ConstitutionDAO
A decentralized community that raised $47 million in 7 days to bid on a rare 13th Amendment Constitution copy. Though unsuccessful, it pioneered DAO funding models and governance.
ConstitutionDAO was a short-lived but groundbreaking decentralized autonomous organization formed in 2021. Its goal was to purchase an original 1787 U.S. Constitution document at a Sotheby's auction. While the bid failed against tech billionaire Joe Rogan, the experiment demonstrated the power of community-driven fundraising and on-chain governance.
Key Details
R
- • Fund raised: $47,228,134 (ETH)
- • Governance: Snapshot voting system
- • Duration: 7 days
- • Outcome: Lost to Joe Rogan ($43.4M bid)
Legacy
Despite its short lifespan, ConstitutionDAO:
- • Showcased DAOs as fundraising tools
- • Highlighted governance challenges
- • Paved the way for NFT-based projects
Governance Model
Token holders voted using Snapshot, a decentralized voting tool. Proposals included:
- • Allocate funds to the Sotheby's bid
- • Distribute remaining funds as refunds
- • Decide on future community projects
// Example voting contract
function castVote(uint proposalId, bool support) external {
require(balance[msg.sender] > 0, "No voting power");
votes[proposalId][msg.sender] = support;
}
Success
Proved DAOs can rally large-scale funding quickly.
Challenges
Demonstrated governance complexities with large holder influence.
Legacy
Inspired later DAOs like ConstitutionXYZ and Gitcoin.