Solana Mobile Buyback and Burn Program Has Cumulatively Burned Over 1.1 Million SKR

On November 4, according to an official announcement from Solana Mobile, since the SKR buyback and burn plan launched on October 15, it has cumulatively burned over 1.1 million SKR tokens as of November 3. The program purchases SKR on the open market daily and burns the acquired tokens on-chain.

Funding for the plan comes from staking commissions from Solana Mobile validators, as well as exchange fees for Seed Vault Wallet and service fees for the USDC Earn Vault, among others. The first monthly order funding was 24,573 USDC, and on October 15, it executed its first daily purchase and burn of 60,885 SKR.