Sky Protocol proposed a new plan on March 10th, aiming to reduce the SKY buyback ratio from 75% to 7.5% to strengthen the protocol's capital foundation and USDS backing. During the proposal period, SKY staking rewards remain unchanged. The USDS circulation has reached approximately $11 billion, and the Sky Savings Rate has also been lowered to 3.75%. Voting will end on March 12th.

The total market capitalization of stablecoins across the entire network reached $312.4 billion, a new all-time high, with USDT and USDC accounting for 58.9% and 25% respectively. Sky's USDS has a market cap of $7.92 billion, a monthly increase of 26.7%. Sky Protocol's daily protocol revenue reached $600,000. The issuance of yield-bearing stablecoins exceeded $21.5 billion, accounting for 6.88%.

According to on-chain analyst Yu Yan's monitoring, the lending platform Spark transferred 570,000 USDS to a new multi-signature wallet on March 5th, initiating the SPK token buyback. They have already repurchased 1.84 million SPK tokens, worth approximately $36,000. This buyback plan is expected to last 12 months, with 10% of funds each month allocated for repurchasing.