Pyth Network Launches PYTH Reserve, Token Price Increases 4%

Pyth Network has launched the PYTH Reserve, which uses protocol income for monthly open-market purchases of the PYTH token. This announcement led to a 4% increase in the token's price, now around $0.06698.

PYTH Reserve Mechanism

  • Pyth’s revenue comes from Pyth Pro, Pyth Core, Pyth Entropy, and Pyth Express Relay.
  • One-third of the DAO Treasury's balance is used monthly to buy PYTH tokens.
  • The purchase method averages the entry price over time and scales with network growth.
  • Quarterly pricing checks by the Pythian Council ensure competitive pricing and fee adjustments.

Market Opportunity

  • Institutions spend nearly $50 billion annually on financial data.
  • If Pyth captures 1% of this market, it could generate $500 million yearly, enhancing the PYTH Reserve.

PYTH Token Price Action

  • The token shows potential breakout from a falling wedge pattern on its daily chart.
  • A successful breakout may target $0.12, with potential rally to $0.16-$0.18.
  • Failure to break out could see price retreat to support around $0.05.

pyth daily chart

Bitcoin Hyper Project

  • Bitcoin Hyper (HYPER) aims to enhance Bitcoin transactions with a Layer 2 solution.
  • The project is currently in presale, having raised over $29.3 million.
  • HYPER token priced at $0.013415, used for gas fees, staking, and DeFi tools within its ecosystem.