Spark lending platform launches token buyback program, having repurchased 1.84 million SPK tokens so far
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Spark lending platform launches token buyback program, having repurchased 1.84 million SPK tokens so far
According to on-chain analyst Yujin’s monitoring, the lending platform Spark transferred 570,000 USDS to a new multisig wallet two days ago and subsequently began executing small, multiple purchases of SPK via CoW Swap’s TWAP functionality. So far, it has repurchased 1.84 million SPK (worth $36,000). Spark previously approved an SPK buyback proposal, under which: first, approximately $35 million is reserved in the treasury as operational reserves and left untouched; then, 10% of surplus funds is allocated monthly for SPK buybacks. This buyback program is expected to run for 12 months.
Navigating Web3 tides with focused insightsTechFlow News: On March 7, on-chain analyst Yujin monitored that the lending platform Spark transferred 570,000 USDS to a new multisig wallet two days ago and subsequently began purchasing SPK in small, multiple transactions via CoW Swap’s TWAP functionality. So far, Spark has repurchased 1.84 million SPK (worth $36,000). Spark previously approved an SPK buyback proposal stipulating that approximately $35 million be reserved in its treasury as operational reserves—funds that remain untouched—and that 10% of surplus funds be allocated monthly for SPK buybacks. This buyback program is expected to run for 12 months.
