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Sky Protocol Completes $1.9 Million Token Buyback, Total Exceeds $108 Million

Sky Protocol completed a 31 million SKY token buyback worth 1.9 million USDS last week, raising cumulative repurchases above 108 million USDS as of February 9.

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Summary

Sky Protocol announced it repurchased 31 million SKY tokens for 1.9 million USDS last week, pushing the total cumulative buyback to over 108 million USDS as of February 9. The buybacks form part of the project’s ongoing effort to reduce circulating supply and potentially support token value within its blockchain ecosystem.

Terms & Concepts
  • Token Buyback: A process where a blockchain project repurchases its own tokens from the market, often to reduce supply or support token value.
  • SKY Token: The native cryptocurrency of Sky Protocol, used for transactions and utilities within its blockchain ecosystem.
  • USDS: A stablecoin pegged to the US dollar, typically used to facilitate low-volatility transactions in the crypto market.