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Spark Lending Platform Launches SPK Token Buyback Program, Has Repurchased 1.84 Million Tokens
Summary: According to on-chain analyst Yu Yan's monitoring, the lending platform Spark transferred 570,000 USDS to a newly created multi-signature wallet on March 5th to initiate the SPK token buyback. So far, 1.84 million SPK tokens have been repurchased, valued at approximately $36,000. The buyback plan is expected to last 12 months, with 10% of the remaining funds each month allocated for repurchasing SPK.
Gate News reports that on March 7th, according to on-chain analyst Yu Yan's monitoring, Spark transferred 570,000 USDS to a newly created multi-signature wallet on March 5th, and then began executing the SPK token buyback using CoW Swap's TWAP feature. To date, 1.84 million SPK tokens have been repurchased, worth about $36,000. It is understood that Spark previously approved an SPK buyback proposal, which involves reserving approximately $35 million in the treasury as operational reserve funds, with 10% of the remaining funds each month used for SPK repurchases. The buyback plan is expected to last 12 months.