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Sky Protocol Executes $80 Million Buyback of SKY Tokens

Sky Protocol confirms spending over 80 million USDS to repurchase 1.25 billion SKY tokens, reducing its total supply by 4.6% in an official statement.

USDS
SKY

Summary

According to an official announcement, Sky Protocol has conducted buybacks totaling more than 80 million USDS, acquiring approximately 1.25 billion SKY tokens from the market. This repurchase represents about 4.6% of the total token supply, highlighting the protocol’s active supply reduction strategy.

Terms & Concepts
  • Token Buyback: A process where a blockchain project repurchases its own tokens from the market, often to reduce circulating supply and potentially increase value.
  • SKY Token: The native cryptocurrency of Sky Protocol, used within its ecosystem and subject to buyback programs.
  • USDS: A stablecoin used for transactions and denominated in U.S. dollars, often utilized in cryptocurrency markets for stability.