ConsitutionDAO to shut down after failing to purchase the US
ConsitutionDAO to shut down after failing to purchase the US constitution
ConstitutionDAO, a decentralized autonomous organization that was gunning for the US Constitution, will be calling it quits after failing to purchase a rare copy of the document at Sotheby’s auction house last week.
Despite failing to fulfill its primary mission, organizers believe that the DAO “still made history” in its attempt to rally the decentralized community to buy the historic document. According to them, their efforts “have educated an entire cohort of people around the world — from museum curators and art directors to our grandmothers asking us what ETH is when they read about us in the news.”
ConstitutionDAO was able to raise $48.9 million from over 17,000 people to buy the Constitution. However, it lost the bid to hedge fund billionaire Kenneth Griffin.
According to Graham (NYSE:) Novak, a ConstitutionDAO organizer, “the community has taken all actions that it was organized to accomplish.” Consequently, the group has announced that it will be shutting down.
How about the funds raised?Well, the big question remains what will happen to the almost $49 million that has been raised. Although there were discussions on keeping the project running and shifting focus to a new idea or organization, the group’s primary purpose was to win the US Constitution.
“Ultimately, we’ve come to the decision that continuing on without the unifying mission of buying the constitution, setting up more official governance and embarking on a new chapter is not something that we as a core team are able to support,” the team said in a tweet.
Moving forward, the DAO has promised to return the donations back to its community. However, some members are concerned about how much would be returned.
For clarity, the donations are being held in a multi-signature wallet that is controlled by 13 “core contributors” to ConstitutionDAO. Nine out of the 13 contributors are required to sign a transaction before any funds can be transferred. The same method will be used to return the funds.
After careful consideration of feedback given by our community members and partners, we’ve decided to issue donation refunds through the same Juicebox mechanism by which donations were originally collected, rather than attempting to immediately launch a new governance plan and token at the same time as the refund.
This may not be as simple as it seems as there are already accusations floating around. On Sunday, Nike (NYSE:) Bax accused the core contributors of “making internal decisions that are causing insane volatility.”
@ConstitutionDAO core team is either incompetent or malicious. They’re making internal decisions that are causing insane volatility. The type that insiders could easily trade on. Anybody know an on-chain analyst who knows what to look for? https://t.co/V8dAxTeHOS pic.twitter.com/afQu1tKmkL
— Nick Bax (@bax1337) November 22, 2021
Bax goes further to explain…
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