Superdao, a blockchain service provider company, recently announced its plans to shut down the project with immediate effects.

According to a statement issued by the company, Superdao, a platform that initially grew as a service suite for DAOs providing blockchain services, all operations will gradually cease while the company also shuts down the project itself.

The firm claimed that all the remaining funds are to be reallocated to the investors while the firm also ceases its operations. Superdao has jacked up the creation of more than 2,000 DAOs up until today. However, most of the projects were short-lived, ultimately forcing the organization to withdraw its services promptly. The underlying platform that acted as the backbone for many leading DAOs, faced considerable backlash in the digital realm, eventually preventing the platform from continuing to operate as a sustainable business.

A Closer Look Into Superdao

Superdao initially started in 2021, aiming to help start millions of new crypto-native organizations in the form of DAOs.

As of January 2022, the platform raised a whopping $10.5 million in a seed round at a valuation of almost $160 million. The funding round, led by investment firm SignalFire, helped the platform advance towards its goal of becoming an all-in-one DAO protocol.

Considering that, it is evident that the firm made significant progress in building and developing tools for already launched Web3 projects. Notably, with more than 300 million wallets across multiple chains, Superdao set a milestone in the world of blockchain service providers.

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Superdao Decides To Take A Step Back

With more than 200+ attributes calculated per wallet, Superdao aided crypto-native organizations by offering them the tools and services that could better understand their users. Meanwhile, dozens of crypto companies actively used the new Superdao.

However, it soon became clear that the crypto industry is struggling to move in tandem with its initial ambition. With new regulation laws coming into effect, amongst many others, the crypto realm around the globe witnessed a tremendous market slump, eventually resulting in the relative downfall of the crypto market compared to its initial ambition.

Given the hovering market concerns, the firm finally decided to halt all operations as specialized tools for crypto companies are unlikely to produce venture-scale outcomes, desired by the community.

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