Sky completed its first SKY burn, with a total of 2.86 million tokens destroyed

Sky Ecosystem announced that the first SKY token burn has been completed. A total of 2.86 million SKY tokens have been purchased on the open market using 5% of the monthly net protocol surplus and have been permanently removed from circulation.

Sky stated that the connection between protocol performance and the reduction in SKY supply has now been activated. Sky is a decentralized stablecoin protocol upgraded from MakerDAO.