Tue. Dec 7th, 2021

I would like to give you a new token instead of photo refund for the article titled Crypto Bros Who Failed to Buy US Constitution

Pictures: Sotheby’s

Last week, ConstitutionDAO, DAO crowded over $ 47 million to buy a copy of the constitution, causing a poetically tragic loss to billionaire Citadel CEO Ken Griffin. They will inspire meme investors and blockchain ideologues, and fall into the trap of robbing Robinhood users of gamestop profits, which is universally hated by meme investors. Now there is nothing left in a multisig wallet without a constitution and a mountain of funds, Constitution DAO The potential return of Rs 17,000 is staring down on the unexpected work of processing. And this is a (vague)) Plan (type)).

The party responded to the mass media on Saturday Tweet That donor অনেকেই many of them Obviously new In Ether, under that promise, their Governance Tokens (PPL) can refund their original value in Ether, minus the gas fee. Their next move could ultimately reveal whether it was as altruistic as expected by the more than 17,000 donors, their average investment being about $ 200.

There is no news, but here’s the twist: ConstitutionDAO is introducing a new governance token, We the People (WTP), which donors can choose to accept instead of the current price of their people tokens. Why compound the headache by introducing a second token? That’s $ 40 million + questions. The Constitution DAO doesn’t answer much, so we have to guess.

Money could be a reason for new tokens, perhaps. People tokens do not represent any monetary value to donors; They simply represent the power to vote in deciding what to do with the assets DAO collects. (In the case of the Constitution, this would have created institutional care and the DAO’s mission.) Donors do not own a fraction of the items acquired by the DAO and are not expected to cash in on any profits. Increased value on People Token. They only get back what they donated, minus the gas fee.

The Constitution retains the funds that the DAO chooses not to claim refunds. Probably, Those funds will increase the value of ether over time. The value of PEOPLE has increased in recent times as more people have bought (or received) PEOPLE in return for their donations.

If enough people move their ether to WTP tokens, the value of WTP tokens is likely to increase. Subsequent buyers will have to pay more to get their vote (or governance token).

Who makes money from the increased value of WTP tokens?

One candidate is Juicebox, another recently launched DAO that processes tokens for other DAOs, including ConstitutionDAO. After a while In-fighting Who should be refunded, the Constitution DAO has decided in the juice box. As David Gerard MentionedJango, founder of Juicebox, is one of the signatories to ConstitutionDAO’s multisig wallet, which was not disclosed during the ConstitutionDAO fundraising. Jusbox typically collects “5% of all money created by the project,” although a co-founder recently recently tweeted that the Jusbox constitution waived fees for DAO’s last project. (Is tweets about your cryptocurrency scheme legally binding? _ (ツ) _ / ¯)

If Jusbox does not waive fees for WTP-funded initiatives, this is exactly what it might look like in the first place: a very successful marketing campaign to juice a crypto group in infancy.

We don’t know if they will, thanks to the General Cagens of the Constitution DAO for details. It started even what the ownership structure would look like if they bought the constitution-in response to Gizmodo’s request before last week’s auction, one of the Multisig Wallet co-signers simply stated that “after the initial purchase, the community will be able to fully reflect DAO’s mission and values.” Reconstruct. ” When follow-up questions are asked multiple times through different channels, the DAO goes silent.

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