Spark lending platform launches token buyback program, with 1.84 million SPK already repurchased

PANews March 7th – According to on-chain analyst Yujin's monitoring, the lending platform Spark transferred 570,000 USDS to a new multi-signature wallet the day before yesterday, and then started making multiple small purchases of SPK through CoW Swap's TWAP function. So far, 1.84 million SPK (worth $36,000) have been bought back.

Spark previously passed a proposal for an SPK buyback, which roughly states: a portion of the funds, about $35 million, will be set aside in the treasury as operational reserves and will not be touched. Then, each month, 10% of the surplus funds will be used to buy back SPK. This buyback is expected to last for 12 months.