Blockchain oracle provider Pais Network has announced that it will convert a portion of its proceeds into the purchase of PYTH tokens as part of its readiness strategy.
In a blog post on Friday, Pais said the network’s reserves will be tokens purchased on the open market through a decentralized autonomous organization (DAO) with one-third of the protocol’s revenue. The network said the strategy was designed to increase revenue and token purchases.
“The time has come to rewrite the market data economy on a global level,” Pais said.
sauce: Pais
The price of the Pyth Network token (PYTH) has fallen more than 80% over the past year, despite a brief spike when the platform deepened its relationship with the US government. The Trump administration announced in August that the company and Chainlink would be responsible for publishing the country’s economic data on-chain.
According to Nansen data, PYTH price has fallen by about 1.3% in the past 24 hours and reached about $0.063 at the time of publication.
Related: Grayscale launches Pyth investment fund
Aave DAO proposed a similar share buyback plan in October
The DAO behind the Aave protocol has introduced a proposal to use $50 million of its annual revenue to buy back its native token, Aave (AAVE). As of Friday, the proposal did not appear to have been approved.
It is unclear how Pyth users will react to this plan. In 2024, when Mango Market proposed a buyback program to purchase MNGO tokens, co-founder Duffy Durairaj accused the creators of “untrustworthy practices and self-dealing.”
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