ConstitutionDAO is a decentralized autonomous organization formed by Alice Ma and others to raise Ethereum to bid on a copy of the U.S. Constitution auctioned by Sotheby's. The copy of the constitution is understood to be the only one still in private hands and the proceeds will go to a charity set up by the current owners. The initial crowdfunding target is $20 million, and PEOPLE tokens will be issued to donors in a ratio of 1ETH=1 million PEOPLE. PEOPLE token holders will have the right to vote on the use of the copy of the constitution, but will not be granted any actual ownership. News of the bid sparked a frenzy in the crypto community, and ConstitutionDAO raised more than $40 million, or 200% of its crowdfunding quota, in less than a week from November 12 to November 18, 2021. If it wins the auction, ConstitutionDAO plans to partner with prominent museums or historical societies to display the document in free public Spaces.

Unfortunately on November 19th ConstitutionDAO announced that it had lost its bid for a copy of the Constitution to Billionaire Citadel CEO Ken Griffin. ConstitutionDAO promises full refund. Crowdfunding contributors can choose to refund and redeem ETH at the original price of 1ETH=1 million PEOPLE, or choose to keep their own PEOPLE token.

ConstitutionDAO declared the project terminated on November 24. At this moment, the rebirth of PEOPLE begins. According to MyToken data, as ConstitutionDAO's governance token, the value of PEOPLE soared nearly 200% in just 24 hours. ConstitutionDAO has ended. And Web3's PEOPLE grand narrative is just beginning...