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Here's what is happening to ConstitutionDAO and the $40M Raised to Buy the Constitution


coingape.com 24 November 2021 12:38, UTC
Reading time: ~4 m

The latest update about the decentralized organization, ConstitutionDAO has unveiled the closure of the platform given its former loss, and current lack of another “unifying mission”. Last week, ConstitutionDAO lost its goal to buy the copy of the US Consitution for which it has raised over $40 million from thousands of investors.

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.

— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) November 23, 2021

ConstitutionDAO Does Not Plan on Taking Up More Projects

The group took to Twitter to announce the shutdown, with the reasoning that the team is unwilling to continue without the “unifying mission” of trying to buy the copy of the Constitution, which would involve setting up more official governance and redirecting.

ConstitutionDAO’s core team confirmed the closure, noting that the building and maintaining of an ongoing project requires a proper technical and administrative oversight and that is something the team is unable to pull off yet again, confirming that the platform and project, both have “run its course.” However, they applauded the community’s efforts and asserted that ConstitutionDAO has proved the unity of the decentralized sphere, levying the project as “a landmark event”.

“This was taking into account the technical and administrative requirements of trying to embark on a new chapter properly. Given this, we believe this project has run its course, as we as a community have accomplished what we set out to do…This project was a landmark event. We made history and showed the entire world that a group of internet friends can use the power of web3 to face a seemingly insurmountable goal and achieve incredible results on an impossible timeline”, the group noted in its Twitter thread.

ConstitutionDAO Lost to this Billionaire

ConstitutionDAO lost the bid in the auction on Sotheby’s platform, to a Chicago hedge-fund billionaire and Citadel CEO, Kenneth Griffin. His bid of $43.2 million won him the first-edition copy of the U.S. Constitution last week. While on one hand, ConstitutionDAO said to distribute government tokens to the contributors if they would’ve won, on the other hand, Griffin intends to lend the copy of the US constitution to the Crystal Bridges Museum of American Art in Bentonville, Ark. to ensure mass accessibility of this sacred piece of document, where it can be viewed and appreciated by the people.

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