Sky, formerly Maker, spent $75 million on token buybacks since launching the program in February, coinciding with an 8% gain in SKY in six months.

Crypto protocol Sky has spent $75 million in the past six months on a plan to buy back its token, which has boosted its price by 8% since February.

Sky, which rebranded from Maker in August 2024, said on Monday that in August it used 5.5 million of its platform’s stablecoin, USDS (USDS), to buy back 73 million Sky (SKY) tokens.

It added that it brought its total buyback spend to 75 million USDS since starting the plan, which it began in late February.

Buybacks are a popular mechanism crypto projects use to boost token prices as they remove tokens from circulation, restricting supply and theoretically making them more valuable.