Back

Sky Protocol Repurchases 9.4 Million SKY Tokens for $700,000

Sky Protocol confirmed the repurchase of 9.4 million SKY tokens using 700,000 USDS last week, bringing its cumulative token buybacks to over 1.19 billion SKY tokens.

USDS
SKY

Summary

Sky Protocol officially announced that it repurchased 9.4 million SKY tokens last week, spending 700,000 USDS. The protocol’s cumulative buybacks now exceed 1.19 billion SKY tokens, according to the company’s statement.

Terms & Concepts
  • Token Buyback: A process in which a blockchain project repurchases its own tokens from the market, often to reduce circulating supply or support token value.
  • SKY Token: The native cryptocurrency of the Sky Protocol ecosystem, used for transactions, governance, or platform utilities within the protocol.
  • USDS: A stablecoin used as the currency for Sky Protocol’s repurchase of SKY tokens.