The analytical platform DappRadar has announced the cessation of its operations due to financial instability. According to company representatives, it has become impossible to maintain the service under the current market conditions, leading to the decision to close the project.
This is reported by Finway
History of DappRadar’s Development and Investment
DappRadar, which has positioned itself as the App Store for Web3 since 2018, provided users with analytical data on decentralized applications (dApps) and various blockchains. During its existence, the platform raised over $7 million in two investment rounds — in 2019 and 2021. The token generation event (TGE) took place in December 2021.
The Future of the DAO and RADAR Token
Currently, a final decision regarding the future of the decentralized autonomous organization (DAO) and the RADAR token has not yet been made. The DappRadar team announced that further information on this matter will be released through official DAO channels, and the entire interested community will be able to participate in decision-making.
“In the coming days, we will begin shutting down the platform, and as part of this process, we will stop tracking blockchains and dApps and start closing related services. As for the DAO and the RADAR token, information will be provided separately through the usual DAO channels. A decision still needs to be made, and we want the community to be involved in this discussion,” the publication states.
It is known that following the announcement of the platform’s closure, the price of the RADAR token dropped by more than 40%. In light of the news, social media users have called on large companies to support DappRadar, and CEO of YoYo Studios Yussof Altuhy even offered to buy the project for its further development.
It is worth noting that recently, similar projects in the Web3 space have also been shut down — in particular, the deUSD stablecoin from Elixir due to financial difficulties at Stream Finance.