Crypto data firm DappRadar set to launch its own token

Quick Take

  • DappRadar has announced plans to launch its own native token called radar.
  • DappRadar aims to decentralize its operations with the token.

DappRadar, a crypto startup that provides data to analyze decentralized applications (dapps), is set to launch its own native token called radar.

Announcing the news on Thursday, Lithuania-based DappRadar said the token will help it decentralize its business in the future. The firm also announced that it is repositioning to a full-scale dapp store, similar to a centralized app store but for dapps. 

Founded in 2018 by Skirmantas Januškas, DappRadar provides data for dapps such as transaction activity, token volume, and active users. The platform currently supports more than 8,000 dapps across over 25 blockchains, including Ethereum and Solana, as part of its dapp store offering. It plans to support more blockchain networks.

Besides data analysis, DappRadar also provides users with a portfolio management tool that helps them track the performance of their holdings. The platform claims to have 4 million unique users annually.

Dapp stores are beneficial to both users and developers, according to DappRadar. "App stores are centralized, hosted and curated, the gatekeeper demands a commission of up to 30% of the revenue,"said DappRadar.

"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," it added.

The token launch plans come a few months after DappRadar raised $5 million in a Series A funding round. Its backers included Prosus Ventures, Ventures, and Naspers Ventures, among others. In 2019, DappRadar raised $2.3 million in a seed funding round.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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May 5, 2022, 3:17PM UTC