ConstitutionDAO (PEOPLE)

ConstitutionDAO (PEOPLE) - The token that was created to support the purchase of a manuscript of the Political Constitution of the United States.

Explorador Documentación Técnica

ConstitutionDAO (PEOPLE) was created to finance the purchase of a manuscript of the U.S. Constitution.
Despite having other tasks, the token went on to increase in value by 800%.
Although the DAO did not achieve its goal, in less than 72 hours it managed to raise almost $47 million from its investors and participants.

Key Metrics ConstitutionDAO (PEOPLE)

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What is ConstitutionDAO (PEOPLE)?

ConstitutionDAO (PEOPLE) is a token that was originally created as a DAO for the purchase of a copy of the first political constitution of the United States of America.

Unfortunately, the main purpose of the cryptocurrency was not achieved, as despite the great support from cryptocurrency holders, it failed to achieve the amount of 47 million USD, the amount at which the copua was auctioned through the renowned auction house Sotheby's.

Following this turnaround, ConstitutionDAO faced the challenge of repaying its investors. It proposed repaying funds by exchanging PEOPLE tokens for ETH, replicating the initial contribution method. However, Ethereum's gas tariffs presented a hurdle for many, making it difficult to recoup their investments.

Faced with this situation, ConstitutionDAO offered alternatives. One of them was the possibility of retaining PEOPLE tokens, clarifying that these did not confer governance or utility rights. In addition, they announced the future issuance of a new governance token, "We The People" (WTP), exchangeable for PEOPLE tokens. This news boosted the value of PEOPLE, as investors started acquiring them in secondary markets with a view to obtaining WTP.

For that reason, we can find ConstitutionDAO (PEOPLE) on many cryptocurrency exchanges, as the token has been appreciating in value in recent months.

ConstitutionDAO (PEOPLE): What makes you different and why invest?

In the dynamic world of cryptocurrencies, an eye-catching project has risen to prominence: PEOPLE, the token created by ConstitutionDAO. This Decentralized Autonomous Organization (DAO) launched PEOPLE with an ambitious goal: funding the acquisition of a historic copy of the U.S. Constitution.

The initiative captured the attention of approximately 17,500 investors, who contributed funds by exchanging Ethereum (ETH) for PEOPLE tokens. This initial exchange was at a ratio of 1 ETH for 1,000,000 PEOPLE, using the crowdfunding platform Juicebox.

ConstitutionDAO emerged as a disruptive player in order to acquire the first edition of the U.S. Constitution. Although the auction, organized by Sotheby's, did not culminate in the desired acquisition, the DAO demonstrated impressive capability by raising nearly $47 million in less than 72 hours. However, they were outbid by Ken Griffin, CEO of Citadel, in part due to the high gas rates of the Ethereum network.

The trajectory of ConstitutionDAO illustrates the potential and growing influence of DAOs in the evolution of the Internet and finance, marking an important milestone in the history of cryptocurrencies.

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