DAOstack Token Plummets Following Silent 2022 Shutdown – What Went Wrong?
DAOstack's native token just took a nosedive—three years after its quiet demise. Here's why the 'decentralized governance' experiment collapsed under its own hype.
Once hailed as the future of DAO infrastructure, DAOstack's GEN token now trades like a meme coin with an identity crisis. The project shuttered operations in 2022 without fanfare, but the market's only now pricing in the reality.
Funny how these 'autonomous' projects still need human developers to survive. Another case of crypto governance tokens being better at governance theater than actual governance.
Source: Dexscreener
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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