In Brief:
- ConstitutionDAO has decided to shut down the group.
- The refund of the donation made to DAO has already been done.
- The group’s discord will remain operational for the next few weeks, before it is shifted to read-only mode.
After successfully breaking records for the largest crowdfund for a physical object and most money crowdfunded in 72 hours, ConstitutionDAO, a group of crypto enthusiasts that was raising funds to buy a rare copy of Constitution, has decided to shut down the group.
In the informing tweet, the DAO said, “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”.
The tweet also specified that the refund of the donation has already been done. And it further added, “At this time we want to encourage anyone who has been waiting to claim their refund to do so. There is no time limit on claiming these refunds”.
Graham Novak, a ConstitutionDAO organizer, informed in the group’s Discord, “The community has taken all actions that it was organized to accomplish”. After remaining operational for the next two weeks, The Discord channel will then shift to a read-only mode.
Many members of ConstitutionDAO had expressed hope that the group could live on, although with some different goals as there are currently no other famous copies of the Constitution at auction.
The group leaders initially floated the idea to launch a new token for members wanting to take part in the group’s continuation, called We The People tokens.
However, later, they took a reverse course, by giving the reason that they should have given it more consideration.
Even so, the next plan for the group was never made clear.
It all stemmed from what happened in an eight-minute auction battle that took place a week ago, ConstitutionDAO was outbid by Citadel CEO, Ken Griffin, even when ConstitutionDAO had managed to raise more than $40 Million in a matter of just four days.
