The cryptocurrency market doesn't appear to be recovering soon, with the total market cap falling 1.68% in the last 24 hours to $3.13 trillion. Bitcoin (BTC) plummeted below $92,000 on Nov. 17.
A significant impact on the crypto industry occurred as a well-known company opted to close its operations.
DappRadar, established in 2018 as a decentralized application (dApp) analytics platform, had been known for exploring, tracking, and managing dApps. Its insights became valuable to industry leaders. However, after seven years, the company is shutting down.
On Nov. 17, DappRadar's founders Skirmantas Januškas and Dragos Dunica announced on X that the platform is winding down. They cited the "current environment" as the reason, explaining that sustaining such a large platform is financially unfeasible at this time.
The founders reflected on the platform's journey, stating that dApps were in their infancy when DappRadar was launched in 2018, aiding users and the industry in understanding this new technology frontier. Nonetheless, the platform is closing amid the ongoing crypto crash, halting tracking of blockchains and dApps and ceasing associated services.
DappRadar will soon update users on the future of its decentralized autonomous organization (DAO). A DAO is an organization governed by decentralized computer programs, with voting and finances managed through a technology like blockchain.
The RADAR token, linked with DappRadar, plummeted over 35% in value following the shutdown announcement, trading at $0.0006550 at the time of writing. Januškas and Dunica stated that DappRadar would provide a separate update regarding the RADAR token.
This article has been published in TheStreet.com via Yahoo News.
A significant impact on the crypto industry occurred as a well-known company opted to close its operations.
DappRadar Shuts Down
DappRadar, established in 2018 as a decentralized application (dApp) analytics platform, had been known for exploring, tracking, and managing dApps. Its insights became valuable to industry leaders. However, after seven years, the company is shutting down.
On Nov. 17, DappRadar's founders Skirmantas Januškas and Dragos Dunica announced on X that the platform is winding down. They cited the "current environment" as the reason, explaining that sustaining such a large platform is financially unfeasible at this time.
The founders reflected on the platform's journey, stating that dApps were in their infancy when DappRadar was launched in 2018, aiding users and the industry in understanding this new technology frontier. Nonetheless, the platform is closing amid the ongoing crypto crash, halting tracking of blockchains and dApps and ceasing associated services.
DappRadar will soon update users on the future of its decentralized autonomous organization (DAO). A DAO is an organization governed by decentralized computer programs, with voting and finances managed through a technology like blockchain.
RADAR Token Impacted
The RADAR token, linked with DappRadar, plummeted over 35% in value following the shutdown announcement, trading at $0.0006550 at the time of writing. Januškas and Dunica stated that DappRadar would provide a separate update regarding the RADAR token.
This article has been published in TheStreet.com via Yahoo News.
