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Superdao founder Yury Lifshits hints at shutting down the platform despite launching many decentralized autonomous organizations (<a href="https://crypto.news/learn/what-is-a-dao/" rel="noopener noreferrer nofollow">DAOs</a>) since its launch in 2021.&nbsp;
According to a letter published on the company’s <a href="https://superdao.notion.site/Superdao-is-closing-down-7429cd1a9ee244af93696630e4cd7d36" data-type="link" data-id="https://superdao.notion.site/Superdao-is-closing-down-7429cd1a9ee244af93696630e4cd7d36" target="_blank" rel="noopener noreferrer nofollow">Notion</a>, 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 <a href="https://crypto.news/learn/the-dao-attack-understanding-what-happened/" rel="noopener noreferrer nofollow">DAOs</a> to launch with 300 million wallets already indexed.&nbsp;
According to its Crunchbase profile, Superdao <a href="https://www.crunchbase.com/organization/superdao-55f6" target="_blank" rel="noopener noreferrer nofollow">raised</a> $1 million in October 2021, soon after it was launched, and $10.5 million on Jan. 26, 2022.&nbsp;
Moreover, the company stated that the remaining funds, while not disclosing the amount, will be returned to the investors.&nbsp;
<blockquote class="wp-block-quote">
 “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.”&nbsp; <cite>Superdao founder Yury Lifshits</cite>
</blockquote>
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.&nbsp;
Read more: <a href="https://crypto.news/ftx-founder-sam-bankman-frieds-trial-day-11-recap/" rel="noopener noreferrer nofollow"> FTX founder Sam Bankman-Fried’s trial day 11: Recap </a>

Superdao shuts down, will return investor funds

crypto.news

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