An old money guy outbidding a DAO and buying a copy of the Constitution could have been a sad sign of what the American democracy has become.
This is without taking into account how crypto tools can empower people.
A DAO, or Decentralized Autonomous Organisation, is an entity governed by its members via blockchain-powered smart contracts. ConstitutionDAO was created to buy a rare copy of the American Constitution, and it raised over $45M, but was outbid by a crypto sceptic Ken Griffin, CEO of a multinational hedge fund Citadel.
One would say it’s over, and the DAO has already opened the refunds, intending to close shop. However, the community, frustrated about its loss to the famous crypto sceptic and a perfect example of an old money’s grip on power, is not ready to dissolve itself.
After the bid failed, the DAO’s token – PEOPLE – has skyrocketed in value, gaining as much as 3650% in a couple of days, somewhat corrected since. Despite the DAO’s formal closure, people are excited of what this project could become, and as some DAO members choose to be refunded, the number of PEOPLE tokens decrease, which drives its price higher.
Derivative projects like PeopleLand start to appeared, and OKEx has already listed PEOPLE token, over $300M of which is traded daily since.
PEOPLE coin can disappear from the circulation, but it also can become a community coin or serve as a basis for future projects… What’s amazing is just how proactive and creative people can become in the absence of a central authority, and crypto keeps providing us with inspiring examples.