DappRadar, a popular blockchain analytics platform, will decentralize and launch its own token
Over the past three years, DappRadar has shared data and analysis on the rapidly growing dApps and games industry. The startup plans to decentralize itself by launching its token and recasting itself as a dApp store.
Introducing $RADAR. The token scaling the world’s dapp store.
— DappRadar (@DappRadar) November 25, 2021
DappRadar plans to launch its native token called Radar
DappRadar was founded in 2018 by Skirmantas Januškas. It provides data on activity and trading volume for a wide array of dApps across 27 blockchain, ranging from DeFi protocols like Uniswap and PancakeSwap to popular games like the Ethereum-based Axie Infinity and WAX-based Alien Worlds.
On Thursday, the firm announced that it would become the latest blockchain-based platform to launch its token and shift to a community-owned model. The RADAR token will let holders vote on the future development of the platform and gain access to as-yet-unannounced benefits and rewards.
Also, DappRadar has labeled itself “The World’s Dapp Store,” repositioning its service as a discovery platform for dApps and decentralized games. It plans to pair its existing analytics data on more than 8,300 dApps and games with an increasing focus on discovery, all to provide more connective tissue across the expanding blockchain industry.
“We built DappRadar around decentralized apps,” Januškas stated. “Decentralization stands at the very core of our success, and it’s only right to take it to the next level—true decentralization of DappRadar. Bringing the community closer is the only way to keep ahead of the curve and remain successful in the years to come.”
In May, DappRadar raised $5 million in Series A funding from Prosus Ventures and Blockchain.com Ventures. Before that, it raised $2.3 million in a seed round in 2019.
The company has yet to reveal details on how it plans to issue the RADAR token. For example, DappRadar can sell RADAR through an IDO or offer an initial DEX through a decentralized exchange. It is also possible to airdrop tokens to users who have used the service in the past, as Ethereum Name Service recently did with billions of dollars worth of ENS tokens.
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