Pyth Network价格飙升14%：PYTH为何上涨？

Pyth Network prices surged more than 14% on Friday as DAO approved a full repurchase program

On Friday, October 9, the price of Pyth Network (PYTH) rose sharply by more than 14% to US$0.08605 after the Decentralized Autonomous Organization (DAO) approved a plan to use all eligible product revenue to purchase PYTH tokens on the open market.

Summary of Key Data

• Price Trend: Pyth Network prices rose 14.20% to US$0.08605, with daily trading volume of approximately US$119 million.
• Governance Resolution: Pyth DAO approved Proposal OP-PIP-136, which stipulates that 100% of eligible product revenue will be used to purchase PYTH tokens.
• Revenue growth: Pyth reported recurring annual income (ARR) of US$11.5 million in September, an 86% month-on-month increase.
• Technical Resistance: PYTH faces resistance between $0.086 and $0.090 and the Relative Strength Index (RSI) is near the overbought threshold.

"100% rule" catches market attention

PYTH's 24-hour trading volume was about $119 million, up more than 287% from the previous day's activity, according to CoinGecko data. The token has risen 11.27% in the past seven days, reaching a market capitalization of about $677 million, ranking among the top 100 cryptocurrencies in the world.

The surge in buying activity follows Pyth DAO's new income allocation policy-the "100% rule"-announced on October 8. Pyth DAO has formally approved Proposal OP-PIP-136, which changes the way revenue it earns from data products is used to purchase web-native tokens.

Pyth Network announced the decision on October 8, confirming that all funds received by the DAO from qualifying products will now be used to accumulate PYTH in its reserves. Previously, monthly purchases were based on one-third of the DAO's non-PYTH Treasury balance and required a separate governance vote.

According to the official announcement: "Introduce the '100% rule'. Every dollar Pyth DAO receives is used to purchase PYTH every month." This revised arrangement establishes a permanent purchase authorization without requiring a monthly vote. Funds received in the form of stablecoins will be used to purchase PYTH on the open market, while payments received directly in the form of PYTH will be transferred to reserves.

This policy covers the revenue the DAO earns from Pyth Pro subscriptions, Listing as a Service, data markets, and Pyth Index. It extends to eligible non-PYTH assets held in Treasury. It is worth noting that under the existing revenue-sharing arrangement, approximately 60% of the product revenue owned by the DAO goes to the organization, and the new policy applies only to the funds actually received by the DAO, not every dollar of revenue generated by the entire network.

The repurchase will continue through a pre-authorized committee that handles market purchases under established rules. A single transaction is still subject to a $25,000 limit, with a maximum allowable slip of 5%, and all purchase records are disclosed online.

Pyth confirmed that acquisitions under the new authorization began on September 30. Its October 8 announcement showed reserve holdings of approximately 42 million PYTH, although the earlier announcement mentioned 41 million tokens. Unlike the token destruction program, Pyth Reserve retains purchased assets in the DAO's Treasury. The organization describes reserves as a resource to support contributors, developers and future network activities.

Strong revenue growth and improved adoption rates

This governance decision is accompanied by stronger revenue performance from Pyth's expanding financial data business. In its September report, Pyth recorded recurring annual revenue (ARR) of $11.5 million, a month-on-month increase of approximately 86%. The figure increased from $10.4 million in August, driven by an increase in paying customers and subscriptions.

The third quarter was Pyth's largest quarter to date, with ARR reaching US$11.5 million, an increase of 86% from the second quarter. The number of paying customers reached 276, an increase of more than 220% in a single quarter. It should be noted that recurring annual revenue measures the annualized value of recurring business at a specific point in time and does not represent the revenue the DAO has already collected or the amount available to purchase tokens immediately.

Pyth 指数贡献了181万美元的固定 ARR，同时网络通过 Pyth Pro 将其市场数据覆盖范围扩展至超过3,811个符号。Pyth Terminal 在9月的月活跃用户数为129,265人，较上月增加44%。

Pyth 为交易平台、预测市场和需要定期更新市场价格的金融机构提供数据服务。其商业服务已扩展至传统金融市场。今年6月，纳斯达克开始通过 Pyth Network 提供市场数据，使区块链应用程序能够访问纳斯达克 TotalView 订单簿的信息。Pyth 的9月报告确认批准通过其市场分发纳斯达克基础数据，涵盖美国股票价格和交易信息。

该网络已与 Polymarket 和 Kalshi 等平台建立合作伙伴关系，这些平台使用 Pyth 数据进行金融市场合约结算。今年4月，Polymarket 利用 Pyth 价格馈送扩展了其股票和商品市场，用于合约结算。

据 Pyth 称，在前三个月跟踪的实际资产永续合约交易量中，超过94%依赖其定价数据。该公司报告称，这些市场在该季度的交易量超过2万亿美元。

技术分析：PYTH 能否触及0.10美元？

在最新反弹之后，Pyth Network 的价格仍高于其主要指数移动平均线（EMA），尽管买方在0.086–0.090美元附近面临阻力。

On the daily chart provided, PYTH traded at $0.08528, up 5% during the K-line cycle. Its 20-day exponential moving average (EMA) is $0.07433, and the 50-day EMA is at $0.06444. The 100th and 200th EMA were US$0.05670 and US$0.05562 respectively. Prices are above all four moving averages, indicating that recent recovery has taken them above short, medium and long-term trend levels.

The first resistance area is between US$0.086 and US$0.090, after previous trading activity showed selling pressure. If the daily closing price is confirmed to exceed US$0.090, it will strengthen the bullish technical pattern and bring the psychological level of US$0.10 into focus. However, if it is rejected near $0.090, attention may return to the 20th EMA of $0.07433. A break below that moving average would make US$0.06444 near the 50-day EMA the next potential support level.

Momentum indicators suggest that gains are approaching levels where buying pressure may be difficult to maintain. The Relative Strength Index (RSI) was 68.47, slightly above its moving average of 68.03 and close to the widely watched overbought threshold of 70. An RSI close to 70 indicates strong buying momentum in the near term, but it does not mean an immediate reversal will occur. In a continued upward trend, this indicator can remain high.

Despite the recovery, PYTH is still well below its historical peak of $1.20. Market data from CoinGecko shows that the token is currently about 93% below that peak, while its all-time low is $0.02953.

Trading volume rises, PYTH test resistance

Trading activity rose sharply with the release of the governance announcement. CoinGecko recorded trading volume of more than $118 million in 24 hours, with daily trading volume increasing by approximately 287%. The token has a circulating supply of nearly 7.9 billion PYTHs, and its market value at the time of CoinGecko's post-inspection was approximately US$675 million. Its ranking in tracking cryptocurrencies has risen to 99th.

PYTH has previously experienced strong trading activity after its exchange listing and institutional development. In January, the token rebounded quickly after Robinhood's listing, rising more than 17% shortly after U.S. brokerages confirmed support.

The current repurchase program introduces different sources of token demand, as the purchase will depend on the DAO's eligible product revenue. Pyth does not commit to purchasing a fixed amount of tokens each month.

Mike Cahill, CEO of Douro Labs and core contributor to Pyth Network, described the governance decision as a way to connect the network's business activities to its reserves. "The DAO puts all revenue commitments into reserves and is the strongest alignment mechanism the network has ever had." Cahill said in an announcement on October 8.

DAO will continue to publish purchase records online and report purchases monthly. Its approved controls retain the $25,000 transaction limit, a 5% slip point limit, and existing procedures for routing transactions through aggregators.