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DappRadar, the world’s leading dApp store, has completed the first buyback of its native token, according to a press release published on July 26.
Analytics platform Web3 revealed that its governance arm, DappRadar DAO, has completed the buyback of DappRadar (RADAR) after recording an increase in revenue.
Decentralized autonomous organization DappRadar has launched token buybacks after accumulating $38,000 in revenue from its token swaps, referrals, and missions.
In its advertisementThe DappRadar DAO said that the DappRadar core team handled this first buyback. However, all future buybacks will be governed by the DAO to ensure further decentralization. However, the DAO will undertake these future buybacks without making any prior announcements, in order to avoid any potential speculation in the market.
What's next with the repurchased tokens?
According to the platform, the token swap will strengthen the project’s token economy by reducing the circulating supply. Currently, that supply stands at 960,096,177 RADAR, while the total supply is 10 billion.
The DappRadar DAO plans to lock the tokens acquired in the buyback program for 6 months.
After this period, the platform will reintegrate RADAR tokens into the ecosystem through various community initiatives. The initiatives include mission rewards, an ambassador program, and contribution distributions for profit.
RADAR token records slight gains
DappRadar launched its native token, RADAR, in December 2021 and announced an airdrop for its users and partners. The platform also unveiled key utility features for RADAR as the underlying asset that will power access to its professional features, staking, and governance.
Holders also use RADAR 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 gain insights into decentralized finance and nft collections. Users also benefit from access to GameFi and information and data on money-making games.
RADAR price rose slightly following the news, moving from lows of $0.0063 to $0.0067.
