ConstitutionDAO is a decentralized autonomous organization (DAO) that was established in 2021 on the Ethereum blockchain with the sole purpose of purchasing the original copy of the US Constitution. The DAO raised almost USD 50 million but failed to win the Sotheby's auction anyway. So the team promised to refund contributors, not taking transaction fees into account. The refunding process has been very messy, partly due to the high transaction costs on Ethereum.
ConstitutionDAO was created to raise money to buy the US Constitution, and when it lost the bid, the money was refunded. The team announced on the website that the project ended. For now, PEOPLE, the native token of the DAO, has no utilities other than being redeemable for ETH at the same rate as when the crowdfunding happened.
There are 5.06 billion PEOPLE tokens in total and all of them are in circulation.
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