Solana Mobile Buyback-and-Burn Program Has Burned More Than 1.1 Million SKR in Total

TechFlow reported on November 4 that, according to Solana Mobile's official announcement, the SKR buyback-and-burn program has burned more than 1.1 million SKR in total since its launch on October 15, as of November 3. The program purchases SKR on the open market daily and burns the acquired tokens on-chain.

The program is funded by staking commissions from Solana Mobile validators and fees from services such as Seed Vault Wallet swaps and the USDC Earn Vault. The first monthly order was funded with 24,573 USDC, and the first daily purchase on October 15 burned 60,885 SKR.

Source: TechFlow