Sky conducted the first burning of SKY tokens.

The Sky protocol has completed its first token burn of SKY tokens. 2.86 million SKY tokens, worth $180.8 thousand, previously repurchased on the open market, have been removed from circulation.

5% of the protocol’s monthly net surplus—the Net Protocol Surplus—was allocated to the buyback.

Sky has launched a mechanism whereby a portion of the protocol’s revenue is used to reduce the supply of SKY: the better the project’s financial performance, the more tokens could potentially be bought back and burned.