The governance token of MakerDAO, MKR, has seen a surge in price following the introduction of a token buyback program. The token briefly reached a one-year high of $1,200 before settling at around $1,144. The buyback program, called the Smart Burn Engine, removes MKR supply from the market by allocating excess DAI stablecoins to purchase MKR from a UniSwap pool. MakerDAO is one of the largest and oldest DeFi lending protocols and is currently undergoing a major overhaul, including upgrading its tokens and breaking up its structure into smaller autonomous organizations.
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Maker (MKR) Surges to Near One-Year High on Token Buyback Program
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