Welcome to Barmy’s Project Review Series. Today, we will talk about ConstitutionDAO (PEOPLE).
ConstitutionDAO is a DAO created for the purpose of acquiring one of the 13 copies of the Constitution of the United States. What’s so special about this project? Find out here!
Crypto History recorded the largest crowdfunding of up to $47M in just four days this past November. This community is ConstituionDAO.
So what is ConstitutionDAO? What is the real purpose of this money? You can find the answer through the article below.
What is ConstitutionDAO?
ConstitutionDAO is a decentralized autonomous organization (DAO) established for the purpose of acquiring one of 13 copies of the Constitution of the United States, which was auctioned off at Sotheby’s on November 18th. The name ConstituionDAO is also spoken to the nature of the community:
- Constitution: Constitution.
- DAO: Decentralized Autonomous Organization – an equal community, contributing together for a specific goal.
Small friends founded this project on the Internet and people who love to invest in cryptocurrencies. They believe that the donation belongs to everyone. After possessing a copy of the Constitution, it will be displayed in a safe place for anyone to view it at will.
The Story Behind ConstitutionDAO
ConstituionDAO was only established in November 2021 with the purpose of acquiring a copy of the Constitution. They believe that this Constitution does not belong to anyone, but belongs to the community. After that, ConstituionDAO will be displayed in one place for display, and then mint NFT for members.
To do that, they need a minimum amount of $20M, which is not a small number.
But in just four days, they raised $47M, had 21k members in Discord, as well as 42k Followers on Twitter.
To talk about community support, in November alone, ConstitutionDAO’s Twitter had over 1.2k Tweets. Of course, only a few are from ConstitutitionDAO itself, the rest are all retweets from their supporters, including many big names like Jiho of Axie Infinity. In addition, ConsitutionDAO’s partners are FTX, Alameda Research, Morning Brew (Wall Street, Silicon Valley news), etc.
As a result, ConstitutionDAO failed to win the auction. The winner was the Founder and CEO of Citadel, an investment management firm and Market Maker, Ken Griffin with a bid amount of $43M+. However, this does not mean that this community is disbanded. In addition to the number of Followers increasing to more than 10k in just 10 days after the auction, ConstitutionDAO left one thing behind, which is the PEOPLE token.
About PEOPLE token
- Token Name: ConstitutionDAO.
- Ticker: PEOPLE.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0x7a58c0be72be218b41c608b7fe7c5bb630736c71
- Token Type: Governance.
- Total Supply: 5,062,296,872 PEOPLE.
- Circulating Supply: 5,062,296,872 PEOPLE.
To demonstrate the deposit, ConstitutionDAO initially issued PEOPLE to its supporters. Each ETH deposited will be equivalent to 1,000,000 PEOPLE.
After the auction failed, ConstitutionDAO announced to stop the project and open the pool for everyone Redeem. However, the community is too strong, and the amount of redemption is just over 55%, then the ConstitutionDAO team changed their mind, instead of redeeming, everyone can keep PEOPLE to participate in the “new project” – not yet the project. disclosure. The price is then sometimes x180 times from the bottom.
The ConstitutionDAO website itself also makes it clear that PEOPLE is not currently functional or administrative. Except for the exchange of ETH at the rate of 1:1,000,000 I mentioned above.
However, in the future, it is very likely that there will be projects that will use PEOPLE tokens for some purpose, and this can only come from another party, ConstitutionDAO does not have any plans in the future.
Loot: The NFT Project, which includes a collection of 8,000 Loot bags (available for minting more from September 5) containing “unique explorer gear”, released by Dom Hofmann.
When looking at the nature of ConstitutionDAO, it can be seen that they have similarities with Loot through the following points:
- Huge community.
- Strange idea.
- Tokens have no value to the original project itself.
Also, looking at Loot’s timeline, we will see that the community initially brought Loot up with unbelievable prices, even a few hundred ETH. But after the “hype”, the Loot paintings returned to a more reasonable price.
Next, the Loot community created their own ecosystem: Lootverse. Although it is still quite primitive at the moment, this is a move that is very true to the original purpose of the Loot project Founder.
Compared to ConstitutionDAO, according to what Loot does, it is highly likely that the community that supports ConstitutionDAO will create an ecosystem where PEOPLE will have its own effect.
Team, Investors and Partners
ConstitutionDAO is a community gathering, so it is not represented by anyone.
However, one of the Core Devs of the Constitution DAO was Miguel Piedrafita, only 19 years old.
ConstitutionDAO currently has no investors.
ConstitutionDAO’s partners are many famous names such as FTX, Alameda Research, Syndicate, Morning Brew and JuiceBox.
We introduced you to the ConstitutionDAO and PEOPLE project, and provided all the details about the project’s highlights and tokenomics.
This project is no longer active, but the $PEOPLE coin project token still has an increasing trading volume. The investors could see this project as a meme coin about DAO.
BARMY team hopes that you can find valuable information about ConstitutionDAO and $PEOPLE token from our article. Please let us know how to fulfil your expectation in the next Project Review.
All information above is NOT financial advice. Please do your own research.
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