Pyth Network launches PYTH token reserves and will conduct monthly token buybacks on the open market.
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TL;DR
Pyth Network has launched a PYTH token reserve, using monthly revenue to buy back tokens on the open market for transaction predictability. It plans to use over $1 million from Pyth Pro's first month and PYTH DAO will allocate one-third of its funds for purchases.
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Pyth NetworkOraclesDeFiSolana EcosystemPYTH tokentoken buybackcryptocurrencyblockchain
Mars Finance reports that Pyth Network has announced the launch of the PYTH token reserve. This strategic reserve operates by using a portion of the network's monthly revenue to purchase PYTH tokens on the open market, ensuring predictability and scalability of transactions. Pyth Network added that it currently plans to systematically purchase PYTH tokens on the open market using the over $1 million in revenue generated in the first month of Pyth Pro. Furthermore, PYTH DAO will also allocate one-third of its funds to purchasing PYTH tokens from the open market.