- ConstitutionDAO raised over $45 million from donors to buy a first-edition copy of the U.S. constitution.
- The DAO failed to win the auction and announced it was going to refund contributors.
- Since the DAO closed on November 23, its PEOPLE token has risen nearly 4,000% to a new all-time high of $0.16.
ConstitutionDAO formed on Zoom on November 11 when a group of crypto acolytes banded together to raise funds to purchase a first-edition copy of the US constitution that was being auctioned through Sotheby’s on November 19.
Several analysts estimated that the total amount of gas fees paid by contributors to the DAO was somewhere around the million dollar mark.
Days later, the DAO announced it was shutting up shop and said that contributors can claim their Ethereum refunds in return for the PEOPLE tokens they were issued with when they contributed. At the time of closure, PEOPLE was worth about $0.004, according to data from CoinMarketCap.
Returned PEOPLE tokens are burned, contracting the supply and driving the price upwards. Data from Dune Analytics shows that 55.28% of the total supply of 4,565,078,206 PEOPLE tokens has been returned at the time of writing.
However, the refund isn’t exactly going smoothly. Just as users had to suffer high gas fees to contribute their Ethereum to the pool, they’re now facing a symmetrical situation now as they have to pay gas fees again to receive the refund.
ConstitutionDAO may have flopped after a phenomenal fundraising, but clearly the value of PEOPLE is still increasing. Yesterday, crypto exchange OKEx announced that it is listing the token, as it has now “become a community-owned token.”
Looks like ConstitutionDAO’s failure was the best thing that could have happened to PEOPLE.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.