PANews, March 10: Sky Protocol’s governance has proposed a temporary reduction in the programmatic SKY buyback rate based on net profits—from 75% to approximately 7.5%—over the next three months, to strengthen the protocol’s capital base and USDS backing capacity. During this period, SKY staking rewards will remain unchanged and continue to be paid in SKY, funded from the protocol’s existing reserves. The current circulating supply of USDS has exceeded $11 billion. Concurrently, the Sky Savings Rate has been lowered by 25 basis points to 3.75% to align with recent interest rate conditions. Voting will remain open until March 12 at 16:00 UTC.
Sky Protocol Proposes Temporary Reduction in SKY Buyback to Strengthen USDS Capital Buffer
PANewsShare
Summary
Sky Protocol has proposed a protocol update to temporarily reduce the SKY buyback ratio from 75% to 7.5% for three months, based on net profits, to strengthen USDS backing. Staking rewards will remain unchanged, funded by existing reserves. The circulating supply of USDS now exceeds $11 billion. The Sky Savings Rate has also decreased to 3.75%. This on-chain update is being voted on, with the vote open until March 12.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.