ConstitutionDAO Loses Auction To Citadel CEO

Thursday, November 18, 2021

Quick Take

  • ConstitutionDAO loses the auctioned U.S. Constitution to Citadel CEO Ken Griffin.

  • TIME Magazine adds ETH to its balance sheets from a partnered deal with Galaxy Digital.

  • Aave launches its institutional arm Aave Arc to provide a regulated sandbox for DeFi.

  • Connext Network adds support for bridging to Optimism directly from other sidechains and L2s

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ConstitutionDAO Loses $43.2 Million Auction

ConstitutionDAO lost the auction for a rare original copy of the U.S. Constitution. More than 17k contributors had pooled together roughly $47 million worth of ETH through cryptocurrency crowdfunding platform Juicebox. Donors will soon be eligible for a prorated refund.

CoinstitutionDAO led an eight-minute bidding battle, ultimately placing a $41 million bid. ConstitutionDAO was later outbid by hedge fund billionaire Ken Griffin, who paid $43.2 million for the artifact. It marks the largest recorded sale for a historical document. Griffin is the CEO of Citadel and has been a vocal skeptic of the utility and value of cryptocurrencies.

Although ConstitutionDAO had raised roughly $47 million, they had a max bid capacity of $42.69 million due to the additional fees and diligence associated with the sale. A certain reserve was required for insurance, storage, and transport in order for the document to be properly maintained. The seller of the document donated all proceeds to the Dorothy Tapper Goldman Foundation.

TIME Magazine WIll Hold ETH On Balance Sheets

TIME Magazine has entered into a partnership with investment firm Galaxy Digital to publish educational resources focused on the metaverse. As part of the deal, TIME will launch a weekly newsletter coined “Into the Metaverse” as well as a TIME 100 metaverse companies list. Galaxy’s investment was conducted entirely in Ethereum, marking the first time the publication will hold ETH on its balance sheet.

TIME first started accepting cryptocurrency back in April after being paid in Bitcoin for a deal with Grayscale. In March, TIME auctioned off three 1-of-1 NFT magazine covers followed by the launch of TIMEpieces NFTs in September. Applications to be featured on the TIME 100 metaverse list are open through until December 31st.

Aave Introduces Arc Institutional Arm

Aave, the third largest DeFi platform by TVL, has announced the launch of its institutional arm Aave Arc. The new venture will provide traditional institutions with access to DeFi through a regulated sandbox environment. Aave Arc will enable traditional finance platforms to make DeFi accessible to billions of fiat-native users.

According to Aave, family offices, mutual funds, pension funds and even central banks have reached out to learn about the protocol. Aave Arc will introduce the notion of whitelisters that provide KYC, AML, and Onboarding services to users. Fireblocks LLC, a registered money services business (MSB) in the U.S. is expected to be among the first whitelisters on the platform.

Since Aave Arc will be governed by Aave Governance, AAVE holders will need to approve an Aave Improvement Proposal (AIP) for Fireblocks to officially become a whitelister. Aave Arc will initially support positions on Ethereum, USDC, Bitcoin, and AAVE. Additional assets can be added through the standard proposal process in Aave Governance.

Connext Network Adds Support For Optimism

Connext Network, a protocol for noncustodial transfers and contract calls between blockchains, has added support for Optimism. Users are now able to transfer assets to and from Optimistic Ethereum directly from sidechains and L2s. The bridge is now live at and supports Tether, USDC, DAI, and ETH transfers.

Connext also provides instant withdrawals removing the need to have to wait one week when bridging assets back to mainnet Ethereum. To date, Connext has processed over $700 million in transactions across the network. Optimism is an EVM compatible layer2 scaling solution that uses Optimistic Rollups technology.

Binance Adds Support For Arbitrum

Binance has added support for deposits on Arbitrum One. Users can now find their assigned ETH deposit addresses on the Aribitrum One Network in their deposit list. Binance said they will open withdrawal support for Arbitrum at a later date. Arbitrum is currently the largest layer2 solution with over $2.6 billion in TVL. The network has processed over $3 billion in volume across 3.5 million transactions to date.