The analytical platform DappRadar has announced its closure due to financial instability, which makes it impossible to continue supporting its operations. The project, which has been operational since 2018, raised over $7 million in investments during this time and became one of the leading sources of analytics for decentralized applications (dApps) and blockchains in the Web3 space.
This is reported by Business • Media
Reasons for Closure and the Future of DAO
According to the team, the decision to cease operations was made after evaluating possible paths for the platform’s continued existence. In the coming days, a gradual shutdown of the service will begin, including the cessation of blockchain and dApp tracking, as well as the closure of related services. The fate of the decentralized autonomous organization (DAO) and the RADAR token has yet to be determined — the team promises to provide further updates on the next steps through official DAO channels.
“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. Decisions are still to be made, and we want the community to participate in this discussion,” the publication states.
Investments, Market Reaction, and Rescue Proposals
Since its launch, DappRadar has conducted two investment rounds in 2019 and 2021, raising over $7 million. In December 2021, the project held a token generation event (TGE). Following the news of the platform’s closure, the price of the RADAR token fell by more than 40%.
Users in the comments urged major companies to support DappRadar and prevent its closure. Meanwhile, entrepreneur and CEO of YoYo Studios Yussof Altuhy proposed to buy the platform to continue its operations.
It is worth noting that a project to close the deUSD stablecoin from Elixir was previously announced, which is also related to financial difficulties at the company Stream Finance.