Pyth to launch reserve using buybacks from DAO treasury funds
The network’s reserve will consist of purchases of the network’s native PYTH token, utilizing approximately 33% of the protocol’s revenue through the DAO.
The Pyth Network, a blockchain oracle provider, said it will convert a portion of its revenue into PYTH token purchases as part of a reserve strategy.
In a Friday blog post, Pyth said the tokens it buys on the open market with one-third of the protocol’s revenue through its decentralized autonomous organization (DAO) would constitute the network’s reserve. The network said the strategy was designed to increase revenue and token purchases.
“[I]t’s time to rewrite the market data economy on a global level,” said Pyth.
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