SuperDAO has faced the difficult task of discontinuing its business operations. This decision emerged after a thorough process of evaluating what aligns with the company’s prospects and, equally importantly, what serves the best interests of its investors.
SuperDAO is a Web3 firm that aims to create decentralized autonomous organizations (DAOs) that are more efficient, transparent, and democratic than traditional organizations.
Its mission is to create a new type of organization that is owned and operated by its members, with decision-making power distributed among all members.
The company was launched in 2021 to empower the birth of countless crypto-native organizations in the form of DAOs. Throughout its existence, it was able to facilitate the launch of over 2,000 DAOs.
Adjustment of vision
Based on its documented data, Superdao found that, despite the initial promise of the business, the majority of the DAOs (Decentralized Autonomous Organizations) it facilitated the creation of had relatively short lifespans.
This realization prompted the Superdao team to conduct a swift and comprehensive reevaluation of their business model.
In response to this, last year, Superdao shifted its focus towards developing growth and analytics tools tailored to existing and operational Web3 projects.
The outcome was the indexing of 300 million wallets spanning multiple blockchain networks. Yet, as the crypto landscape evolved, SuperDAO said that it became evident that the industry was progressively narrowing its scope from its initial grand vision of becoming the “new internet.”
With these sobering realizations in mind, Superdao has made the courageous choice to refund a substantial portion of the remaining funds to its investors and initiate the process of winding down its operations.
The team firmly believes that both their talent and resources can be harnessed to create more substantial outcomes in different endeavors.
It added that while it’s shutting down its operations, parts of the work done by SuperDAO will be made available as open-source contributions.
In addition, the team plans to share a comprehensive breakdown of the invaluable lessons learned during their journey while the left off funds from the $10.5 million raised in 2021, will be returned to investors.
