DappRadar, one of the most prominent analytics platforms in the Web3 and DeFi space and often labelled the “homepage of decentralised apps,” has announced it is shutting down after seven years.
The company confirmed the closure in an X post on Monday, citing severe financial strain brought on by the prolonged crypto downturn. DappRadar’s founders said they had explored every possible path forward but could no longer sustain operations.
At its peak, the platform tracked millions of users and thousands of decentralised applications across various blockchain networks.
Seven Years of Leading DApp Analytics
Launched in 2018 during the rise of Ethereum-based decentralised applications, DappRadar quickly became a trusted hub for on-chain data. It monitored tens of thousands of DApps across over 90 blockchains, spanning DeFi, NFTs, gaming, and numerous other Web3 sectors.
The platform reportedly attracted around 500,000 monthly users, making it a key resource for developers, researchers, media outlets, and investors.
Despite its influence, the company’s financial challenges worsened. DappRadar was burning roughly $15,500 per month and had only three months of stablecoin reserves remaining. Though its treasury held $1.6 million in assets, nearly all of it was locked in the company’s RADAR token, which plunged by 36% after the shutdown announcement.
Gradual Shutdown of Services
The team confirmed that it will begin winding down its operations over the coming days. This includes shutting off core services such as DApp tracking, the portfolio tracker, and its airdrop tracker.
The fate of the project’s DAO and the RADAR token will be decided through community governance, with the team calling for stakeholder participation.
Closure Follows Recent Technical Milestone
The announcement came shortly after DappRadar unveiled a new cross-chain staking mechanism for the RADAR token, which aimed to simplify staking across multiple blockchains without bridges or high fees.
However, even this innovation wasn’t enough to counter the harsh market conditions and declining user activity affecting the wider Web3 space.
Web3 Sector Facing Wave of Shutdowns
DappRadar’s closure adds to a growing list of Web3 companies folding as funding slows and market sentiment weakens.
Recent industry exits include:
- Kadena, a layer-1 blockchain project, which announced it is shutting down.
- Bunni, a decentralised exchange that closed after suffering an $8.4 million exploit that destroyed its liquidity.
This trend highlights the mounting pressure on crypto and Web3 companies already struggling with reduced liquidity and investor caution.
Industry Responds With Disappointment
Veteran users and industry stakeholders have expressed sadness over the shutdown, describing DappRadar as an essential source of decentralised ecosystem insights. Many worry that its departure will reduce transparency in the Web3 space and leave a significant gap in on-chain data coverage.
As DappRadar winds down, the blockchain industry faces the loss of a major analytics pillar during a time when accessible, reliable data is more important than ever
