A popular blockchain analytics platform, DappRadar, will decentralize and launch its own token, RADAR. The distribution mechanism has not yet been announced.

Over 4 million users have registered on DappRadar platform since its inception (2018), 600,000 of whom are active on a daily basis, and over 8,300 DApps and 27 protocols are accessible on the site.

In a metaverse event held in Somnium Space on Thursday, DappRadar announced its expansion to a global audience. The company hopes to become one of the top DApp stores in the world.

As the company focuses increasingly on discovery, it plans to combine its existing analytics data of nearly 8,300 DApps and games.

According to a press release, Skirmantas Januškas, the co-founder and CEO said, "We built DappRadar around decentralized apps."

He adds, "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."

DappRadar's platform provides transparency, publicly available statistics, and metrics, which will help it establish excellent governance within the ecosystem.

The Dapp store hopes to introduce the RADAR token as a community-led project developing a self-sufficient ecosystem within the Web3 infrastructure. Those who contribute to the platform will be rewarded.

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In an environment that changes rapidly, filtering useful applications can be a challenge for users, particularly those who invest and trade. DappRadar was created to offer blockchain users with information and tools and to promote decentralization.

As part of its Series A financing round in May, DappRadar raised $5 million from backers like Blockchain.com Ventures and Prosus Ventures. The company raised seed funding in 2019 for $2.3 million. The token might be sold through an IDO, via a decentralized exchange.

Pavan A

CBW - External Analyst

INDIA