DappRadar Closes Its Doors After Seven Years, RADAR Sees Significant Drop

DappRadar Shutdown: DappRadar announced its closure after seven years due to financial pressures, leading to a significant drop in the RADAR token's value and concerns over the platform's treasury health.

Financial Struggles: The founders cited unsustainable operational costs and noted that the majority of their treasury, approximately 97%, is locked in RADAR tokens, highlighting ongoing financial challenges despite previous funding rounds.

Impact on Web3: The shutdown reflects a broader trend of closures in the Web3 space, with other platforms like Exchange eXch and NFT marketplace X2Y2 also shutting down due to similar pressures from declining activity and funding.

Future Plans: While the founders plan to address matters related to the RADAR token and the DappRadar DAO through community channels, they have not provided specific details or timelines, leaving users awaiting further information.