3月5日消息，DeFi协议Sky（前身为Maker）的原生代币SKY在最新治理提案执行后出现明显上涨，价格一度上扬约10%。该提案已于2月27日通过，并在3月2日正式生效。此次调整涉及质押奖励发行、稳定币信贷体系以及代币回购机制，被市场视为优化代币经济模型的重要一步。
根据治理方案，Sky将未来180天的SKY代币发行规模设定为约8.3818亿枚，相较此前计划减少约1.6182亿枚。发行量下降意味着质押奖励释放速度被放缓，从而降低治理代币的潜在稀释压力。对于关注DeFi代币通胀模型的投资者而言，这一变化通常被视为有利于中长期价值稳定。
与此同时，Sky协议持续执行由USDS稳定币资金支持的自动回购计划。数据显示，该系统已累计投入约1.145亿美元回购约18.3亿枚SKY代币。回购操作以小额交易方式持续进行，平均单笔规模约为1万美元，从而在市场中形成较为稳定的买盘。目前，该机制每天大约减少360万枚SKY的市场流通量。
在发行速度放缓与回购同步推进的背景下，SKY代币的有效流通供应逐步收紧。协议数据显示，当前约67%的SKY处于质押状态，其余部分在市场中交易。这种结构意味着实际可流通的代币比例相对有限，也进一步放大了供需变化对价格的影响。
此次治理更新还引入新的信用基础设施，用于扩展USDS稳定币相关的借贷市场。两个新的“启动代理”被纳入系统，负责部署信贷流动性并管理与USDS生态连接的资金网络，从而推动稳定币在DeFi场景中的使用范围。
从行业角度来看，越来越多的加密协议正在调整代币经济模型，减少高通胀激励机制，并通过回购或降低发行量来稳定市场结构。例如，衍生品协议dYdX已通过提案，将75%的协议收入用于代币回购；基于Solana生态的Jupiter则计划在2026年停止JUP代币的净新增发行。这类策略正逐渐成为DeFi项目优化代币价值的重要方向。
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