DappRadar, a prominent Web3 analytics platform, has announced the cessation of its operations after seven years. The company cited "financial unsustainability" as the primary reason for its closure.
The announcement led to a significant drop in the value of its native token, RADAR, which plunged 34% to $0.0006 as traders liquidated their holdings.
In a potential development, the CEO of CoinMarketCap has extended an offer of assistance, although no official agreement has been confirmed.
“After seven years, it’s time to say goodbye,” DappRadar stated on X.
Reasons for DappRadar's Closure
The platform, which has been a significant resource in the DeFi sector since its inception in 2018, will discontinue its real-time analytics services in the immediate future. The DappRadar team confirmed that the winding-down process has commenced and will involve:
- •The platform will stop providing real-time analytics.
- •The team will begin the process of winding down operations immediately.