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Superdao shuts down, will return investor funds

superdao-shuts-down-will-return-investor-funds
Edited by
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Superdao shuts down, will return investor funds

Superdao founder Yury Lifshits hints at shutting down the platform despite launching many decentralized autonomous organizations (DAOs) since its launch in 2021. 

According to a letter published on the company’s Notion, Superdao has ceased operations, saying that the crypto ecosystem “has become much smaller than its initial ambition” of becoming the next generation of internet.

The founder stated that Superdao has helped more than 2,000 DAOs to launch with 300 million wallets already indexed. 

According to its Crunchbase profile, Superdao raised $1 million in October 2021, soon after it was launched, and $10.5 million on Jan. 26, 2022. 

Moreover, the company stated that the remaining funds, while not disclosing the amount, will be returned to the investors. 

“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.” 

Superdao founder Yury Lifshits

While the letter pointed out the short lifespan of many of its projects and cited industry and market problems, Superdao employees still managed to build seven new companies.

Furthermore, the Superdao founder added that the company will share more information regarding the lessons learned in the industry soon.