DAOstack, one of the early experiments in decentralized autonomous organizations, ended its operation in 2022. The project's token continues to decline despite significant funding during its ICO.
Financial Performance of DAOstack
According to ICO DROPS, DAOstack raised about $30 million through various funding rounds, including $21.909 million from a private round, $4.69 million from a presale round, and $3,398,910 from an ICO from Q4 2017 to May 2018. However, the market cap at its peak was only $68.18K. The DAOstack GEN token never reached its maximum price, and a significant drop occurred in May 2021, followed by a steady decline.
Closure of DAOstack and Its Consequences
At the end of 2022, DAOstack officially ceased operations, citing that its treasury had been depleted. Currently, the DAOstack GEN token is trading at $0.001422, which is down by 2.71% in the last 24 hours. This reflects the ongoing decline in its value and investor interest.
Legacy of DAOstack and Its Founders
Despite the closure of DAOstack, some of its former staff continue to contribute to blockchain technology. Three co-founders of Backed Finance, creators of the popular tokenized stock trading platform xStocks, previously worked at DAOstack. This indicates that the experiences and insights gained from DAOstack still influence the current market.
The closure of DAOstack and the decline of its token highlight the complex dynamics in the realm of decentralized autonomous organizations. The lessons learned from this experience may shape the future developments of similar initiatives.
