The organizers behind ConstitutionDAO have determined to close the group down after elevating $47 million in cryptocurrency after which failing to win an public sale for a uncommon copy of the US Structure.
Many members of ConstitutionDAO had expressed hope that the group might stay on, albeit with some different objective on condition that there are at present no different well-known copies of the Structure at public sale. Group leaders initially floated launching a brand new token for members who needed to participate within the group’s continuation, known as We The Individuals tokens, however later backtracked, saying they need to have given it extra consideration. It was by no means made clear what, precisely, the group may deal with if it had been to proceed.
Now, 5 days after the public sale, group organizers say they’re shutting down ConstitutionDAO for good. “The community has taken all actions that it was organized to accomplish,” Graham Novak, a ConstitutionDAO organizer, wrote within the group’s Discord. The Discord channel will stay operational for the subsequent two weeks, then shift right into a read-only mode.
“We have determined that building and maintaining an ongoing project is not something that we as a core team are able to support, given the technical and administrative requirements of doing it properly,” Novak wrote. He stated there will probably be “no time limit” on claiming refunds for individuals who contributed Ether for the public sale.
Organizers didn’t say how a lot cash has been returned by way of refunds but, however there’s been concern that contributors might get again a lot lower than they put in. Fuel charges — the transaction payment you need to pay to perform issues on the Ethereum community — are pretty excessive, even for one thing as fundamental as sending cash to a different celebration. So somebody who despatched their cash to ConstitutionDAO and now requests it again might discover themselves with loads much less after paying for the round-trip journey.
Novak calls ConstitutionDAO a “landmark event” that confirmed the ability of “web3.” The group organized quickly over the course of every week in an try and win an early printing of the US Structure at an public sale at Sotheby’s. The group finally misplaced to Ken Griffin, a billionaire hedge fund CEO, who purchased the doc for $43 million. ConstitutionDAO organizers later stated spending extra would have left too little cash to look after the doc.
“It is our sincere hope that this project will spark many others,” Novak writes.