As with many viral trends, this idea started as a joke on Twitter. Soon, a group of random people gathered on a Zoom call, decided to move forward, and the plan began to take shape. They launched a Discord and an official ConstitutionDAO website. The blockchain fundraising crypto community raised funds almost immediately. In just one week, ConstitutionDAO raised an astounding $47 million using Juicebox. The ambitious plan quickly went viral and attracted thousands of investors.

When interviewed later, Griffin explained that his involvement was to protect this rare piece of American history. He was concerned whether the crypto community would understand the responsibility of preserving such an important document. Despite the failed auction, the DAO group decided to use the funds for another purpose. However, the young team quickly changed their mind and chose to refund the contributors.

Since then, more than half of all the contributors have claimed and received their money. However, the biggest challenge continues to be the high transaction fees tied to retrieving original contributions.

Refund Fees and Transparency in Blockchain Fundraising

Due to the nature of blockchain fundraising, refund fees can reach as high as $100. In some cases, this is equal to the original investment, with the average ConstitutionDAO contribution around $200. Despite these concerns, the DAO has been transparent about the fees. They stated that people supporting the project were given all necessary information to make an informed decision.

Even though the group decided to offer refunds and halt the initiative, the meme coin is still alive. Many chose to keep their money invested instead of cashing out—at least for now. “The community achieved all its goals: we raised capital, we bid at Sotheby’s, and after losing, we offered full refunds. It is also an option to keep your $PEOPLE tokens and use them as you wish. It is clear that some in the blockchain fundraising crypto community want to incorporate them into future projects,” reads the official website of ConstitutionDAO, a project that fell just short of the finish line.

The rise of PolitiFi coins

ConstitutionDAO is just one example among a rising category of coins known as PolitiFi coins, a special category of crypto coins that deals with political figures or popular events that are currently trending around the world.

The speculative nature of PolitiFi coins often leads to big value fluctuations driven primarily by investor interest, current events, and emerging internet trends, making the probability of profits comparable to a game of online blackjack – the odds are simply not in one’s favor. For this reason, PolitiFi coins should be bought and/or traded with extreme caution.

Other notable examples of PolitiFi coins include Pepe (a tribute to Pepe the Frog meme), Jeo Boden (BODEN), as well as Doland Tremp (TREMP) and Kamala Horris (KAMA), both of which could experience a big surge depending on the result of US presidential election, scheduled on November 5th.