In a quiet but telling end to one of crypto’s earlier DAO experiments, DAOstack officially shut down in 2022 after running out of funds. But now its token is also crashing despite having raised about $30 million during the 2017-2018 ICO wave.
As per ICO DROPS, DAOstack secured $21.909 million from a private round, $4.69 million from a presale round, and $3,398,910 from an Initial coin offering (ICO) from Quarter 4 2017 to May 2018 with the purpose of building a decentralized governance protocol for DAOs.
However, at the end of 2022, DAOstack ceased operations, citing that it had depleted its treasury. The total market cap of DAOStack GEN is $68.18K. The token price of DAOstack GEN, the prior project of the xStocks team, could never reach the financing price at its highest point; it experienced a major drop in May 2021 and has since steadily decreased to almost $0.
DAOstack GEN is currently ranking at $0.001422; it has dropped by 2.71% in the last 24 hours.
It’s interesting to note that DAOstack’s impact is carried on indirectly by its former staff. According to their LinkedIn accounts, the three co-founders of Backed Finance, the business that created the popular tokenised stock marketplace xStocks, were all DAOstack employees prior to its demise.
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