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As the effects of the crypto winter continue to be felt, another crypto project has decided to close down. Superdao, a platform that provides services for decentralized autonomous organizations (DAOs), announced that it will gradually wind down its operations after returning the remaining funds on its platform to investors.
Superdao Ceases Operations
Superdao, which has been developing a service package for DAOs since 2022, has decided to gradually cease its operations in the midst of the harsh crypto winter. Superdao had supported the creation of over 2,000 DAOs so far. However, the short lifespan of most projects prevented the core platform from continuing its operations as a sustainable business.
Superdao attracted attention in January 2022 when it raised $10.5 million in funding based on a $160 million valuation. However, this investment seems insufficient for the platform that develops service packages for DAOs to survive.
What is a DAO?
DAO, short for “Decentralized Autonomous Organization” and translated as “Merkeziyetsiz Özerk Organizasyon” in Turkish, is an autonomous type of organization or business that is not controlled by a central authority or management, and operates with distributed systems such as cryptocurrencies or blockchain technology. Essentially, DAOs are a form of organization that operates through code and smart contracts, allowing participants to make decisions through voting.
The key features of DAOs include being autonomous and distributed, being participant-oriented, enabling financial transactions such as transfers, fundraising, or investments among participants, and transparency and traceability.
However, DAOs also have weaknesses and risks. There is a possibility of losing funds, especially due to security vulnerabilities or attacks. For example, in 2016, a DAO based on Ethereum was subjected to a major hack due to a security vulnerability, resulting in the theft of millions of dollars worth of cryptocurrency. This incident even led to a fork in the Ethereum community.
