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Pyth Network Initiates Monthly Token Buyback Program, Tying Value to Ecosystem Growth 📈
Pyth Network has launched the "PYTH Reserve," a monthly token buyback program that will utilize 33% of its DAO treasury balance to purchase $PYTH tokens on the open market. The initiative is funded by protocol revenue, with the first buyback this month estimated between $100,000 and $200,000.
The program begins as Pyth reports growing traction, noting that its Pyth Pro data product surpassed $1 million in Annual Recurring Revenue (ARR) within its first month. The buyback mechanism is designed to more closely align the $PYTH token's utility with the network's adoption and financial performance.
Pyth Network ($PYTH) is a decentralized data oracle protocol delivering real-time market data across cryptocurrency, equities, forex, and commodities to over 600 applications across 100+ blockchains.
#PythNetwork #PYTH #Buyback #DAO #DataOracle $PYTH