Read

<div class="cryptonews">
 <p class="is-style-lead">Superdao founder Yury Lifshits hints at shutting down the platform despite launching many decentralized autonomous organizations (DAOs) since its launch in 2021.&nbsp;</p>
 <p>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.</p>
 <p>The founder stated that Superdao has helped more than 2,000 DAOs to launch with 300 million wallets already indexed.&nbsp;</p>
 <p>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.&nbsp;</p>
 <p>Moreover, the company stated that the remaining <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>, while not disclosing the amount, will be <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>ed to the investors.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p>“With this view in mind, we decided to <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a> the substantial remaining <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> to investors and wind down operations. We believe that both the team and the capital can create bigger outcomes elsewhere.”&nbsp;</p> <cite>Superdao founder Yury Lifshits</cite>
 </blockquote>
 <p>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.</p>
 <p>Furthermore, the Superdao founder added that the company will share more information regarding the lessons learned in the industry soon.&nbsp;</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> FTX founder Sam Bankman-Fried’s trial day 11: Recap
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/superdao-shuts-down-will-return-investor-funds-tbt66937.html">https://thebittimes.com/superdao-shuts-down-will-return-investor-funds-tbt66937.html</a></p>

Superdao shuts down, will return investor funds

TheBitTimes

Other articles published on Oct 19, 2023

What’s Missing in Generative AI’s Pursuit of True Innovation in Engineering?

NYAG sues Gemini and Barry Silbert for $1.1 billion fraud

SHIB Whales Make a Splash, 400% Surge in Token Activity

SEC chairman Gensler confirms ongoing review of Bitcoin ETFs

Chainalysis Highlights Flawed Analysis in Assessing Crypto's Role in Terror Financing

Bad Idea AI (BAD) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!