The ConstitutionDAO: redefining crowdfunding in the age of decentralized finance

Abstract

Research methodology This case was developed using publicly available secondary sources, including major news outlets, blockchain analytics platforms, press releases and ConstitutionDAO’s public communications. No primary data were collected, and no individuals were interviewed; therefore, ethics board approval was not required. The case contains no disguised information. All references to individuals and events are based on verifiable public sources. Case overview/synopsis The ConstitutionDAO case presents an innovative initiative in decentralized finance (DeFi) and governance, chronicling the effort to purchase an original copy of the US Constitution through a decentralized autonomous organization (DAO). Within just a week, ConstitutionDAO mobilized over 17,000 contributors globally and raised over $40m in Ethereum. Despite its rapid success, the DAO ultimately lost the auction to billionaire Ken Griffin. The case illustrates the intersection of blockchain technology, collective action and traditional financial and regulatory systems, highlighting both the potential and the limitations of decentralized systems in real-world applications. Complexity academic level This case is suited for introductory and advanced courses on Fintech and financial innovation; blockchain and cryptocurrency applications; and entrepreneurship and innovation.