstitutionDAO ultimately fell short and was outbid by Ken Griffin, a billionaire hedge fund manager and CEO of Citadel.

Following the unsuccessful attempt, ConstitutionDAO announced its dissolution. All donations are being refunded to contributors, marking the end of this grassroots effort to acquire one of the most iconic documents in U.S. history.

Who Are the Founders of ConstitutionDAO?

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

What Makes ConstitutionDAO Unique?

ConstitutionDAO was another instance of an internet-based grassroots movement taking on establishment symbols with the help of cryptocurrencies. Similar to the GameStop saga, ConstitutionDAO channeled the virtual power of the masses to narrowly miss out on making real-world history.

The DAO published its first tweet on November 12, just 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 had gone on sale in 33 years. Within hours, the DAO’s Discord server grew to several thousand members, eventually reaching 20,000 members in just over a week.

Relying on a mix of Nicolas Cage memes, inspired by a movie in which Cage tries to steal the Constitution, and the crypto-specific (x,x) meme popularized by Olympus (OHM), the attempt quickly went viral on Crypto Twitter. The DAO used Juicebox to receive donations in Ether, collecting a sum north of $47 million. This amount would have been sufficient to win the auction if not 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, ConstitutionDAO 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 via the project’s website.

How Many ConstitutionDAO (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 ConstitutionDAO Network Secured?

ConstitutionDAO was a non-profit connected to the DAO’s LLC, which was legally owned by two of the DAO’s members. This structure ensured that the project operated within legal boundaries while maintaining its decentralized ethos.

Where Can You Buy ConstitutionDAO (PEOPLE)?

PEOPLE is available on Uniswap (V3) and 0x Protocol. These platforms allow users to trade PEOPLE tokens in a decentralized manner, adhering to the principles of the DAO.

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 ConstitutionDAO losing the Sotheby's auction.
• Get the latest crypto news and trading insights with CoinMarketCap Alexandria.

Market Data for ConstitutionDAO (PEOPLE)

• Current Price: $0.0484
• Market Cap: $244,859,502.60
• 24h Price Change: -7.67%
• 7d Price Change: -4.58%
• 30d Price Change: 73.31%
• 24h High: $0.0524
• 24h Low: $0.0479
• All-Time High: $0.1852 (2021-12-23T05:53:07.000Z)
• All-Time Low: $0.0007 (2021-11-21T11:31:07.000Z)
• Circulating Supply: 5,060,137,334.70
• Total Supply: 5,060,137,334.70

The Legacy of ConstitutionDAO

ConstitutionDAO’s journey, though short-lived, left an indelible mark on the world of decentralized finance and community-driven projects. The initiative demonstrated the power of collective action in the digital age, showing how quickly and effectively a group of like-minded individuals could mobilize resources for a common cause.

While the project ultimately did not achieve its goal, it provided valuable lessons for future DAOs and decentralized projects. The rapid fundraising, viral marketing, and community engagement strategies employed by ConstitutionDAO set a precedent for how such initiatives can be organized and executed.

Lessons Learned from Constitution