- Constitution DAO has officially closed its doors
- The group behind the project decided to shut it down rather than pivot to another project
- Refund applicants will be hampered by ETH gas fees
Constitution DAO has officially closed its doors and allowed users to claim refunds through the Juicebox platform. The project, which failed in its primary attempt to secure an original 1776 copy of the American constitution, has been under pressure over what to do with the $45 million in its crypto coffers. Following discussions over a pivot to another project, the group behind it has decided to fold and allowed those who want refunds to get them from fundraising platform Juicebox, minus Ethereum gas fees.
Constitution DAO Founders at Crossroads
Constitution DAO was pipped to the post last week at the constitution auction by Citadel CEO Ken Griffin in a move that merely ratcheted up the hatred of the crypto community towards the banking sector and Griffin specifically. Since then the group behind it have been at a crossroads with what to do next, while facing backlash from some contributors who criticized the lack of communication over the bidding process.
In a message on its Discord group, a Constitution DAO spokesperson said that the team had been “deeply exploring several options for this over the last four days”. The idea of putting the money towards a different project had been considered but eventually scrapped due to the team behind Constitution DAO being unable to support the “technical and administrative requirements” involved.
Refunds Coming…if You Can Afford Them
As a result of these discussions, the group behind Constitution DAO has decided to shutter the project and encouraged people to claim refunds from Juicebox if they desire, although with ETH gas fees still around the $50 level this will only benefit those who made contributions over that amount. There is a good chance, then, that millions of dollars will be left unclaimed on the Juicebox platform for years, or at least as long as it takes for ETH gas fees to return to normal levels.