Klaipeda, Lithuania, July 26, 2024 (GLOBE NEWSWIRE) — DappRadar DAO – the community governance arm of DappRadar, the world’s leading Web3 analytics platform – has completed the first buyback of its native $RADAR token. Recent revenue generation from token swaps, referrals, and quests has allowed DappRadar’s decentralized autonomous organization to accumulate $38,000 to complete the buyback.
Token buybacks reduce circulating supply, and DappRadar DAO will lock the purchased tokens for 6 months. After the 6-month lockup period, RADAR tokens will be reintegrated into the DappRadar community through quest rewards, contribute-to-earn distributions, an ambassador program, and other community-oriented initiatives. This strengthens the token economy and benefits the entire DappRadar community.
The DappRadar DAO comprises enthusiastic DappRadar users, PRO members, and industry leading organizations, all having a say in the way the World’s Dapp Store gets shaped. Through the DAO, the community regularly proposes and votes on changes to the platform’s features and developments. The DAO’s core team managed this first buyback, but in the future, the buyback process will become entirely DAO-governed for further decentralization. Future buybacks will also take place without prior announcement, to avoid market speculation.
Those who hold RADAR tokens can influence the development of DappRadar, while contributors, curators, and creators can earn through their contributions. In addition, every RADAR token holder benefits from the success of the DappRadar platform, as revenue now flows back into buybacks. The DAO, the community, and the company are all aligned and incentivized, encouraging sustainable growth and success, while understanding that using DappRadar’s tools and services benefits the entire community.
About DappRadar
DappRadar is the biggest Web3 dapp distribution platform – “The World’s Dapp Store”. One million users per month use DappRadar to discover new dapps, gain insights into DeFi and NFT collections, or to learn more about GameFi and play-to-earn gaming. Established in 2018, DappRadar has now become a prominent discovery platform in the Web3 industry, providing insights to investors, journalists, researchers, media and, of course, consumers.
About DappRadar DAO
DappRadar DAO is a Decentralized Autonomous Organization (DAO) built around the DappRadar platform. It aims to decentralize governance and decision-making power related to the platform. DAO members, who hold the RADAR token, can propose and vote on changes to the platform’s features and development roadmap, manage the DAO’s treasury and allocate funds for various initiatives, and shape the future direction of DappRadar in a community-driven way. The DAO operates on blockchain technology, ensuring transparency and immutability of decisions.
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