DappRadar, a Lithuania-based Fintech firm that tracks data for decentralized applications (dApps), raised $2.33 million in a recent seed funding round.
DappRadar, which lists current data for leading blockchain networks including Ethereum, EOS, Tron, IOST, and Ontology, received funding from South African media group Naspers, Blockchain.com Ventures, and Angel Invest Berlin.
DappRadar tracks more than 2,500 dApps running on seven different blockchain networks. The company’s management said the investment will be directed toward research and development and to help expand DappRadar’s line of products and services.
Managing partner at Blockchain.com Ventures Samuel Harrison noted that DappRadar is playing a key role in promoting transparency, trust, and discovery to the emerging dApp development industry.
In statements shared with Coindesk, head of communications at DappRadar Ian Kane noted:
“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.”
Kane, a former communications manager at Blockchain Center Vilnius, explained that Dapp data can be difficult to monitor due to the wide range of distributed ledger technology protocols and networks that dApps run on.
He revealed that DappRadar has monthly traffic of more than half-a-million users, however, there can be significant fluctuations in day-to-day traffic. Kane also mentioned that launching highly popular apps such as CryptoKitties can lead to huge spikes in traffic.
One of DappRadar’s main competitors, Dapp.com raised $1 million in a Pre-A investment round on Thursday, according to a press release shared with CrowdFund Insider.
The funding round was led by Du Capital and Hashed, a South Korean blockchain venture capital firm. Headquartered in Singapore, Dapp.com analyzes thousands of ranked dApps running on Ethereum, EOS, IOST, Blockstack, Steem, Klaytn, and TomoChain.
Dapp.com founder and CEO Kyle Lu remarked:
“These funds will be used to help Dapp.com boost our user base and revenue by expanding to new markets (especially Korea), as well as to drive growth through opportunities unlocked by the new resources injection.”