Pyth Introduces Token Buyback…Purchases PYTH with 33% of DAO Funds

Data oracle protocol Pyth Network is introducing a buyback program to boost the token's value.

On the 12th (local time), The Block reported that Pyth Network plans to use 33% of DAO treasury assets each month through the 'PYTH Reserve' to purchase PYTH tokens on the market. The buyback will start this month and will be funded by network revenues.

Michael James, head of institutional business development at Douro Labs, said, "The first month's buyback size will be in the range of 100,000~200,000 dollars," adding, "about 500,000 dollars are currently held in the DAO treasury." Pyth said it will expand the buyback size in the future as revenues increase.

Pyth said its recently launched data product 'Pyth Pro' recorded annualized recurring revenue (ARR) of 1,000,000 dollars in its first month after launch. Pyth currently provides data to more than 100 blockchains and more than 600 applications.