DappRadar launches RADAR token for the metaverse
Lithuania-based DappRadar aims to become the one-stop shop for distributed apps (dapps), similar to today's mobile apps.
This week, the company announced its business model pivot to RADAR during a virtual reality (VR) event conducted on the Somnium Space metaverse.
Calling itself "The World's Dapp Store," DappRadar confirmed that RADAR, a new token, will have no pre-sale and is intended to reward the existing dapp community. It explained that this new token "will become the glue of the entire ecosystem, rewarding users for their contributions and giving token holders influence on the World's Dapp Store."
RADAR tokens were airdropped during the event to existing DappRadar users and partners, regardless of whether these individuals have actually used the DappRadar platform. It intends to deliver token rewards for future user participation.
The company shared its plans for RADAR tokens after the initial airdrop.
The RADAR token is ERC-20, which is based on the Ethereum blockchain, but DappRadar plans to bridge the token to other chains.
DappRadar wants to create an ecosystem that benefits users and developers alike. Users will be rewarded with tokens for contributing to and finding the best dapps to include in the dapp store. The platform will also allow users to track applications and assets in addition to reacting to market movements through token swaps and NFT trading.
The tokens will include access to staking and governance for the nascent DappRadar data access object (DAO). Tokens are also intended to become a payment option for DappRadar services.
DappRadar currently has over one million unique monthly users and has nearly 10,000 dapps listed across almost 30 protocols.
DappRadar co-founder and CEO Skirmantas Januskas said during the VR event, "It's important for us to reward the community fairly, so we did not use this as an occasion to raise funds. So the RADAR token has no pre-sale or additional investor allocation, which I think is getting hard to see in this space."
This means that each user has the ability to own their creations, apps, and assets -- and be economically active on the Ethereum blockchain.
AR and VR metaverses like Spotselfie and IMVU have already introduced users to the concept of generating revenue from their immersive social activities. Opening up the dapp store with tokens encourages those users to contribute to DappRadar's platform activity.