The network’s reserve will consist of purchases of the network’s native PYTH The network’s reserve will consist of purchases of the network’s native PYTH
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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