Pyth’s DAO, through a proposal numbered OP-PIP-136, puts the entire amount of product revenue into open-market buybacks of its own tokens. On October 8, the official blog disclosed the full details of this rule.
1. From one-third to the full amount
The shifting focus is on two ratios. Previously, the rules required a separate monthly vote, using one-third of the non $PYTH reserve balance. The new rule switches to a one-time long-term authorization: 100% of product revenue is used to buy tokens on the open market and inject them into reserves.
Annual authorization replaces the once-monthly vote by the full membership. What the proposal replaces is the one approved in December 2025—it locks monthly buybacks to one-third of the non-token reserve balance, with each round requiring the process to be run again.
执行约束原样保留：单笔上限 2.5 万美元，滑点上限 5%，走聚合器路由，链上留痕，每月出报告。以稳定币形式到账的资金由预授权委员会按既定指令在公开市场换成代币，再转入 DAO 金库，已经是代币的部分直接进储备。
On the revenue side, the numbers
In September 2026, this network’s total ARR reached $11.5 million, up 86% quarter-over-quarter. Net added ARR in Q3 was $5.33 million, with 276 paid accounts. Growth was mainly driven by subscription-based products.
The DAO receives only a portion of the product revenue; the other portion is retained by the company of the core contributors. The full buyback covers the DAO’s portion, which makes up a smaller share than overall revenue.
The absolute level of reserves is also rising. There are now roughly 42 million tokens accumulated in the reserve pool, and the first batch under the new authorization was executed on September 30.
The data coverage is also expanding. Besides institutional subscriptions, it outputs data to prediction markets and provides AI agents with financial data interfaces for testing. The broader the use cases, the more sources of month-to-month revenue fluctuation there are.
3. Feedback on the pricing
On October 8, the day of $PYTH , it rose more than 12%, at one point trading above $0.086 intraday, with the 24-hour gain holding around 15%.
If you look at the buyback ratio together with the size of revenue, the logic is complete. The strength of the buyback depends on how large the denominator is: with $11.5 million ARR spread across the month, the number of tokens you can buy in the open market is limited to a certain tier. What truly changes the supply-demand structure is the long-term authorization itself—it turns something that happens once a month into something that occurs continuously.
4. Two unanswered questions
The tokens in reserve cannot be sold under the current rules. That means the portion that gets bought back can’t exit, and the demand source becomes a one-way, non-exiting channel. This design is an intentional stabilizer, and it also implies that this part of supply will keep accumulating.
On the other side is the denominator. The proposal locks the ratio at 100%, but it doesn’t make any commitments on the revenue side. Subscription revenue depends on customer retention, and institutional orders themselves come with time cycles. Once revenue contracts, the buyback amount will shrink accordingly—at that point, the real meaning of the 100% figure will change completely. The official documentation doesn’t provide any explanation on this part.
The motivation given by the official blog is: the way market data is sold has been around for decades—prices are high, it’s fragmented, and without a procurement team you can’t get it. Putting all revenue into reserves is meant to align the three stakeholders—using the network, building the network, and governing the network—toward the same direction.
Holders of the governance token should pay attention to the continuity of the authorization. How long can a rule written as 100% last depends on how long the underlying revenue can sustain it.