• DappRadar, a cryptocurrency data firm, is planning to launch its own token

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

    DappRadar, based in Lithuania, announced the news on Thursday, saying the token will help it decentralize its business in the future. In addition, the company announced that it is repositioning itself as a full-fledged dapp store, similar to a centralized app store but for dapps.

    Skirmantas Janukas founded DappRadar in 2018 to provide data for dapps such as transaction activity, token volume, and active users. As part of its dapp store offering, the platform currently supports over 8,000 dapps across 25 blockchains, including Ethereum and Solana. It intends to support additional blockchain networks.

    Aside from data analysis, DappRadar offers users a portfolio management tool that allows them to track the performance of their holdings. The platform claims 4 million unique users per year.

    According to DappRadar, dapp stores benefit both users and developers. “App stores are centralized, hosted, and curated, and the gatekeeper demands a commission of up to 30% of revenue,” DappRadar explained.

    “A dapp store, on the other hand, does not usually charge a referral fee for referring a user. These disparities in cost structures (30% vs. 0% store tax) represent fundamental shifts in the way dapps are marketed and distributed from the developer’s perspective “er to the user,” it went on to say.

    The token launch plans come after DappRadar raised $5 million in a Series A funding round a few months ago. Prosus Ventures, Blockchain.com Ventures, and Naspers Ventures were among its backers. DappRadar raised $2.3 million in seed funding in 2019.

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