Superdao, a platform that supports the development of decentralized autonomous organizations (DAO), has announced that it will be shutting down its operations due to lack of profitability. The company raised over $10 million in 2022 and helped launch more than 2,000 DAOs. CEO Yury Lifshits stated that the cryptocurrency industry is too small to sustain specialized crypto infrastructure projects like Superdao. The company attempted to pivot to a wallet aggregation tool, but the ongoing bear market and a series of collapses in the crypto industry prevented it from making profits. Superdao will be refunding its investors and looking for opportunities in other areas. This news comes as other crypto firms, such as Yield Protocol and RECUR, have also announced their closures due to the bear market.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	Yury Lifshits
Companies	Yield Protocol, Superdao, Aragon, Coinbase, SignalFire, RECUR
Currencies	None
Securities	None