Monday, December 4

What is PEOPLE, the ConstitutionDAO token whose value skyrocketed?

PEOPLE, the token created by ConstitutionDAO, has appreciated by 8,600% in just two months. Currently, it trades at $0,08 per unit according to data from CoinMarketCap. PEOPLE reached its current all-time high of $0.18 USD on December 23.

What is ConstitutionDAO PEOPLE?

PEOPLE is the token that the DAO ConstitutionDAO created to raise funds from its investors and members, in order to finance the purchase of a manuscript of the United States Constitution. ConstitutionDAO offered several million PEOPLE tokens to some 17,500 investors who are members of this organization. PEOPLE tokens could initially be acquired through exchange or swap for ETH, the native cryptocurrency of the Ethereum blockchain. Each ETH could be redeemed for 1,000,000 PEOPLE via the DAO contract on Juicebox.

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ConstitutionDAO is a Decentralized Autonomous Organization that emerged with the purpose of bidding for the first edition of the US Constitution. The manuscript was auctioned at Sotheby’s in November last year. Although the DAO did not achieve its goal, in less than 72 hours it managed to raise almost $47 million from its investors and participants. ConstitutionDAO lost the auction to Ken Griffin, the CEO of Citadel, over high gas fees from the Ethereum network. What started a plan to return the funds raised.

PEOPLE and Ethereum fees

The creators of ConstitutionDAO informed their investors that they could claim their funds and investments back by exchanging the PEOPLE token for ETH, just as they contributed to the initial crowdfunding of the project. However, Ethereum’s high gas fees prevented several investors from claiming their ethers back, as their funds would virtually be lost to network fees.

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ConstitutionDAO explained that although the DAO’s decision was to refund investors the money deposited, they would offer several options for those who could not afford the high gas costs. Thus, investors could keep their tokens in the DAO, remembering that PEOPLE tokens do not grant any kind of rights to their holders. It is not a governance or utility token, the DAO explained. It also announced the possibility of exchanging PEOPLE tokens for its future governance token called “We The People” (WTP). It is precisely this news that is apparently behind the exponential growth of the PEOPLE token. According to analysts, investors are buying PEOPLE on the secondary markets to exchange them for WTP.

Listing on major exchanges

Currently, investors and those interested in the PEOPLE token have the possibility of acquiring it through different cryptocurrency platforms. Including the most important ones: Binance, Huobi Global and Kucoin. Even the OKEx, MEXC, Poloniex and exchanges have listed PEOPLE on their platforms. The reason that PEOPLE is available from various exchanges is the frenzy and enthusiasm that the token aroused in investors and the crypto community. At press time, about $32 million is traded with this token. The highest PEOPLE trading volume is recorded by Binance, with the PEOPLE/USDT pair.

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A community owned token

Despite the apparent failure of ConstitutionDAO, whose mission was to buy the first edition of the US Constitution, PEOPLE has been widely accepted and successful in the crypto community. OKEx Capital Markets Director Lennix Lai noted that PEOPLE has become a community-owned token. The DAO has achieved great success, demonstrating the power and potential of decentralized organizations as key elements of the new evolution of the Internet and finance.

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