Spark lending platform has launched a token buyback program, and has so far repurchased 1.84 million SPK tokens.

CoinFeed reported on March 7th that, according to on-chain analyst Yu Jin, lending platform Spark transferred 570,000 USDS to a new multi-signature wallet two days ago, and then began small-scale, multiple purchases of SPK through the TWAP function of CoW Swap. So far, it has repurchased 1.84 million SPK (US$36,000). Spark had previously approved an SPK repurchase proposal, which roughly involved setting aside approximately US$35 million in operating reserves in the treasury. Then, 10% of these surplus funds would be used each month to repurchase SPK. This repurchase is expected to continue for 12 months.