Startup of the Week: DappRadar
Lithuanian startup DappRadar is like the FTSE Index but for dapps. It brings all the information people need about the dapp market into one place so they can make informed decisions. ‘We don’t provide recommendations but instead, make it as easy as possible for users to access the data they need,’ – says Ian Kane, Head of Communications of DappRadar.
What are your competitors and competitive advantages?
DappRadar has already built a leadership position as the most trusted dapp platform. We will play a leading role in growing the market for dapps through our commitment to working closely with dapp developers and providing reliable data. DappRadar has tracked the daily metrics of over 2,500 dapps and 11,000 smart contracts across the Ethereum, EOS and TRON blockchains since February 2018. Unlike some of our competitors, we have a public, robust attitude in terms of filtering out what we consider ‘fake’ or ‘manipulated’ traffic, notably traffic generated by bots.
What were the reasons behind coming up with this idea and launching this product?
A dapp is like an app, with benefits. Because of the technology behind a dapp, they enable a greater level of data security and control for users. So for example, through dapps, people will be able to access banking services like loans and bank accounts, without having to visit a bank. Likewise, people will be able to monetize gaming, developing assets within the game that can then be transported across to other platforms. We are very strong believers in the power this technology has to add real value to user experiences and solve several existing problems in the world. The benefits of dapps are huge and they will bring about a change in the way people interact with products and services and we want to not only be a part of that industry – but to lead it forward.
When exactly did you launch, what were the main challenges before launching?
DappRadar was officially founded in February 2018. Our vision is to be the world’s number one pipeline for dapps and to be a trusted starting point for dapp discovery and act as a distribution channel for dapp developers that are looking to reach new consumers. In regards to challenges – we are similar to most startups, finding the right people and managing the scaling process has been tricky. Luckily we have recruited some excellent people that understand the landscape and task ahead and we are moving in the right direction, on schedule.
DappRadar users fall into 4 broad categories: Investors, data analysts, dapp users, and dapp developers. For investors and data analysts, we have become the go-to resource to provide comprehensive and easily accessible data on dapp markets spanning exchanges, gaming, gambling, and marketplaces. For dapp developers, we offer insight into their competitor’s products and offers as well as the opportunity to promote and list their dapp with us. For those interested in using dapps we provide useful information that can be used to guide their choices. Regarding geography – the world is our marketplace but we see significant movement in Asia and the Americas right now. Our business team is spread out across the key markets in Asia, western Europe, and the Americas and we understand that certain geographic areas are showing a higher number of adoption than others.
What are the main challenges while working on this product and how are you overcoming them?
One major issue we have encountered and are extremely keen to stamp out is the manipulation of the traffic data in dapps. There are lots of different ways to track fake traffic – everything from looking at where traffic is coming from to how regular it is. What’s more important though is to have the public commitment to filter out that traffic so the market can make accurate comparisons about which dapps are performing best and trust that no-one is gaming the system.
How are you funded? Do you seek extra funding?
As a startup, DappRadar has always been profitable. The investment secured in September 2019 is led by Naspers, a global internet group and one of the largest technology investors in the world, through its Naspers Ventures division, with participation from Blockchain.com Ventures and Angel Invest Berlin. We are not currently seeking funding but instead focussing on our core product and communications strategy.
Please introduce your founders, your core team and your broader team?
DappRadar has almost doubled in size over the last 6 months, in line with our ambitious expansion plans and successful seed investment. We are currently a team of 17 people, spread across the UK, Lithuania, and China. Communications Director, games industry veteran and founder of BlockchainGamer.biz – Jon Jordan. Eight full-time developers including co-founders Skirmantas & Dragos, Chief Operations Officer – Patrick Barile, and a further eight full-time members of staff spread across sales, partnerships, communications, and administration.
How has business been so far? Could you share some numbers to illustrate this (users, sales, etc)?
I am not prepared to share exact figures but as a startup, DappRadar has always been profitable. That was one of the reasons companies such as Naspers Venture and Blockchain.com wanted to invest in us. We see lots of evidence that demonstrates the long-term potential of the dapp industry. We are building a business that maximizes that into the future.
We’ve seen a lot of volatility in terms of traffic coming to our service over the past months. We had months with nearly half a million users hitting our services across the various touchpoints. By contrast, In softer months these numbers could fall to just 50k users. The reason for such volatility was attention being driven to specific projects (dapp projects like Cryptokitties, MLB Basketball, Formula One or Star Trek) and also specific protocol launches like EOS and TRON last year.
Plans, ambitions? Simply speaking – what’s next?
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. This investment comes at an exciting time where we will be able to supercharge our product development. I can’t say too much more now but we will launch new products soon.
Thank you for your answers!
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