Pyth Network, a blockchain oracle provider, said it will convert a portion of its revenue into purchases of PYTH tokens as part of a reserve strategy.
In a blog post on Friday, Pyth stated that the tokens purchased 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 indicated that the strategy was designed to increase revenue and token purchases.
“It’s time to rewrite the global market data economy,” Pyth stated.
The price of PYTH has fallen more than 80% over the last year, despite a brief surge when the platform tightened ties with the U.S. government. The Trump administration announced in August that the company and Chainlink would be responsible for publishing the country’s economic data on the blockchain.
The price of PYTH decreased approximately 1.3% over the last 24 hours, reaching approximately $0.063 at the time of publication.
