Huoxing Finance reports that Sky Ecosystem has announced the completion of its first SKY token burn. A total of 2.86 million SKY tokens were purchased on the open market using 5% of the monthly net protocol surplus and have been permanently removed from circulation. Sky stated that the link between protocol performance and the reduction in SKY supply is now active. Sky is a decentralized stablecoin protocol upgraded from MakerDAO.
Sky Ecosystem Completes First SKY Token Burn of 2.86 Million Tokens
MarsBitShare
Summary
The Sky Ecosystem has executed its first SKY token burn, removing 2.86 million tokens from circulation. The burn utilized 5% of the monthly net protocol surplus to permanently reduce supply. Sky, a decentralized stablecoin protocol evolved from MakerDAO, confirmed that the link between protocol performance and SKY supply reduction is now active. This move supports ongoing ecosystem growth and follows a recent protocol update designed to improve token dynamics.
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