DappRadar completes 1st RADAR buyback following revenue surge

The world’s dApp store DappRadar has completed the first buyback of its native token, according to a press release published on July 26.

Analytics platform Web3 has announced that it has completed the buyback of DappRadar (RADAR) after its governance arm, the DappRadar DAO, reported an increase in revenues.

DappRadar’s decentralized autonomous organization has undertaken token buybacks after generating $38,000 in revenue from token swaps, referrals, and tasks.

In its DAO announcement, DappRadar said that the DappRadar core team has conducted this initial buyback. However, to ensure greater decentralization, all future buybacks will be managed by the DAO. However, the DAO will conduct these future buybacks without prior announcement in order to prevent any potential market speculation.

What will happen to the repurchased tokens next?

According to the platform, the token redemption will strengthen the project’s token economy by reducing the circulating supply. Currently, this supply stands at 960,096,177 RADAR, while the total supply is 10 billion.

DappRadar DAO plans to lock up tokens acquired in the buyback program for 6 months.

Once that period is up, the platform will reintegrate RADAR tokens into the ecosystem through various community initiatives. These include mission bounties, an ambassador program, and earn-by-contribution distributions.

RADAR token sees slight gains

DappRadar launched its native token RADAR in December 2021 and announced an airdrop for its users and partners. The platform also announced core utility functions for RADAR as the underlying asset that will power access to its professional features, staking, and governance.

RADAR holders also use it to pay transaction fees for decentralized application services, and users benefit from discounts.

Meanwhile, DappRadar offers access to a platform where anyone can discover new decentralized applications and get ideas about decentralized finance and NFT collectibles. Users also benefit from access to GameFi and game ideas and data earned through gaming.

Following the news, RADAR’s price rose slightly from $0.0063 to $0.0067.