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ConstitutionDAO (PEOPLE)

Constitution DAO emerged as an experimental decentralized autonomous organization (DAO) in November 2021, uniting a collective of web3 enthusiasts who sought to jointly acquire 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 triggered intense competition. Despite the group's commendable effort in raising over $40 million in ETH, their aspirations were ultimately thwarted when billionaire hedge fund manager and Citadel CEO, Ken Griffin, outbid them.

The grassroots movement of Constitution DAO, driven by the shared goal of securing one of the most invaluable and iconic documents in U.S. history, faced disappointment as their bid fell short. In light of the unsuccessful endeavor, Constitution DAO officially announced its dissolution. The organization expressed its gratitude to the supporters who contributed funds but clarified that all donations would be promptly refunded. The dissolution marked the end of the unique experiment and highlighted the challenges inherent in decentralized collective decision-making processes, particularly in high-stakes endeavors like acquiring historically significant artifacts.

Founders

Constitution DAO did not originate from a single entity but rather evolved as a manifestation of the grassroots fundraising movements that paved the way for the emergence of meme coins such as Dogecoin and Shiba Inu. In a span of just a few days, this decentralized autonomous organization (DAO) successfully garnered over $47 million from a diverse pool of more than 17,000 donors, with the median donation size amounting to $206. The fundraising effort gained widespread attention, triggering a viral movement on Twitter where supporters enthusiastically cheered on Constitution DAO through the creation and sharing of memes. Notable contributors to the DAO included individuals such as Brian Wagner and Liminal Warmth, who played key roles in advancing the collective cause.

This decentralized and community-driven approach marked a departure from traditional fundraising methods and exemplified the power of collective action in the crypto space. The rapid and substantial influx of funds underscored the potential of DAOs to mobilize and rally support for specific objectives within the decentralized finance (DeFi) landscape.

What makes Constitution DAO Unique?

Constitution DAO stands as another example of an internet-driven grassroots movement leveraging cryptocurrencies to challenge established symbols, echoing the dynamics observed with GameStop. Much like the GameStop saga, Constitution DAO harnessed the collective influence of online communities, narrowly missing the opportunity to make a historic real-world impact.

The DAO made its debut on November 12, a mere six days before the Sotheby’s auction on November 18, where the last privately owned copy of the Constitution was up for sale – the first such occurrence in 33 years. The DAO's Discord server rapidly expanded within hours, attracting thousands of members and eventually reaching a sizable community of 20,000 within just over a week.

Fueling its momentum with Nicolas Cage memes inspired by a film in which Cage attempts to steal the Constitution, and the crypto-specific (x,x) meme popularized by Olympus (OHM), the initiative quickly gained traction on Crypto Twitter. Utilizing Juicebox to receive Ether donations, the DAO amassed over $47 million, a sum that would have secured victory in the auction, had it not been for unaccounted-for auction house fees and document storage costs. Ironically, the auction was won by Ken Griffin, a known critic of Bitcoin.

In the aftermath, Constitution DAO adhered to its pre-established dissolution plan in case of failure, citing technical and administrative complexities. Donors have the opportunity to reclaim their contributions for an indefinite period through the project's website.

Network Security

Constitution DAO, a non-profit entity associated with the DAO's LLC, was legally owned by two of the DAO's members. The decentralized autonomous organization, formed to collectively bid on a copy of the U.S. Constitution at a Sotheby’s Auction, garnered widespread attention but ultimately disbanded after falling short in the competitive bidding process.

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