DappRadar Raises $2.3 Million Seed Round

The dApp monitoring service secured funding to expand its operations in tracking the activity on several blockchains.

DappRadar, one of the services gaining visibility in the crypto space, announced a seed funding round of $2.3 million. Naspers Ventures led the funding drive, with the participation of Blockchain.com Ventures and Angel Investors Berlin.

“DappRadar will use the investment primarily for R&D, developing new functionality to help the business expand its service and reach the next stage in its growth,” announced the company.

DappRadar expanded its activity over the years, showing the struggles and successes of the creation of blockchain-based applications. The service started with Ethereum tracking, moving on to a total of 2,500 apps on seven leading networks. DappRadar is striving to offer accurate information and filter out irrelevant or inflated activity.

DApps are still showing relatively weak results, with only the most successful ones tracking a few thousand players. Otherwise, DappRadar has revealed that for some of the ICO projects with big promises, the final product has less than 100 users per day, and in some cases, close to zero users.

DappRadar also paints a picture of the overall prevalence of dApps and the types of smart contracts and activities. The top game at the moment is EOS-based gaming dApp, Prospectors. TRON’s WINk, a gambling dApp, surprisingly took the second spot, with 2,500 users in the past day. EOS and TRON are displacing Ethereum, which only has two dApps among the top 10, and one of them is actually Maker DAO, a decentralized finance scheme, not a game.

The example of DappRadar shows that the crypto space is beneficial for all types of side services, helping the bare-bones blockchain infrastructure reach more users and present usable information.

Beyond pure crypto financing, multiple projects in the space are securing classic venture capital injections, including Shapeshift, Blockstream, and more lately, CoinMine. Giants like Bitmain also have easy access to subsequent phases of venture capital. For firms like Bakkt, financing is in the hundreds of millions. Still, the expansion of side services reveals that the crypto space is here to stay, despite shifts in sentiment and various assets booming or crashing.

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