Crypto protocol Sky has spent $75 million previously six months on a scheme to purchase again its token, which has boosted its worth by 8% since February.
Sky, which rebranded from Maker in August 2024, stated on Monday that in August it used 5.5 million of its platform’s stablecoin, USDS (USDS), to purchase again 73 million Sky (SKY) tokens.
It added that it brings its complete buyback spend to 75 million USDS since beginning the plan, which it first actioned in late February.
Buybacks are a well-liked mechanism crypto tasks use to spice up token costs as they take away tokens from circulation, limiting provide and theoretically making them extra precious.
SKY up 8% since buyback began
SKY’s buyback kicked off on Feb. 24, with the platform then spending $4.28 million that month on its program, in response to knowledge from its personal dashboard.
On the time, SKY was buying and selling simply above 6.3 cents and has since gained 8.1% to now commerce at simply over 6.85 cents, CoinGecko exhibits.
SKY hit a excessive of 9.6 cents in late July, nearing its all-time peak of simply over 10 cents in December. It then slid alongside the broader market from late July however did not observe a wider restoration seen in mid-August.
Compared, the tokens of comparable platforms Uniswap (UNI) and Aave (AAVE) have respectively gained 6% and 25.8% since Sky began its buyback, with each seeing recoveries in mid-August.
World Liberty Monetary, Pump.enjoyable be part of buyback plans
The Trumps’ crypto platform, World Liberty Monetary, additionally pitched a token buyback and burn program to its neighborhood on Monday.
The venture proposed utilizing all of its protocol charges to purchase again and completely destroy its self-titled World Liberty Monetary (WLFI) token, which has dropped in worth amid its debut launch on secondary exchanges.
WLFI has dropped over 16% to 23 cents because it began buying and selling almost 18 hours in the past, however its earliest buyers who purchased the token at 1.5 cents would nonetheless see an over 1,400% acquire.
In mid-July, the memecoin creation platform Pump.enjoyable additionally initiated a token buyback scheme for its token, Pump.enjoyable (PUMP), utilizing its income, which it has spent $66.5 million on as of Tuesday.
Its buyback plan has thus far appeared to work, because it’s gained almost 30% over the previous month and is up almost 70% from its all-time low on July 29, per CoinGecko.
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