🌎 DappRadar Completes First RADAR Token Buyback After Revenue Surge

DappRadar, a leading Web3 analytics platform, has successfully completed the first buyback of its native token, RADAR. This milestone was announced on July 26, following a notable increase in the platform’s revenue.

First Buyback Details

The governance arm of DappRadar, known as DappRadar DAO, executed the buyback after generating $38,000 in revenue from various sources, including token swaps, referrals, and quests. The initial buyback was managed by the core team, but future repurchases will be governed by the DAO to enhance decentralization. Importantly, these future buybacks will be conducted without prior announcements to avoid market speculation.

Impact on Token Economy

The repurchased tokens will play a crucial role in strengthening the project’s token economy by reducing the circulating supply. Currently, the circulating supply of RADAR stands at 960,096,177, while the total supply is 10 billion.

According to the DappRadar DAO, the tokens acquired through the buyback program will be locked for six months. After this period, the RADAR tokens will be reintegrated into the ecosystem through various community initiatives. These initiatives include quest rewards, an ambassador program, and contribute-to-earn distributions.

Utility and Benefits of RADAR Token

Launched in December 2021, the RADAR token was initially distributed through an airdrop to users and partners. The token serves several key utility functions, including powering access to DappRadar’s pro features, staking, and governance.

RADAR holders also use the token to pay transaction fees for decentralized application services, benefiting from discounts. DappRadar provides a platform for discovering new decentralized applications and gaining insights into decentralized finance, NFT collections, GameFi, and play-to-earn gaming.

Market Response

The price of RADAR experienced a slight uptick following the buyback announcement, rising from $0.0063 to $0.0067. This marginal increase reflects positive market sentiment towards the platform’s strategic initiatives.