What is ConstitutionDAO?
ConstitutionDAO, an experimental initiative, has now concluded its operations. Back in November 2021, a community of web3 enthusiasts came together as a decentralized autonomous organization, aiming to collectively purchase a copy of the U.S. Constitution from a Sotheby's Auction. With only 13 original physical copies of the U.S. Constitution in existence, the auction ignited an intense competitive bidding war.
Despite successfully raising over $40 million in ETH, the group ultimately fell short in securing the constitution as they were outbid by Ken Griffin, a billionaire hedge fund manager and the CEO of Citadel.
In light of its unsuccessful grassroots endeavor to acquire one of the most cherished and historic documents in U.S. history, Constitution DAO has officially declared its disbandment. All contributions made are currently in the process of being refunded.
Recent Video Interview
Main points of the interview:
- Graham Novak reflects on the creation of Constitution DAO.
- The necessity of a forced timeline, leading to heightened excitement and rapid decision-making.
- Advocating for gradual decentralization and quadratic voting.
- Novak shares the diverse motivations of contributors and underscores the power of decentralization.
ConstitutionDAO Team Background
ConstitutionDAO's origins were not rooted in a singular source; rather, it can be perceived as a progression from the grassroots fundraising initiatives that paved the way for the emergence of meme coins like Dogecoin and Shiba Inu. Within a brief span, the DAO managed to amass over $47 million from a pool of 17,000+ contributors, showcasing a median donation of $206. Additionally, it ignited a contagious movement on Twitter, where memes were used to enthusiastically support the DAO's undertakings. Noteworthy individuals who played significant roles in the DAO included Brian Wagner and Liminal Warmth.
ConstitutionDAO Price Analysis
As of November 24 2024 ConstitutionDAO has a marketcap of $330M.
This is {{percentagefromath}} from its all time high of $0.185022.
In terms of its tokenomics, there's a total supply of 5.1B with 100% currently outstanding.
Keep in mind ConstitutionDAO has a fully diluted value of $330M which many investors might interpret as overvalued.
Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.
Summarized in part by ChatGPT 4 and Claude
