In recent days, those behind the organization had vowed to explore alternative options to keep the community alive.
ConstitutionDAO has announced that it is shutting down.
The decentralized autonomous organization had launched an audacious bid to buy a rare copy of the U.S. Constitution — one of 13 left in existence from a print run in the 1700s.
Despite raising more than $40 million — way more than the $15 million to $20 million it was expected to sell for — they were outbid by Ken Griffin, a hedge fund manager and renowned crypto skeptic.
The DAO had vowed to ensure that all 17,000 donors could receive a refund for the contributions they had made — but gas fees on the Ethereum blockchain have been greatly diminishing their value.
In recent days, those behind the organization had vowed to explore alternative options to keep the community alive. But in a new update on its website, ConstitutionDAO said:
"While we would very much like to have been able to do so, 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."
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'This Project Has Run Its Course'
ConstitutionDAO added that it "has taken all actions that it was organized to accomplish" — including raising capital and taking part in the ill-fated auction.
Now, donors who are yet to claim their refund are being urged to do so. While there is no time limit in place, the DAO's Discord page is going to become read-only within the next two weeks. The organizers added:
"This project was a landmark event that showed the entire world that a group of internet friends can use the power of web3 to face a seemingly insurmountable goal and achieve incredible results on an impossible timeline. It is our sincere hope that this project will spark many others that take inspiration from the enthusiasm and accomplishments of everyone involved to use the power of web3 to make a positive impact on the world."
