After the DEFI lending platform MakerDAO introduced a token buyback program, its governance token MKR soared to a high price for nearly a year.
Maker rose above $1,200 for the first time since last August and is currently changing hands at around $1,148, up around 28% over the past week.
Over the past 24 hours, the protocol has bought back about $230,000 worth of MKR, according to Etherscan’s blockchain data.
At this rate, the protocol is on track to buy back about $7 million in tokens over the next month.