"Spark estimated to have begun SPK token buybacks"

Source

Uk Jin

Summary

Decentralized finance Spark (SPK) was said to be estimated to have carried out a token buyback.
AmberCN said Spark moved 570,000 USDS to a multisig wallet and was confirmed to have purchased about 1.84 million SPK tokens.
Spark said that under governance SAEP-09, after securing $35 million in reserves, it plans to conduct SPK purchases for about 12 months using 10% of surplus funds.

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Spark (SPK), a decentralized finance (DeFi) lending protocol, is estimated to have carried out a token buyback.

On the 7th (KST), on-chain analyst AmberCN said on X (formerly Twitter), "After recently moving 570,000 USDS to a new multisig wallet, Spark began scaling into SPK token purchases," adding, "So far, it has been confirmed that roughly 1.84 million SPK tokens have been bought."

The buyback follows Spark governance proposal 'SAEP-09,' which was proposed in January.

According to the proposal, Spark plans to first secure reserves for protocol operations (about $35 million) and then use a portion of remaining treasury funds to buy SPK tokens on the market. The buyback is expected to run for around 12 months, using 10% of surplus funds excluding treasury reserves each month to purchase SPK.

SPK