Superdao, a DAO operating system, has announced plans to shut down its project and return the remaining funds to investors while gradually ceasing operations.
Superdao has suspended operations, according to a letter posted on the company’s Notion, claiming that the cryptocurrency ecosystem “has become much smaller than its initial ambition” of becoming the next generation of the internet.
According to the founder, Superdao has assisted more than 2,000 DAOs in launching, and 300 million wallets have already been indexed. Superdao raised $1 million in October 2021, just a few months after its debut, and $10.5 million on January 26, 2022, according to its Crunchbase profile.
In addition, the business said that the investors would receive their money back, but it did not specify how much. Yury Lifshits, the founder of Superdao, said:
“With this view in mind, we decided to return the substantial remaining funds to investors and wind down operations. We believe that both the team and the capital can create bigger outcomes elsewhere.”
Despite the letter’s criticism of the projects’ short lifespans and mention of market and industry issues, Superdao personnel were nonetheless able to found seven new businesses.
The founder of Superdao also mentioned that the business would soon divulge more information on the lessons discovered in the sector.
