SKY token climbed roughly 10% over the past 24 hours as the Sky protocol continued aggressive buybacks designed to reduce circulating supply and support the token’s value.
On-chain data shows the protocol has repurchased more than 1.8 billion SKY tokens through a treasury-backed programme funded with USDS reserves.
The buyback mechanism removes tokens from circulation and mirrors traditional corporate share repurchase strategies that some decentralised finance projects are adopting to strengthen token value.
Momentum has also been supported by a newly approved governance vote introducing adjustments to staking rewards and treasury management within the Sky ecosystem.
One of the key changes normalises SKY staking rewards, slowing the issuance of new tokens and helping reduce inflationary pressure while maintaining incentives for network participants.
The governance proposal also included operational updates related to agent onboarding and settlement cycles across the protocol’s infrastructure.
The rally reflects growing investor interest in decentralised finance projects experimenting with equity-style tokenomics focused on supply management and revenue-backed incentives.
At the time of reporting, Sky price was $0.07605.