The Unofficial DappRadar Wiki
A growing market in the world of cryptocurrency is dapps, exchanges for crypto collectibles based in the Ethereum blockchain. DappRadar is an incredibly useful tool for learning more about these assets and the trends of the marketplace. We've got a full rundown of how DappRadar works and why it's a necessary part of the crypto community. To get more information on these digital assets, check out this article on crypto collectibles. This video was made with Ezvid Wikimaker.
Can I Buy Cryptocurrency On DappRadar?
DappRadar itself is only a website, not a tool for buying or selling. It lists dapps and ranks them based on their number of daily active users and the volume of trades taking place. The dapps listed range from games like CryptoKitties to unique assets like Factbar. These assets can be purchased on individual websites using a browser extension like MetaMask, or on a marketplace like Rare Bits. To get a full breakdown of the process of actually purchasing a crypto collectible, try this guide to claiming Factbars.
Sifting Through DappRadar's Data
How Do I Get My Dapp Added To DappRadar?
At the top of the DappRadar home page, you'll see a link that says "Submit your dapp." It will take you to a form where you can provide your email address, website, the name of your dapp, and the address of your smart contract. After DappRadar verifies the legitimacy of your submission, your dapp can be added to their rankings.
The Explosion of Farming Games
DappRadar is a website that displays and ranks Ethereum dapps based on a variety of analytics. With so many new dapps being introduced every day, it has become a valuable resource for those hoping to figure out which new crypto collectibles are on the rise. If this all sounds a bit confusing to you, we're here to explain.
You may be familiar with Bitcoin, the digital currency that relies on blockchain technology. The use of a decentralized ledger gives owners of Bitcoin extra protection because they have proof of any purchases or trades they've made. Ethereum is the second most-popular cryptocurrency, and it has led to another asset class known as crypto collectibles.
Bitcoin is like any other currency in that it is fungible. That means that, like dollars, they are all the same. If you have two Bitcoins and you plan to sell one, it doesn't matter which one you sell because they're worth the same amount.
That means that, like dollars, they are all the same.
Crypto collectibles like CryptoKitties and Factbar are non-fungible. Each one is unique, and has its own unique value. This means that if you are the owner of a particular Factbar, you are the only person with that Factbar. No one else can own it unless they claim it from you. Highly desirable Factbars are therefore worth a great deal of money. Factbars aren't a currency, they are unique digital assets.
One of the first collectibles available on the Ethereum blockchain was CryptoKitties. Only a set amount of these kitties are put on the market, and more can only be created through "breeding." Aside from their cute factor, rare kitties are unique. Some owners pay big sums to breed their kitties with others, and one rare token traded for $110,000. The equivalent of millions of dollars have been traded on this blockchain-based game.
Because crypto collectibles are not a currency, they need to be purchased using Ethereum. An extension like MetaMask is required for browser integration. You can use a site like Coinbase to add Ethereum to your MetaMask account, and your Factbar name will be tied to MetaMask. As soon as you claim a Factbar, the price for it goes up. This is based on the smart contract, so it is done for you.
Because crypto collectibles are not a currency, they need to be purchased using Ethereum.
There are many types of collectibles available, with more introduced every day. Some are games like CryptoKitties, where players strive to own rare kitties that may increase in value among a subset of the population. Others, like Factbar, are based on an online community and can increase in value as their accuracy is reinforced.
Due to the popularity of these collectibles exchanges, or dapps, DappRadar was created. It lists the most popular dapps based on their number of daily active users. You can also see the volume that has been traded on a particular dapp, and the activity that has taken place in the last 24 hours or in the previous week.
This is useful for those interested in dapps because the earlier you get in on a certain asset, the more its value can increase. However, some dapps have received criticism for essentially being pyramid schemes. If someone is talking up a certain dapp to you, claiming they've made a ton of money off of it, but you see that it actually has very few users, that's a red flag. With so many new dapps available every day, this information is vital to make sure you aren't getting scammed.
However, some dapps have received criticism for essentially being pyramid schemes.
One way DappRadar spots irregularities is to check up on the number of users and transactions over time. Some dapps, like Ether Shrimp Farm, reward users for signing up others. The result is that a single user might create bots, opening wallet accounts that pretend to be other people, then consolidating all the Ethereum gained from those transactions. DappRadar was able to figure out that the increase in users was abnormal, and altered its rankings accordingly. DappRadar is active on social media, and alerts users of suspicious activity.
There are also several categories of dapps. Some are merely exchanges where people can buy, sell, and trade Ether. Others are games like CryptoKitties and Ether Shrimp Farm, where the tokens themselves have little real-world use. Others, like Factbar, are digital assets that can be downloaded and used elsewhere on the web. Because they're based on verified and researched facts, they can act as a stamp of approval for whatever you're promoting.
One of the most valuable things that DappRadar provides is an idea of just how much money is being traded on these dapps. The game CryptoCountries involved transactions that totaled the equivalent of $25 million in just 24 hours. The market is clearly still growing, and we don't know how big it can get, but DappRadar is a fantastic way to obtain necessary information.