Token

Engine

Wednesday

Maker (<a target="_blank" href="https://tokeninsight.com/en/coins/makerdao/overview" rel="noopener noreferrer nofollow">$MKR</a>), the governance token of MakerDAO, surged to near a one-year high price following the introduction of a token buyback program. 
The price action occurred as the lending protocol activated a token buyback scheme on Wednesday, removing MKR supply from the market. The so-called Smart Burn Engine periodically allocates excess DAI stablecoins from Maker’s surplus buffer to purchase MKR from a UniSwap pool. 
The program was deployed earlier this month, and it went live Wednesday once the surplus buffer exceeded $50 million. 
Related: <a target="_blank" href="https://tokeninsight.com/en/news/makerdao-deployed-mkr-smart-burn-engine-contracts-on-chain" rel="noopener noreferrer nofollow">MakerDAO Deployed $MKR Smart Burn Engine Contracts on chain</a> 
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MakerDAO Starts Token Buyback, $MKR Rised 28% Past 7 Days

TokenInsight

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