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Here’s what’s next for ConstitutionDAO after losing out to Ken Griffin in a bid for a copy of the Constitution

"We'll soon be proposing a plan that outlines governance, vision, and values, for the community to review and comment on," the group said on Twitter. ...
A 1787 copy of the United States Constitution that sold for $43.2 million, a new world record for the most valuable historical document ever sold at an auction, at Sotheby's in the Manhattan borough of New York City, New York, U.S. September 9, 2021.
A 1787 copy of the US Constitution that sold for $43.2 million.

  • ConstitutionDAO outlined its plans after its failure to purchase a rare copy of the US Constitution.
  • The group gave investors the option to get a refund of their donations or invest in another project that's yet to be decided.
  • The DAO lost to Citadel CEO Ken Griffin, who purchased the artifact for $43.2 million last week.
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ConstitutionDAO made headlines last week when it raised over $40 million in a span of a few days to buy a rare copy of the US Constitution. It also dominated the news cycle late Friday after Citadel CEO Ken Griffin revealed that he defeated the loosely-organized group of investors in a bidding war that broke records.

So, what's next for the DAO? A couple of things.

"We'll soon be proposing a plan that outlines governance, vision, and values, for the community to review and comment on," the group said in a five-part Twitter thread Sunday.

But generally speaking, it proposed two routes for the cohort of around 17,000 people who banded together to raise an extraordinary sum.

First, investors who want to opt out can get their "ETH back at the original rate," the group said. For easier tracking of claimed and unclaimed funds, the group added it will make a website in the coming week in block 13656500.

The DAO did remind investors on its existing website of gas fees, which are required in every transaction. Some, especially those new to the digital asset ecosystem, may have failed to realize this at the get-go. 

Second, investors who want to invest in another object can sign a message — without paying for gas — committing their funds to the DAO's treasury and getting the group's token called WTP, the group said.

WTP stands for We The People, which gives holders the ability to vote for what direction future efforts of the DAO will take. There is no expectation to profit when donating to ConstitutionDAO. 

DAOs are internet communities that pull capital together and decide collectively how to invest it. ConstitutionDAO started as a joke on Twitter after Sotheby's announced the sale of one of 13 remaining copies of the US Constitution.

Last week, Griffin won the auction and purchased the 1787 copy for $43.2 million, a new world record for the most valuable historical document ever sold at an auction. The CEO said he intends to lend it to an Arkansas art museum for free.

ConstitutionDAO on its website admitted it was disappointed its ethereum-based project did not succeed in achieving its goal but decided to end the Twitter thread on an optimistic note.

"We onboarded thousands into crypto and educated millions about DAOs. We showed the entire world the amazing things crypto can enable and built an incredible community. YOU ALL MADE THIS HAPPEN."

Read the original article on Business Insider

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