This Altcoin’s New Report Shows Millions of Dollars in Profits: Details on Buybacks and Burn Also Included

The third-quarter report for the Sky ecosystem, released today, revealed new data on the protocol’s revenue and the resources channeled into the token economy.

According to the Sky Frontier Foundation, the protocol’s net income after expenses reached $37.19 million. This represents an 11.8 percent increase compared to the previous quarter and marks the sixth consecutive quarter of positive results.

Gross protocol revenue reached $99.29 million. This represents a 14.2% increase compared to the same period last year. With expenses decreasing by 16% compared to the previous quarter, the net income margin rose to 37.5%.

According to the report, $28.47 million was added to reserves, bringing the reserve size to $85.08 million at the end of the quarter.

The section concerning token holders explains that net income is being allocated for SKY buybacks, USDS rewards for stakers, and token burning. The first burn took place on September 13th, permanently removing 2.86 million SKY from circulation.

At the end of the quarter, protocol collateral was recorded at $11.41 billion, USDS supply at $9.70 billion, and sUSDS supply at $4.52 billion.