DappRadar pivots business model to DApp store with native token

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DappRadar, the popular wallet analysis and tracking platform for the markets for decentralized applications (DApp) and non-fungible tokens (NFT), announced an imminent restructuring of a decentralized business model, as well as the launch of a local government token, RADAR.

Since founded in 2018, it currently has over 4 million users worldwide, of which 600,000 are uniquely active on a monthly basis, and host over 8,300 DApps and 27 protocols.

The news was announced during Metaverse on Thursday at Somnium Space. The goal of this development is to expand the DappRadar ecosystem to a global audience and establish itself as one of the world’s leading DApp stores.

DappRadar’s co-founder and CEO Skirmantas Januskas shared his views on the potential of the community-driven platform:

“Decentralization is at the heart of our success, and it’s right to take it to the next level – true DappRadar decentralization. A community approach is the only way to stay one step ahead and continue to succeed in the years to come.”
While details of the token launch date were not released, an official announcement on Friday indicated that the asset is intended to be used in decision-making processes and that users will be “rewarded for their input and participation” when the application launches.

Requirements for participants, as well as confirmed launch date were not announced; However, a special ticker page has been created for authentication on the cryptocurrency analysis platform CoinMarketCap, which can only be seen as preparation for a possible listing on the stock exchange.

On July 12, the company responded to comments requesting the introduction of a local token for the asset swap feature by tweeting, “We are looking at many initiatives, and this is probably one of them.”

DappRadar’s first round of $ 2.33 million in start-up financing took place in September 2019, and was followed in May by a Series A $ 5 million increase, including notable venture capitalists Prosus Ventures and Blockchain. com Ventures.

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