ConstitutionDAO Inches Closer To Securing Historical Constitution, Raises Over $30M In Ethereum In Less Than A week

ConstitutionDAO may have already raised more than $30 million in Ethereum and it’s not even up to a week yet. As earlier reported by TheCoinrise, the decentralized autonomous organization DAO is looking to purchase a copy of the rare U.S Constitution that will be sold at Sotheby’s auction tomorrow at 6:30pm EST. Initially, the DAO had set a target of between $15 million to $20 million, the estimated auction value of the historical document.

ConstitutionDAO Moving Swiftly

ConstitutionDAO began operations less than a week ago, but has since attracted more than 15,000 contributors averagely donating about $2,000 per contributor. On Wednesday night, investment firm Metaversal contributed $1 million, an act which would later go on to inspire an anonymous contributor to donate a whopping $4 million to the cause.

The DAO remains committed to its mission which is to win the auction and keep the copy of the Constitution (the Goldman’s constitution) in the public sphere. As noted by a supporter Ittai Svidler, Web3 in its real sense, is about decentralizing public goods,  so what better to be considered a public good if not the very Constitution upon which the country was founded?

Using the fundraising platform JuiceBox, DAO started collecting money on November 14. And according to ConstitutionDAO contributor Packy McCormick, the first 12 hours saw the project raising no less than $3 million. But ever since, more and more donations have continued to pour in.

Meanwhile, organizers of the fundraising have said that whatever extra money remains, will serve as a safety net in case of a bidding war. Also, ConstitutionDAO assures the contributors about returning their money in the event of losing out on the auction.

Challenges Being Faced By The DAO

Despite ConstitutionDAO recording a quick and astonishing success, it has nonetheless been faced with several challenges. In fact, a major challenge has been in trying to explain how Ethereum works to those unfamiliar with blockchain technology and high gas fees. According to ConstitutionDAO, its supporters have had to pay between $40 to $100 Ethereum network transaction fees for just a single donation.

In addition to the lack of basic knowledge about Ethereum, then there’s also the actual purchase of the document.