SKY, the native token of the DeFi platform Sky, surged nearly 10% after a governance proposal was executed, slowing staking emissions and expanding USDS stablecoin lending. The proposal, passed on February 27 and executed on March 2, adjusted staking rewards, reducing emissions by 161.82 million tokens over 180 days, and introduced new credit infrastructure to enhance the USDS ecosystem. The protocol's automated buyback program, funded with USDS, has repurchased approximately $114.5 million worth of SKY tokens, removing about 3.6 million tokens from circulation daily. This, combined with the emissions reduction, has tightened the token's supply. Currently, 67% of SKY tokens are staked, limiting the actively traded supply. The governance changes reflect a broader DeFi trend towards buybacks and lower emissions to reduce dilution and align token demand with protocol activity.
SKY Token Jumps 10% Following Governance Vote on Emissions and Lending
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