Blockchain Analytics Platform DappRadar To Shut Down Operations, Cites Financial Strain

DappRadar, a mainstay of Web3 analytics and discovery since 2018, will shut down operations, saying the platform has become financially unsustainable despite exploring alternatives.

In a message to users on Monday, founders Skirmantas Januskas and Dunica Dragos said they will begin winding down the site and associated services in the coming days, including the tracking of blockchains and decentralized applications.

They added that details about the DAO and the RADAR token will follow in community channels, with decisions still to be made and the community invited to take part in that process.

DappRadar Offered Real-Time Data Across DeFi, NFTs, And Gaming Projects

DappRadar grew up with the industry, guiding millions through bull and bear cycles. The team said its goal was to make a chaotic sector more understandable and trustworthy, and that they leave confident they were a net positive to the space.

Launched in 2018, the platform became known as the World’s Dapp Store, covering more than 90 blockchains and surfacing near real-time metrics on users, transactions and volume across DeFi, NFTs, gaming and metaverse projects.

Beyond rankings and dashboards, DappRadar offered portfolio tools for tokens and NFTs, discovery features such as quests and airdrops, and research content that developers, investors and academics cited across multiple languages.

The founders said they worked with hundreds of blockchains and thousands of projects over seven years, as DappRadar data fed newsrooms, research papers and market analyses worldwide.

Tougher Market Cycles Made Analytics Models Harder To Sustain

Funding helped fuel that growth. DappRadar raised about $7.33m across two rounds, including a $5m Series A in May 2021 led by Prosus Ventures and Lightspeed Venture Partners, with participation from Mastercard Lighthouse, BaltCap, Blockchain Ventures, JBIC IG Partners and NordicNinja VC.

Those funds went toward expanding data coverage and product features during a period when crypto adoption and speculation surged, drawing more users to dapps and to the platform’s rankings.

Market conditions later turned tougher for analytics businesses tied to activity cycles, squeezing revenues and stretching costs. The founders said the decision to close was difficult, but necessary.

They thanked the community, partners and investors for trust and patience, and urged others to continue building tools for decentralized application discovery.

With the shutdown, one of Web3’s most recognizable data hubs exits the stage, leaving a gap for rivals and new entrants to fill as the industry searches for durable business models.

The post Blockchain Analytics Platform DappRadar To Shut Down Operations, Cites Financial Strain appeared first on Cryptonews.

Credit: Source link