Last calendar week , ConstitutionDAO , the DAO that crowdsourced over $ 47 million to bribe a copy of the Constitution , suffered a poetically tragical passing to billionaire Citadel CEO Ken Griffin . They ’d cheer meme investors and blockchain idealists and fall to the guy wire criminate of wipe out Robinhood user ’ Gamestop gain , universally loathe by meme investors . Now left with no Constitution and a mountain of monetary fund in a multisig wallet , ConstitutionDAOis staring down the unenviable task of potentially swear out over 17,000 refunds . And it has a ( vague ) plan ( sort of ) .
respond to the masses on Saturday , the grouptweetedthat donors — many of themevidently newto ether — can , as promised , refund their establishment tokens ( PEOPLE ) for their original time value in ether , minus gas fee . Their next move may ultimately reveal whether this was as altruistic as over 17,000 donors hoped , with their median investment of around $ 200 .
No word there , but here ’s the twist : ConstitutionDAO is plunge a new brass token We the People ( WTP ) , which donors can choose to get instead , proportional to the current value of their PEOPLE token . Why combine the worry by launching a 2d token ? That ’s the $ 40 million+ motion . ConstitutionDAO does n’t offer many solvent , so we ’ll have to speculate .
Photo: Sotheby’s
Money could be a reasonableness for the young token , perhaps . PEOPLE tokens represent no monetary value to donors ; they just represent vote might to decide what to do with whatever assets the DAO collects . ( In the case of the Constitution , that would have been institutional care and crafting the DAO ’s commission . ) presenter do not receive fractional ownership of items win by the DAO , and they are n’t expect to cash in on any of the gains from the increase note value in PEOPLE tokens . They only get repayment for what they donate , minus gas fees .
ConstitutionDAO hold back whatever funds donor choose not to demand back . presumptively , those monetary fund will increase over sentence with the value of ethyl ether . The value of PEOPLE has get up in recent day because more mass purchased ( or received ) PEOPLE in rally for their donation .
If enough citizenry move their divinyl ether to WTP tokens , the value of WTP keepsake presumably develop . Subsequent vendee have to pay more to get their voting ( or government token ) .
Who makes money from the increased value of WTP item ?
One prospect is Juicebox , another lately - launch DAO which processes payments for tokens for other DAOs , including ConstitutionDAO . After somein - fightingover who should action the refund , ConstitutionDAO make up on Juicebox . As David Gerardhas pointed out , Juicebox founder “ Jango ” is also one of the signers of ConstitutionDAO ’s multisig billfold , which ConstitutionDAO did n’t disclose during fundraising . Juicebox typically garner 5 % of “ all money made by project , ” though a co - founder at long last tweeted recently that Juicebox had throw overboard the fees for ConstitutionDAO ’s last project . ( Are tweet about your cryptocurrency projection de jure binding ? ¯_(ツ)_/¯ )
If Juicebox does not relinquish fee for WTP - funded venture , then this may have been on the button what it look like in the first place : a wildly successful selling campaign to juice a crypto grouping in its babyhood .
We do n’t lie with whether they will , thanks to ConstitutionDAO ’s general caginess when asked for item . That start even with what the ownership anatomical structure would seem like if they bought the Constitution — in response to Gizmodo ’s requests before last week ’s auction , one of the multisig notecase co - signers but said that “ after the initial leverage , the community will be capable to restructure possession to well contemplate the mission and values of the DAO . ” When asked follow - up motion several times through various channel , the DAO live silent .
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