DappRadar, a popular platform that offers wallet analytics and tracking for the decentralized application (DApp) and non-fungible token (NFT) markets, announced an upcoming company restructuring towards a decentralized business model, as well as launching its own token of governance, RADAR.
Founded in 2018, the site currently has more than 4 million global users, 600,000 of whom are uniquely active on a monthly basis, as well as hosting more than 8,300 DApps and 27 protocols.
The news was announced during a metaverse event at Somnium Space on Thursday. The purpose behind the evolution is to expand the DappRadar ecosystem to a global audience and establish itself as one of the world’s leading DApps stores.
The co-founder and CEO of DappRadar, Skirmantas Januskas, shared his perspective on the perspective of a community-led platform:
“Decentralization is at the core of our success and it is only fair to take it to the next level – true decentralization of DappRadar. Bringing the community together is the only way to stay ahead and continue to be successful for years to come.”
Although the details of the token’s launch date are not known, an official announcement on Friday suggests that the asset is intended to be used for decision-making processes and that users will be “rewarded for your contribution and participation” at launch.
Eligibility requirements, or even an affirmed release date, have yet to be revealed; however, a dedicated ticker page was created on the cryptocurrency analytics platform CoinMarketCap to check authenticity, and what can only be presumed as preparation for the eventuality of an exchange listing.
Introducing $ RADAR. The token scaling the world’s dapp store.
NB $ RADAR has not launched yet. Follow us to stay updated.https: //t.co/6oDXuFpz5b
– DappRadar (@DappRadar) November 25, 2021
Introducing RADAR. The token that scales the world’s dapp store.
RADAR has not been released yet. Follow us to stay up to date.
On July 12, the company responded to comments advocating the introduction of a native token for its asset-swapping functionality, tweeting: “We are exploring a large number of initiatives, a possible token being one of them.”
DappRadar’s $ 2.33 million seed funding round took place in September 2019 and was followed by a Series A raise of $ 5 million in May this year by prominent venture capitalists Prosus Ventures and Blockchain.com Ventures, among others.
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