DappRadar, a popular dApp analysis and discovery platform, recently announced plans to create a platform-native token called RADAR. It will allow DappRadar to decentralize future operations.
The company unveiled the RADAR token during an event at the crypto VR game Somnium Space this week. CryptoPotato has obtained a statement confirming that RADAR token is a governance token that grants its holders greater control over DappRadar’s wider ecosystem.
The token will be used to reward users for their contributions and participation in the platform’s growth through a variety of methods. This includes participating in decision-making processes. Users will be the heart of the service.
Skirmantas Januskas, co-founder and CEO at DappRadar, said that the token’s introduction was in keeping with DappRadar’s principles.
DappRadar was built around decentralized apps. Decentralization is the cornerstone of our success. It’s right to take DappRadar to the next level, true decentralization. To stay ahead of the curve, and to be successful over the next years, it is essential to bring the community closer.
DappRadar was created in 2018. It is used to monitor over 8,000 dApps on more than 20 blockchains. It tracks price action as well as trading volume for many top NFT collections.
Governance tokens are becoming more popular as a way to create fairer and more distributed governance models within the crypto industry.
Ethereum Name Service, the popular Ethereum system that allows you to register decentralized domain names, recently released a DAO token. This token was intended to “pass governance over” to the community.
A play-to earn game called Kart Racing, announced its own governance token sale days later. Blue Monster Games’ CEO (the developers) called this distribution “the future” of gaming.
Governance tokens can also be subject to risks. Mass selloffs could put downward pressure on smaller holders who actively participate in the ecosystem. Many governance tokens are still prone to accumulate in the hands of few whales, leaving the project highly centralized.
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