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SuperDao, the DAO-Builder, Announces Closure and Full Investor Refunds

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Oct 24, 2023 at 08:18 am

The comprehensive DAO platform that garnered $10.5 million in 2021 has decided to close its operations, resulting in the return of remaining funds to its investors.

SuperDao, a company specializing in facilitating the development of decentralized autonomous organizations (DAOs) for various communities, recently made the announcement of its decision to shut down, accompanied by the pledge to return any remaining funds to its investors.

DAOs are novel blockchain-based entities that operate under the governance of code rather than human leaders.

In 2021, SuperDao achieved a significant milestone by raising $10.5 million during its seed round. This financing round garnered investments from prominent entities such as SignalFire, Circle, and One Block Capital.

SuperDao had once set high-reaching goals, including an attempt to secure advertising space at the 2022 Super Bowl, but this endeavor was overshadowed by FTX and Crypto.com, which clinched multimillion-dollar sponsorship deals for the event.

The company expressed a shift in perspective, acknowledging that the crypto industry had evolved into a smaller entity compared to its initial ambition of becoming the "new internet." The realization prompted SuperDao to reevaluate its direction, particularly regarding the specialized tools it offered to crypto companies, which were unlikely to yield venture-scale results.

Although SuperDao had extended support to more than 2,000 DAOs, the company encountered a recurrent issue where newly established DAOs often had short lifespans, resulting in an unsustainable underlying business model.

As part of this transition, SuperDao had ventured into wallet indexing and on-chain analytics; however, these products are also set to discontinue alongside the platform's closure.

Read more: Sam Bankman-Fried Advises Bahamian Prime Minister's Son on NFT Project

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