PYTH rallies 7% after Pyth Network announces revenue-backed buybacks
Cryptocurrencies performed relatively well on Friday as the value of all tokens increased by 3% in a day to $3.14 trillion.
Amidst the improved sentiments, PYTH outperformed the broader market with a nearly 7% uptick on its daily chart.
The digital token flipped bullish after Pyth Network revealed bold plans for its next growth phase.
The team took it to X today, December 12, to announce a revenue-fueled token buyback program to link the blockchain’s expansion to native PYTH’s value.
Pyth Network has thrived in the past sessions, powering over $2.3 trillion in net trading volume in the past four years.
Now, the team welcomes the next step, focused on how the project captures, retains, and returns value to stakeholders.
Today’s announcement unveils PYTH Reserve, an innovative system designed to transform Pyth Network revenue into monthly token purchases.
Introducing the PYTH Reserve: turning real revenue growth into sustainable network value. Pyth Pro surpassed $1M annualized revenue in its first month, and that revenue now fuels systematic PYTH purchases on the open market. More adoption. More revenue. More value. Let’s dive
The move is vital as it signals the protocol’s shift from rapid growth into a more stable, financially aligned phase that prioritizes utility, revenue, and PYTH value.
Why does the PYTH Reserve matter now?
First and foremost, what’s Pyth Network?
Well, this is a reputable Oracle network design to merge traditional finance with blockchain through real-time market data.
The protocol gained notable traction after pioneering first-party on-chain data (sourced directly from top exchanges and market makers).
That saw multiple projects in the cryptocurrency industry integrating Pyth Network’s data feeds.
The team spent the initial phase proving that Pyth’s infrastructure could thrive.
Meanwhile, the second phase confirmed that enterprise-level clients can pay to access the data, with Pyth Pro heading to $1 million ARR.
Now, phase 3 focuses on value accrual.
The PYTH Reserve links project performance to tokenomics, with revenue directed into ecosystem growth.
Transparent token buybacks create demand for the blockchain and its native coin.
That can enrich institutional demand, which will catalyze long-term stability for the Pyth project.
The official blog highlighted:
PYTH price outlook
The altcoin is trading at $0.06787 after a nearly 7% increase on the daily price chart.
Chart by CoinMarketCap
The soaring 24-hour trading volume signals renewed interest in PYTH, as the community digests the announced buybacks.
While the token signals further rallies, broader sentiments remain vital.
Digital tokens continue to struggle with short-lived surges due to macro elements.
Bitcoin’s reaction at $90,000 will set the market’s tone in the coming sessions.
The bellwether crypto should overcome the resistance at $93K-$94K to shift the market’s trajectory to bullish in the near-term.
The post PYTH rallies 7% after Pyth Network announces revenue-backed buybacks appeared first on Invezz
You May Also Like
Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?
MoonBull’s 1000x Meme Coin Presale Smashing Ahead Among Top 6 Coins
