DappRadar, a Web3 analytics platform, has revealed that its first RADAR token buyback went well through the DappRadar DAO, which is its governance arm. Following a notable rise in income for the platform ($38k raised through token swaps, referrals, and quests), this move was made.
The buyback, which was initially overseen by the core team of DappRadar, is meant to be the first of many future repurchases that will be controlled by the DAO. In order to stop market speculation, the DAO plans to do buybacks in the future without telling anyone ahead of time. This is part of a scheme to make things less centralized.
Token Buyback Details
The recent buyback of tokens is meant to strengthen the project’s token economy by lowering the number of RADAR that are in circulation. Out of the 10 billion RADAR tokens that were made, 960,096,177 are in use right now. Tokens bought back will be locked for six months. After that, they will be added back into the environment through community projects like quest rewards, an ambassador program, and contribute-to-earn distributions.
Since its launch in December 2021, DappRadar’s own token, RADAR, has been used to make it easy to get pro features, stake tokens, pay transaction fees, and be a part of governance. People who have RADAR also save money on transaction fees.
The news has had a small but positive effect on the market performance of RADAR. Its price has gone up from $0.0063 to $0.0067.
As always, DappRadar is a great place to find new decentralized apps and learn more about decentralized finance, NFT collections, GameFi, and play-to-earn game data.
