SuperDao, the platform that helps communities build their decentralized autonomous organization (DAO), has announced that it is shutting down and returning leftover money to investors.

DAOs are blockchain-based organizations that are governed by code instead of leaders.

The firm raised $10.5 million in its seed round in 2021 with investment from SignalFIre, Circle and One Block Capital.

SuperDao set lofty ambitions by trying to purchase advertising space at the 2022 Super Bowl before the likes of FTX and Crypto.com swooped in with multi-million dollar deals for themselves.

"It became clear that the crypto industry itself becomes much smaller than its initial ambition ('the new internet') and specialized tools for crypto companies are unlikely to produce venture-scale outcomes," the company wrote in an official announcement.

Despite supporting over 2,000 DAOs, SuperDao found that most newly formed DAOs were short-lived, which meant the underlying business was unsustainable.

SuperDao moved into wallet indexing and on-chain analytics, and these products will cease.