The Lithuanian service will launch its utility token to support Web 3.0 governance on the platform, though its expected launch date is undisclosed.
DappRadar, a popular platform that provides analytics and portfolio tracking for the decentralized application (DApp) and nonfungible token (NFT) markets, has announced an upcoming company restructuring to a decentralized business model, in addition to releasing a native governance token, RADAR.
Founded in 2018, the site currently boasts over 4 million global users, 600,000 of which are uniquely active on a monthly basis, as well as playing host to over 8,300 DApps and 27 protocols.
The news was announced during a metaverse event in Somnium Space on Thursday. The purpose behind the evolution is to expand DappRadar's ecosystem to a global audience and establish itself as one of the world's leading DApp stores.
DappRadar co-founder and CEO Skirmantas Januskas shared his perspective on the prospect of a community-led platform:
“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.”
Though details surrounding the token launch date are undisclosed, an official announcement on Friday suggests that the asset intends to be used for decision processes and that users will be "rewarded for their contribution and involvement" upon roll-out.
Eligibility requirements, or indeed an affirmed launch date, are yet to be disclosed; however, a dedicated ticker page has been created on crypto analytics platform CoinMarketCap to verify the 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.— DappRadar (@DappRadar) November 25, 2021
N.B. $RADAR has not launched yet. Follow us to stay updated.https://t.co/6oDXuFpz5b
On July 12, the company responded to comments advocating for the introduction of a native token for their asset swap functionality, tweeting: “We are exploring a large number of initiatives, a possible token being one of them.”
DappRadar’s inaugural $2.33 million seed funding round took place in September 2019 and has been followed up by a $5 million Series A raise in May this year by prominent venture capital investors Prosus Ventures and Blockchain.com Ventures, among others.