Crypto Community Stunned as DappRadar Announces Unexpected Shutdown After 7 Years
The decentralized application (DApp) data analytics platform, DappRadar, has sent shockwaves through the cryptocurrency community with the sudden announcement of its imminent cessation of operations and platform shutdown. After seven years of serving the Web3 ecosystem, the news, delivered on Monday, also triggered a significant plunge in the price of its native token, RADAR.
A Pillar of On-Chain Analytics Closes Its Doors
Since its launch in 2018, DappRadar rapidly ascended to become a critical resource for tracking on-chain activity. The platform meticulously monitored a vast array of data, spanning the dynamic NFT markets, intricate DeFi capital flows, and crucial usage statistics across major public blockchain ecosystems. For industry professionals and investors alike, DappRadar was an indispensable tool for market surveillance and insight.
Financial Unsustainability Cited as Primary Reason
In a joint statement posted on X (formerly Twitter) on Monday evening, DappRadar co-founders Skirmantas Januškas and Dragos Dunica confirmed the platform’s impending closure. They candidly admitted that sustaining a data platform of DappRadar’s extensive scale had become financially untenable within the current challenging market environment.
The co-founders further indicated that the shutdown process has commenced, and DappRadar is expected to cease tracking data for all blockchains and DApps “within the next few days.”
Future of RADAR Token and DAO to Be Announced
The official statement also addressed the future of the RADAR token and its associated Decentralized Autonomous Organization (DAO), promising separate announcements regarding their subsequent arrangements. This leaves the community awaiting further clarity on these crucial aspects.
RADAR Token Plummets Following News
Unsurprisingly, the announcement had an immediate and severe impact on the RADAR token. Following the news, its price plummeted by over 35% in the past 24 hours, dropping to $0.0006674, reflecting the market’s reaction to the platform’s closure.
Disclaimer: This article is intended solely to provide market information. All content and opinions are for reference only and do not constitute investment advice. They do not represent the views or positions of the author or BlockGuest. Investors should make their own decisions and conduct their own trades. The author and BlockGuest will not bear any responsibility for direct or indirect losses incurred by investors’ transactions.
