DappRadar Completes First RADAR Token Buyback, Locks Repurchased Tokens for 6 Months

DappRadar, the world's dApp store, has completed the first buyback of its native token, RADAR, after recording an increase in revenue.

DappRadar, the world’s decentralized application (dApp) store, has completed the first buyback of its native token, the DappRadar (RADAR) token, its press release revealed on July 26.

The Web3 analytics platform announced that its governance arm, the DappRadar DAO, completed the RADAR buyback after recording an increase in its revenue.

DappRadar’s decentralized autonomous organization (DAO) carried out the token repurchases after accumulating $38,000 in revenue from its token swaps, referrals, and quests.

In its announcement, the DappRadar DAO stated that the DappRadar core team handled this first buyback. However, all future buybacks will be DAO-governed to ensure further decentralization. Notably, the DAO will carry out these future buybacks without making prior announcements, aiming to prevent any potential market speculation.

What’s next for the repurchased tokens?

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

The DappRadar DAO plans to lock tokens acquired in the buyback program for six months.

When this period elapses, the platform will reintegrate the RADAR tokens into the ecosystem via various community initiatives. These initiatives include quest rewards, an ambassador program, and contribute-to-earn distributions.

RADAR token sees slight gains

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

Moreover, holders can use RADAR to pay transaction fees for decentralized application services, where users will benefit from discounts.

Meanwhile, DappRadar offers access to a platform from which anyone can discover new decentralized applications and gain insights into decentralized finance (DeFi) and nonfungible token (NFT) collections. Users also benefit from access to GameFi and play-to-earn gaming insights and data.

The price of RADAR rose slightly after the news, rising from lows of $0.0063 to $0.0067.