ConstitutionDAO has caught the imagination of almost every faction in the crypto industry. 17,494 unique buyers or addresses came together to donate over $ 45 million. This, in order to bid for a first edition of the American Constitution.
Though they lost out, the group has been at the center of a media storm. Interestingly, the DAO’s PEOPLE token was listed on OKEx, MEXC, Poloniex, Gate.io, among others. Adding to that, some traders were convinced that the coin was pumping, based on its dramatic rally.
At the time of going to press, PEOPLE was enjoying some popularity and changing hands at $ 0.1298. In 24 hours, the token saw a rally of 196.36%. Just a few days ago, PEOPLE’s price was in the range of $ 0.004.
However, it’s important to note that as of press time, there was no verified information on CoinMarketCap about the token’s market cap or dominance.
At the last count, Etherscan showed that PEOPLE had 13,133 holders.
ConstitutionDAO made sure to express its view on using the token, and said,
“After losing the auction and following the choice of the core team to step down, we would like to remind you that the tokens have no rights, no governance or no use other than exchanging them for Ethereum from the smart contract. held in Juicebox at a ratio of 1,000,000. 1: the same ratio at which contributions were made to the original crowdfunding to purchase the Constitution. “
Step on the gas, people
ConstitutionDAO’s time in the sun might be over, but crypto watchers are also keeping track of its doings for other reasons. Ethereum’s gas fees made the fundraising process even more expensive than it already was, and as the DAO prepares to return the donations, gas is again an obstacle.
For its part, ConstitutionDAO presented two solutions: claiming PEOPLE tokens or exchanging the tokens for an Ether refund at a predefined talk rate.
Well, according to Dune Analytics, 55.26% of the funds have been returned so far.
Full of hot air
Ethereum’s gas charge issues have always been a topic of discussion. Even so, ConstitutionDAO’s struggles to overcome the barrier – both to collect donations and return them – have shed more light on the problem.
Ethereum developer Tim Beiko also highlighted this fact at the last All Core Developers meeting. He tweeted,
“That said, the fees on Ethereum are * high * and also not trivial on stacks today (~ $ 3-4 for an ETH sent on ORs and ~ 0.25c on ZKRs), it so it’s worth thinking more about the compromise… and people have! “
More importantly, the developers discussed EIP-4488 and EIP-4490 to address this very issue.
