Pyth Network has turned its DAO treasury into a steady PYTH buyer. Under a governance proposal called OP-PIP-136, the Pyth DAO now directs 100% of the funds it receives from Pyth products into buying PYTH on the open market. Pyth’s own blog calls this Pyth buyback policy “The 100% Rule.”
The token reacted. PYTH traded at $0.0847 at 15:25 UTC on Oct. 9, per CoinGecko, up about 11.9% in 24 hours and up 55% over 30 days, during a week when most of the market fell.
What changed in the Pyth buyback rule
According to the >Pyth blog and the >passed proposal on the Pyth forum:
| Before | Now (OP-PIP-136) | |
|---|---|---|
| Amount committed | One-third of the DAO’s non-PYTH balance, monthly | 100% of funds received from Pyth products |
| Authorization | A DAO vote for each monthly transfer | One standing authorization |
| Products covered | Whatever accrued to the treasury | Pyth Pro, Listing as a Service, Data Marketplace, Pyth Indices |
| Existing non-PYTH assets | Not in scope | Also converted to PYTH |
| Guardrails | 5% slippage cap, $25,000 per transaction, public proofs, monthly reports | Unchanged |
Stablecoin revenue goes to a pre-authorized council, which buys PYTH and sends it to the DAO treasury. Revenue received in PYTH goes straight to the reserve. Selling accumulated PYTH would require a new DAO proposal, according to >Unchained and >Crypto Briefing. The first purchases under the new rule were executed on Sept. 30.
The business behind it
Pyth says it reached $11.5 million in annual recurring revenue (ARR) in September 2026, up 86% quarter over quarter, with Pyth Indices alone at $1.81 million in fixed ARR. The DAO receives 60% of revenue from the products it owns. The PYTH Reserve holds about 41–42 million PYTH.
Pyth’s growth comes mainly from real-world-asset perpetual futures, meaning perps on stocks, gold, oil and indices. Pyth says more than 94% of tracked RWA perp volume over the past three months used its data, and that Kalshi and Coinbase named Pyth in regulatory filings for new perpetual products.
Our math: how big is the Pyth buyback?
Using Pyth’s own figures as a rough estimate:
- $11.5M ARR × 60% DAO share ≈ $6.9 million a year available for buybacks (assuming all ARR comes from DAO-owned products, which may overstate it).
- That is about $575,000 a month.
- PYTH’s market cap is about $667 million, so a year of buybacks would equal roughly 1% of market cap.
That is real, recurring demand. It isn’t enough to move a token on its own. The $25,000-per-trade cap also means buys are spread out instead of hitting the market at once. If revenue keeps growing at 86% a quarter, the picture changes quickly. If growth stalls, it stays small.
Why the market cares
DeFi is moving toward tokens that are tied to actual revenue. Citrini Research’s new tokenization report made the same point: activity only helps a token if fees reach token holders (our breakdown). Pyth now has a direct, rules-based link between product sales and token demand, which few oracle networks can claim.
It’s also a reminder that DAO treasury policy can be a catalyst. Lido’s community is currently debating whether new revenue lines should fund LDO buybacks (our report).
CryptoVank’s take
As a Pyth buyback design, OP-PIP-136 is clean: one rule, transparent execution and hard guardrails. The weak points are scale and dependency. The buyback size depends entirely on Pyth’s revenue, and that revenue is concentrated in RWA perps, a young market that regulators are only beginning to look at. Treat this as a sign of good governance, not a promise about price. If you’re new to evaluating DeFi tokens, our DeFi risks guide is a good place to start.
Pyth buyback FAQ
What is the Pyth 100% Rule?
Under OP-PIP-136, the Pyth DAO commits 100% of the funds it receives from Pyth products to buying PYTH on the open market.
How much revenue does Pyth make?
Pyth reports $11.5 million in annual recurring revenue as of September 2026. The DAO receives a 60% share from products it owns.
How much PYTH does the reserve hold?
About 41–42 million PYTH, according to Pyth.
Can the DAO sell the PYTH it buys?
Only through a new DAO proposal.
Sources
- >Pyth Network blog: The 100% Rule (Oct. 8, 2026)
- >Pyth Forum: [PASSED] OP-PIP-136
- >Unchained: Pyth DAO Approves ‘100% Rule’
- >CoinGecko market data, Oct. 9, 2026, 15:25 UTC
This article is for information only and is not financial advice.
2 comments