Decentralized application (DApp) and nonfungible token (NFT) analytics and portfolio tracking platform DappRadar has announced a decentralized business model shift and the introduction of RADAR, a native governance token.
The site, which was launched in 2018, already has over 4 million global members, 600,000 of whom are active on a monthly basis, as well as over 8,300 DApps and 27 protocols.
On Thursday, the announcement was revealed at a metaverse event in Somnium Space. The goal of the evolution is to provide DappRadar’s ecosystem to a wider audience and build DappRadar as one of the top DApp stores in the world.
Skirmantas Januskas, co-founder and CEO of DappRadar, gave his thoughts on the possibility of a community-driven 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 the exact date of the token’s introduction is unknown, an official statement made on Friday hints that the asset would be used for decision-making and that users will be “rewarded for their input and involvement” once it is launched.
However, a separate ticker page has been launched on crypto analytics site CoinMarketCap to check the legitimacy, and what can only be assumed as preparation for the possibility of an exchange listing.
“We are exploring a large number of initiatives, a possible token being one of them” the business tweeted on July 12 in response to comments calling for the creation of a native token for its asset exchange capability.
DappRadar raised $2.33 million in seed investment in September of last year, followed by a $5 million Series A round in May of this year from major venture capital investors such as Prosus Ventures and Blockchain.com Ventures, among others.