Saturday, June 25, 2022
HomeCrypto NewsAfter losing the bid for Constitution

After losing the bid for Constitution

, ConstitutionDAO will be shut down

The organizers behind ConstitutionDAO have decided to shut the group down after raising $47 million in cryptocurrency and then failing to win an auction for a rare copy of the US Constitution.

Several members of ConstitutionDAO expressed their hope that the group could continue to exist, even though they had an alternative goal due to the fact that there are no copies of the Constitution for sale. The group leaders originally proposed launching a new token called We The People tokens for members who want to participate in the continuation of the group. However, they later backedtracked and said that they needed to give it more thought. It wasn’t clear what the group would focus on if they decided to continue.

Now that the auction is over, group organizers have announced that they will shut down ConstitutionDAO permanently. Graham Novak, a ConstitutionDAO organizer wrote in the group’s Discord that “the community has taken all actions it was organized for to accomplish.” For the next two weeks, Discord will be available. After that, it will shift to a read-only mode.

” We have concluded that maintaining and building an ongoing project is not something we, as a core team, are capable of supporting due to the technical and administrative requirements for doing it correctly,” Novak wrote. Novak stated that there is no time limit on the amount of refunds available for Ether contributors to the auction.

Organizers didn’t say how much money has been returned via refunds yet, but there’s been concern that contributors may get back much less than they put in. Even for simple tasks like sending money to another party, gas fees (the transaction fee) are quite high. Someone who sends money to ConstitutionDAO but now asks for it back might find that they have a lot less than before.

Novak called ConstitutionDAO a “landmark” event that demonstrated the power of web3. The group tried to win an early copy of the US Constitution at Sotheby’s auction. The group ultimately lost to Ken Griffin, a billionaire hedge fund CEO, who bought the document for $43 million. Later, ConstitutionDAO organizers stated that spending more money would have made it too difficult to care for the document.

” “It is our sincere wish that this project will spark many other,” Novak writes.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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