CoinMarketCap data showed that PEOPLE, the governing symbol of the DAO constitution, rose almost 200% in just 24 hours, despite declining volumes in the same period.
The cost of buying a token for one person has increased to $ 0.0321, up from $ 0.0110 24 hours ago. In contrast, trading volumes on cryptocurrency exchanges fell almost 100% to over $ 181,000, indicating that the current upward movement has little support.
People estimate performance above an average of 24 hours. Source: CoinMarketCap
History so far
The huge bullish momentum in the HUMAN market came at a time when users had to drop the original Ethereum blockchain token, ETH (ETH).
This is mainly due to the fact that the decentralized autonomous organization (DAO) in the DAO constitution has raised over $ 47 million on the air through the sale of PEOPLE. With the proceeds, she wanted to buy a rare copy of the US Constitution, but lost her bids to the Citadel boss, billionaire Ken Griffin, at a recent Sotheby’s auction.
Screenshot from the “Constitution of the DAO” community group. Source: Discord
Without a constitution and with $ 47 million in ETH funds in its multi-signature wallets, the DAO Constitution has decided to return the full amount to donors. But many in the Discord DAO community have stressed that they do not want to pay high gas prices.
In response, the ConstructionDAO team offered donors two options: either they can return their people’s tokens for ETH (minus gas taxes), or they can choose to receive a new control token called We The People (WTP) unnecessarily. … Pay the gas tax at a rate of 1 person per ECP.
In the meantime, in case donors are not willing to demand reimbursement, the DAO constitution will retain the capital.
As a result, DAO will be able to keep some of the ETH in its vaults until donors switch people to WTP or cancel any payments. Therefore, if the price of ether rises, the price of the refinery is likely to rise in step.
Thus, the continuous increase in the prices of people indicates that traders chose to keep it or buy in secondary markets to receive the WTP token at a later date.
Juicebox is a clear winner
The DAO Constitution has not laid out any specific reason why it wants donors to return people’s tokens with new management funds, since it has already announced closure after failing to win a rare copy of the US Constitution.
David Gerrard, author of Attack of the 50 Foot Blockchain and the anonymous news blog, noted that Juicebox.money, another DAO that handles payments for ConstructionDAO, typically collects 5% of all funds generated by the project.
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As such, Juicebox may have already raised at least $ 2.35 million through ConstructionDAO’s collective fund and may pursue other upcoming WTP-funded projects, if any.
“No bad pay,” Gerrard wrote.
Currently, the outgoing DAO Constitution team has announced core member Brian Wagner and Web 3.0 expert Limal Varmt as new project managers.
Meanwhile, the community is agreeing on how to distribute supported WTP reserves for other projects, and ideas range from implementing a version of the Bill of Rights to creating a new Web 3.0 constitution from scratch.