SuperDao to Return $10.5 Million to Investors as it Shuts Down, Citing Changing Landscape of the Crypto Industry

SuperDao to Return $10.5 Million to Investors as it Shuts Down, Citing Changing Landscape of the Crypto Industry

Crypto News – SuperDao, the platform dedicated to facilitating the development of decentralized autonomous organizations (DAOs), has announced its closure and the return of the remaining funds to its investors. In 2021, the company successfully raised $10.5 million in its seed funding round, securing investments from prominent entities like SignalFire, Circle, and One Block Capital.

DAOs, or decentralized autonomous organizations, represent a revolutionary concept in which organizations are governed by smart contracts and decentralized decision-making, rather than traditional leadership structures.

SuperDao had initially set ambitious goals, even attempting to secure advertising space at the 2022 Super Bowl, but was overshadowed by multi-million dollar deals struck by industry giants such as FTX and Crypto.com. In an official statement, the company acknowledged that the crypto industry had evolved differently from its initial vision as ‘the new internet.’ It recognized that specialized tools for crypto companies were unlikely to achieve venture-scale outcomes in the current landscape.

Despite its efforts to support over 2,000 DAOs, SuperDao encountered the challenge of most newly formed DAOs having a short-lived existence, rendering the underlying business model unsustainable. As a result, the company diversified into wallet indexing and on-chain analytics. However, these ventures will also be discontinued as part of the shutdown.