Founder of SuperDAO Yuri Lifshitz said the platform would close due to “unmet expectations” from the crypto market.
Created in 2021 as a project to launch DAO, it supported more than 2,000 organisations. However, most of them had short lifespans, and as a result SuperDAO became unsustainable as a business, the statement said.
In 2022, the platform pivoted to building analytics tools for already-launched Web3 projects. According to Lifshitz, SuperDAO was used by “dozens of leading crypto companies”.
“At the same time, it became clear that the industry itself was smaller than its initial ambitions (the ‘new internet’), and specialised tools for crypto firms were unlikely to yield venture-scale results,” the head of the platform explained.
Based on these conclusions, the SuperDAO team decided to return the remaining funds to investors and wind down operations.
Some project staff have already launched seven new companies in the Web3 field. Lifshitz promised to share later “a detailed breakdown of the key lessons learned.”
Earlier in October, the European Central Bank called the future of the DAO sector ‘limited’ due to the lack of a regulatory framework.