Pyth Network DAO approves sending 100% of product revenue to PYTH buybacks
Under OP-PIP-136, every dollar of eligible DAO revenue from Pyth products now goes to buying PYTH on the open market, with no monthly vote required
The Pyth Network DAO has approved a policy that turns its revenue into a standing PYTH buy order. Under the proposal, OP-PIP-136, 100% of eligible revenue from Pyth products will fund open-market buybacks of the PYTH token, which then go to the DAO’s PYTH Reserve.
The change, nicknamed the “100% Rule,” was announced on October 8, 2026. It follows a governance vote that wrapped up in late September or early October. It also replaces a far more cautious arrangement that the DAO had been running for less than a year.
From one-third to all of it
The previous framework came from OP-PIP-87, adopted in December 2025. Under that setup, buybacks were capped at one-third of the DAO’s non-PYTH treasury balance each month. Each round also required its own separate vote.
OP-PIP-136 removes both limits. Every dollar of eligible product revenue now goes toward buying PYTH, and the DAO no longer needs to vote each month to release the funds.
The money behind it is growing quickly. Pyth’s annualized recurring revenue (ARR) has reached $11.5 million, an 86% increase quarter-over-quarter. The research attributes most of that growth to Pyth Pro subscriptions.
Not all of that revenue lands with the DAO. The DAO receives approximately 60% of revenue from Pyth Pro and other products. Douro Labs keeps the other 40%. The 100% Rule applies to the DAO’s share, so the buyback budget is the DAO’s cut, not the whole $11.5 million.
The news moving money, markets, and the world—before your day starts.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
How the buybacks actually work
Execution falls to the Pythian Council Ops Multisig. Each buyback transaction is capped at $25,000, and maximum slippage is set at 5%.
Once PYTH is bought back, it cannot be sold. Tokens enter the Reserve and stay there. That Reserve already holds approximately 41 to 42 million PYTH tokens, built up through earlier buyback rounds under the old rules.
Why Pyth has revenue to spend
Pyth Network is an oracle that feeds outside data, such as asset prices, into blockchains. Pyth’s data underpins over 94% of recent trading volume in Real World Asset perpetual contracts. Pyth Pro, the paid product line driving most of the ARR gains, gives Pyth a revenue stream tied to customers paying for data.
What this means for PYTH holders and the DAO
Under OP-PIP-87, buyback size depended on the treasury balance and a monthly vote. Now, buying pressure is tied directly to product revenue. If revenue grows, buybacks grow. If revenue slows, so do the buybacks.
Removing monthly votes makes the process efficient but also removes a recurring checkpoint where tokenholders could pause or adjust spending. Revisiting that choice would take another proposal.
The no-sale rule means the Reserve is a one-way accumulator. The DAO cannot rebalance into other assets without changing the rules.
At $11.5 million in ARR, with the DAO keeping roughly 60%, the buyback budget’s effect on PYTH’s supply dynamics will depend on how revenue compares with the token’s trading volume and any unlocks entering circulation.