Karma3 Labs Announces Shutdown and Open-Sources OpenRank

TechFlow News, June 16: According to an official announcement, Sahil Dewan, founder of Karma3 Labs, announced the shutdown of OpenRank and the return of remaining funds to investors. The team will open-source all code, protocols, documentation, and research findings, permanently archiving them on GitHub.

Karma3 Labs previously focused on building on-chain reputation systems, serving over 10 million users and supporting the distribution of over $50 million in incentives. However, the team stated that although the product achieved adoption and generated revenue, it failed to identify a sustainable business model for scaling.