In addition to being the go-to resource for sifting through the slew of dApps, DappRadar seeks to become a full-scale store for decentralized applications.
Crypto startup DappRadar is in the process of launching its own token called “RADAR”. DappRadar, founded in 2018, provides multichain data on over 8,400 decentralized applications (dApps), 1,800 NFT collections, and 29 protocols. The Lithuanian platform is set to launch the $RADAR token on a yet-to-be-disclosed date.
Introducing $RADAR. The token scaling the world’s dapp store.
— DappRadar (@DappRadar) November 25, 2021
The World’s Dapp Store, which has a total of over 4 million users per year, intends for the token to be a means for holders to contribute, govern and shape the DappRadar platform. Token holders will also have the added benefit of “enhanced insight, early industry report access and the ability to earn rewards through contribution and curation”.
The launch of a token is in line with the platform’s goal of embracing web3 and decentralization more fully and being community-curated and governed.
At a time when the development of dApps is at its peak, it becomes increasingly difficult for researchers and potential investors to discover new dApps and compare metrics such as transaction activity, token volume and number of users. DappRadar has carved a unique spot for itself in remedying this.
Skirmantas Januškas, co-founder and CEO of DappRadar noted:
“We built DappRadar around decentralized apps. 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 addition to being the go-to resource for sifting through the slew of dApps, DappRadar seeks to become a full-scale store for decentralized applications. Like a conventional app store, a dApp store features numerous apps sorted by categories. Unlike a regular app store, however, a dApp store doesn’t just feature descriptions and user reviews but data-based metrics. This way, dApps cannot buy top spots but only feature at the top on merit. In explaining how the arrangement benefits developers, DappRadar wrote:
“App stores are centralized, hosted and curated, the gatekeeper demands a commission of up to 30% of the revenue […] A dApp store on the other side doesn’t usually take a commission for referring a user. These different cost structures (30% vs 0% store tax) are fundamental changes to the way dApps are marketed and distributed from the developer to the user.”
This news comes months after a successful $5 million Series A funding round with Prosus Ventures, Blockchain.com Ventures, and NordicNinja VC as investors. This round was not the first one for the company and was intended to secure funding for brand awareness and putting out new products. The previous $2.3 million seed round for research and development took place in 2019.