The latest update in regards with the decentralized organization, ConstitutionDAO, saw the platform nearing complete closure as it announced to disable the Juicebox Smart Contract, along with burning the multisig’s access rights forever. ConstitutionDAO took to Twitter reiterating its steps towards the shutdown so far, as well as announcing the foreseeable process.
Many community members have suggested that the multisig execute “renounceOwnership” of the Juicebox smart contract, thus burning the multisig’s access rights forever and we’ve decided to do this.
— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) December 15, 2021
ConstitutionDAO Announces renounceOwnership Process
The organisation noted that in accordance with the next step, i.e., “renounceOwnership” process of the multisig, they will be burning the Juicebox Smart Contract pathway so that, “neither ConstitutionDAO core team nor the multisig signers will have any authority or control over the contract in any way.” This means that the funds and tokens in Juicebox will remain there indefinitely, and can never be manipulated.
However, for anyone who had contributed to Juicebox before the auction and still hasn’t redeemed their respective Ethereum (ETH) tokens may choose to either hold their tokens, or redeem them at a rate of 1 ETH = 1,000,000 $PEOPLE, i.e., ConstitutionDAO’s native token. According to the timeline provided by ConstitutionDAO, they will call renounceOwnership earliest by coming Friday, 8 PM EST December 17, 2021, and latest by December 20, 2021. Furthermore, the Discord Server will also be closed by December 21, 2021 8PM EST.
“With this, we’ve provided the ability for everyone to get a refund, and from here it is the community’s choice to hold their $PEOPLE or redeem their token for a refund. To us, this is closing our role in this chapter of this unprecedented journey.”
ConstitutioDAO Native Token Performs Despite Project closure
ConstitutionDAO, that lost its goal to buy the copy of the US Consitution after raising over $40 million from thousands of investors decided to shut down, giving the reasoning, that they lacked of another “unifying mission”. The core team explained that a new project would require for them to set up more official governance and redirection all together, and that they were incapable of pulling off the building and maintaining of an ongoing project as it requires a proper technical and administrative oversight. While the project has reached its endgame, its native token, $PEOPLE continues to display exceptional performance. $PEOPLE was trading at $0.14 and hiked 34.09% in the last 24 hours, at the time of reporting.
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