Crypto Resource DappRadar to launch its own governance token

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DappRadar – a popular dApp discovery and analysis platform – recently confirmed plans for a platform native token called RADAR. It is intended to help DappRadar decentralize its future operations.

RADAR token

The company revealed the RADAR token at an event in the crypto VR game Somnium Space earlier this week. According to a statement seen by CryptoPotato, RADAR is a governance token granting its holders greater influence over the broader DappRadar ecosystem.

Through various methods, the token will reward holders for their contribution and involvement in the growth of the platform. This includes participation in decision-making processes, which means that users will become the heart of the service.

Skirmantas Januškas – co-founder and CEO of DappRadar – said that the introduction of the token is simply in line with the principles of DappRadar.

“We built DappRadar around decentralized applications. Decentralization is at the very heart of our success and it is only right to take it to the next level: a true decentralization of DappRadar. Bringing the community together is the only way to stay ahead and be successful in the years to come. “

DappRadar was launched in 2018 and is now used to track over 8,000 dApps across over 20 blockchains. It also tracks price trends and transaction volume for many leading NFT collections.

Decentralize governance

Governance tokens are becoming an increasingly popular method of creating more equitable and distributed governance models in the crypto industry.

Ethereum Name Service – the popular Ethereum system for registering decentralized domain names – recently dropped a DAO token to “hand over governance to the community.” The new coin increased 160% in value upon arrival.

Days later, an upcoming game up for grabs called Kart Racing announced its own governance token sale. The CEO of Blue Monster Games (the developers) called such distributions “the future of the game”.

That said, governance tokens can also come with various risks. For example, massive sales can put strong downward pressure on the prices of small holders who actively contribute to their token ecosystem. Additionally, many governance tokens still tend to pile up disproportionately in the hands of a few whales, effectively leaving the project very centralized.

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