Sky, formerly known as Maker, has announced the completion of a $75 million token buyback program as part of a strategy to enhance the market value of the SKY token.
Details of the Token Buyback Program
The token buyback program was initiated in late February 2025, using the stablecoin USDS to repurchase SKY tokens. In August, the protocol allocated 5.5 million USDS to buy back 73 million tokens. The total amount spent on the buyback program reached 75 million USDS, effectively reducing the circulating supply of SKY tokens.
Price Increase of the SKY Token
Since the buyback began on February 24, 2025, with an initial spend of approximately $4.28 million, the price of SKY has increased by 8%, reaching about 6.85 cents. At its peak in late July, the token traded at 9.6 cents, close to its historical high above 10 cents in December. Meanwhile, competitors like Uniswap and Aave have reported gains of 6% and 25.8% respectively since February.
Other Projects Adopting Similar Strategies
Several other crypto projects are also considering buyback strategies. For instance, World Liberty Financial announced plans for a buyback and burn program for its WLFI tokens, while Pump.fun has already spent $66.5 million to buy back tokens, resulting in a nearly 30% rise in token price over the past month.
Token buyback strategies are becoming increasingly popular in the crypto industry, helping to bolster token prices and improve investor confidence.
