{"id":8546,"date":"2024-11-18T11:56:40","date_gmt":"2024-11-18T11:56:40","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=8546"},"modified":"2024-12-13T11:59:52","modified_gmt":"2024-12-13T11:59:52","slug":"blockchain-fundraising-crypto-community-a-new-era-in-defi","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/blockchain-fundraising-crypto-community-a-new-era-in-defi\/","title":{"rendered":"Blockchain Fundraising Crypto Community: A New Era"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/blockchain-fundraising-crypto-community-a-new-era-in-defi\/#The_Ambitious_Plan_and_Last-Minute_Outbid\" >The Ambitious Plan and Last-Minute Outbid<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/blockchain-fundraising-crypto-community-a-new-era-in-defi\/#Refund_Fees_and_Transparency_in_Blockchain_Fundraising\" >Refund Fees and Transparency in Blockchain Fundraising<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/icoholder.com\/blog\/blockchain-fundraising-crypto-community-a-new-era-in-defi\/#The_rise_of_PolitiFi_coins\" >The rise of PolitiFi coins<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"31b5511d-6e49-4131-b29e-0ed0ff7b98e3\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>In November 2021, a group of crypto enthusiasts decided to create a new coin, ConstitutionDAO (PEOPLE). Their goal was to purchase a rare copy of the U.S. Constitution, one of only 13 remaining copies, set to be auctioned at Sotheby\u2019s. The plan was simple: raise as many funds as possible through blockchain fundraising in the crypto community and hope to be the highest bidder. In return, investors would gain voting rights. These rights would allow them to help decide not only the fate of the Constitution but also the group\u2019s future projects.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>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.<\/p>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"df846b0b-f0f0-4aaa-954d-c7f8625491c1\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"3996bafd-380b-4387-9b4e-b7d0a41b3233\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h2><span class=\"ez-toc-section\" id=\"The_Ambitious_Plan_and_Last-Minute_Outbid\"><\/span><strong>The Ambitious Plan and Last-Minute Outbid<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The plan turned out to be too ambitious. On auction day, Ken Griffin, a hedge fund manager and billionaire, outbid the DAO group at the last moment. He won with a $43.2 million bid. The group raised more than this through their meme coin initiative. However, the blockchain fundraising crypto community capped their maximum bid at $43 million. They set this amount to cover legal fees, taxes, and secure storage of the document.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>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.<\/p>\n<p>Since then, more than half of all the contributors have claimed and received their money. However, the biggest challenge continues to be the high <a href=\"https:\/\/www.theverge.com\/2021\/11\/24\/22800995\/constitutiondao-refund-progress-steep-gas-fees-cryptocurrency\">transaction fees<\/a> tied to retrieving original contributions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Refund_Fees_and_Transparency_in_Blockchain_Fundraising\"><\/span><strong>Refund Fees and Transparency in Blockchain Fundraising<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>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\u2014at least for now. \u201cThe community achieved all its goals: we raised capital, we bid at Sotheby\u2019s, 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,\u201d reads the official website of ConstitutionDAO, a project that fell just short of the finish line.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_rise_of_PolitiFi_coins\"><\/span>The rise of PolitiFi coins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/icoholder.com\/en\/news\/federal-court-of-canada-rules-emergency-crypto-transaction-freeze-unconstitutional-in-freedom-convoy-case\">ConstitutionDAO<\/a> is just one example among a rising category of coins known as <a href=\"https:\/\/www.coinex.com\/en\/blog\/7884-top-politifi-projects-tokens-2024\">PolitiFi coins<\/a>, a special category of crypto coins that deals with political figures or popular events that are currently trending around the world.<\/p>\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"a81beead-4d89-443c-8fc1-ae75b9270b7d\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The coins often mispronounce main political figures or use misspelled variations of popular slogans. People generally regard them as speculative financial instruments that carry an increased amount of risk due to their dependence on the current political situation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>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 <a href=\"https:\/\/casino.guru\/free-casino-games\/blackjack\">online blackjack<\/a> \u2013 the odds are simply not in one&#8217;s favor. For this reason, PolitiFi coins should be bought and\/or traded with extreme caution.<\/p>\n<p>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 <a href=\"https:\/\/www.bbc.com\/news\/articles\/cj4x71znwxdo\">US presidential election<\/a>, scheduled on November 5th.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In November 2021, a group of crypto enthusiasts decided to create a new coin, ConstitutionDAO (PEOPLE). Their goal was to purchase a rare copy of &hellip; <\/p>\n","protected":false},"author":1,"featured_media":8547,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-8546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-projects"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Fundraising Crypto Community: A New Era<\/title>\n<meta name=\"description\" content=\"Explore how blockchain fundraising empowers the crypto community to raise capital and support innovative projects - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/blockchain-fundraising-crypto-community-a-new-era-in-defi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain Fundraising Crypto Community: A New Era\" \/>\n<meta property=\"og:description\" content=\"Explore how blockchain fundraising empowers the crypto community to raise capital and support innovative projects - 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