DappRadar, the world’s dApp store, has completed the first buyback of its native token, according to a press release published on July 26.
The Web3 analytics platform revealed that its governance arm, DappRadar DAO, completed the DappRadar (RADAR) buyback after recording an increase in revenue.
DappRadar’s decentralized autonomous organization undertook the token repurchases after accumulating $38,000 in revenue from its token swaps, referrals, and quests.
In its announcement, the DappRadar DAO said the DappRadar core team handled this first buyback. However, all future buybacks will be DAO-governed to ensure further decentralization. However, the DAO will undertake these future buybacks without putting out prior announcements, with the goal of preventing any potential market speculation.
What next for repurchased tokens?
According to the platform, the token redemption will strengthen the project’s token economy by reducing circulating supply. Currently, that 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 6 months.
When this period elapses, the platform will reintegrate the RADAR tokens into the ecosystem via various community initiatives. 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.
Holders also use RADAR to pay transaction fees for decentralized application services, with users benefiting from discounts.
Meanwhile, DappRadar offers access to a platform from which anyone can discover new decentralized applications and gain insights into decentralized finance and 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.
