Data collection, analytics and distribution company DappRadar will launch its own native token. Announcing the news on Thursday, Lithuania-based DappRadar, founded by Skirmantas Januskas in 2018, announced that the token will help decentralize its business in the future. The company also announced that it is relocating to a full-scale dapps store, similar to a centralized app store.
The platform currently supports more than 8,000 apps on 25 blockchains, including Ethereum and Solana, as part of its dapp store offering. The company has plans to support more blockchain networks.
DappRadar's statement is as follows:
“Dapp stores are centralized, hosted and curated. It charges a commission of up to 30 percent of the revenue. Another app store on the other end usually doesn't charge a commission for referring a user. These different cost structures (30% vs. 0% store tax) are fundamental changes in the way apps are marketed and distributed from developer to user."
RADAR token will help its users vote on decisions regarding the future of the platform and gain early access to the various benefits and rewards that the company will offer. In this sense, it is possible to say that RADAR token will work like a “management token” that we see a lot, especially in the decentralized finance (DeFi) world.
RADAR token will help the network become a community-curated project with a self-sufficient ecosystem within the future of Web3 greater infrastructure and decentralization.
The token launch plans come a few months after DappRadar raised $5 million from its Series A funding round. Backers included Prosus Ventures, Blockchain.com Ventures, and Naspers Ventures. In 2019, DappRadar raised $2.3 million in its seed funding round.
DappRadar, the leading platform for decentralized application discovery and analysis, announced at an event at Somnium Space that it has upgraded its network to a full-scale dapp store.