Sky Protocol Buys Back 154M SKY in November, Surpasses $88M USDS in Total Repurchases

Sky Protocol (formerly MakerDAO), a decentralized finance (DeFi) ecosystem, repurchased 154 million SKY tokens in November. The platform spent about 7.8 million of its stablecoin, USDS, to buy back the tokens. This move is part of an ongoing buyback initiative aimed at supporting the token’s value and market stability.

In November, Sky Protocol bought back 154 million SKY using 7.8 million USDS.

This brings total buybacks to over 88 million USDS since the program began. pic.twitter.com/yqfgt1HQ3U

— Sky (@SkyEcosystem) December 1, 2025

Total Buybacks Amount to Over 88M USDS

According to the platform’s disclosure, the latest action brings the Sky Protocol’s total buybacks to over 88 million USDS since the program began. The November purchase follows a steady series of market buys.

Earlier in the program, the protocol used 5.5 million USDS in August to acquire 73 million SKY tokens. Notably, the buyback program started on February 24, 2025, with an initial investment of 4.28 million USDS when SKY traded around $0.063.

The sustained buying pressure demonstrates the protocol’s commitment to reducing circulating supply through systematic market purchases. In DeFi, buybacks are a popular mechanism that projects use to boost token prices. They remove tokens from circulation, restricting supply and, in theory, increasing their value.

However, despite the recent buyback, SKY’s market value has declined significantly. According to CoinGecko data, the token is trading at $0.049, down 12.12% over the last 24 hours.

From MakerDAO to Sky Protocol

Formerly known as MakerDAO, the protocol rebranded to Sky in August 2024. As part of this shift, it introduced USDS as its new stablecoin and SKY as its governance token. Legacy tokens (MKR and DAI) remain in circulation, but users can voluntarily convert them at fixed exchange rates.

That rebrand signals a new phase for the protocol, one focused on governance, token economics, and long-term sustainability. Moreover, the buyback program plays a strategic role as it reinforces the platform’s commitment to the new token system. It also aims to build confidence among holders.

Overall, with the buyback in November, Sky Protocol has demonstrated both capacity and willingness to act. If the program remains consistent, the impact on supply dynamics could become more meaningful over time. This effect would be even stronger if demand for SKY remains steady or grows.

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