DappRadar was launched in February 2018 with the goal of becoming a data-driven discovery platform for dapps, initially supporting only the Ethereum network and a few dozen dapps. With time the platform grew in popularity, and now covers almost 30 blockchains, more than 8000 dapps, and around 2000 non-fungible token (NFT) collections. It has become the go-to dapp exploration platform, claiming that it sends more than 1.5 million visitors into dapps per month.
By integrating on-chain metrics, DappRadar can track and benchmark the performance of dapps across all protocols. In order to further grow its platform, DappRadar introduced its RADAR native token on Tuesday, which is meant to reward active community members for participation, contributions, and curation on the platform. DappRadar wrote in the RADAR whitepaper:
“As Play-to-Earn has become a widely used term in the industry, DappRadar is introducing the term ‘Contribute2Earn’. The RADAR token will become the means of exchange upon which our community-driven Web3 ecosystem will be built on. The initial building blocks of this ecosystem will be established throughout 2022.”
Holders can currently use the RADAR token to get exclusive access to DappRadar premium content (DappRadar Pro), governance of the project, payment for services, as well as for staking. In 2022 the project will be adding more utility to the token, such as “Contribute2Earn” that will reward community members for curation and contribution.
The token has been listed on Uniswap V3, and in the past 24h has accumulated a total value locked (TVL) of $70k, and a volume of $440k. The average Deposit Annual Percentage Rate (DAPR) for this period has reached 18,500%, while the impermanent loss has reached only 0.06%.
RADAR has also been listed on SushiSwap V2, where in the past 24h it has accumulated a TVL of almost $263k, and a volume of $2.53 million. The DAPR in this period has reached 2,450%, with an impermanent loss of around 0.07%.
To celebrate the launch of its native token, DappRadar has also launched a RADAR token airdrop to reward those who have been actively using its platform, and the wider dapp ecosystem “long before any token announcements”.