Abstract
Following this discussion (**Pyth Token Phase 2)** and previous community interest around that topic (1, 2), this Operational Proposal aims to:
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Establish a DAO-owned $PYTH Strategic Reserve using the Pyth DAO Treasury as specified below
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Empower the Pythian Council to administer and execute buybacks on behalf of the Pyth DAO based on pre-defined parameters (specified in the Implementation Plan below)
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Transfer one-third of the current Treasury balance to the newly introduced Pythian Council Ops Multisig to perform the first buybacks
Rationale and Description
The Pyth Network will soon celebrate its five-year anniversary (Q2 2026), and the $PYTH token just turned two in November 2025.
This proposal aims to enable the DAO to use its existing treasury as well as manage upcoming revenue flows (from Pyth Pro as well as existing products such as Pyth Core/Price Feeds, Entropy, and Express Relay), and position the network for the next phase of growth.
Practically speaking, the DAO will systematically direct its Treasury (stemming from protocol revenue) toward acquiring PYTH tokens to better align the treasury with the network’s long-term growth. Specifically, the DAO will purchase PYTH monthly using one-third (33%) of the Treasury balance at hand (whether USDC, SOL, or others, excluding PYTH). Please refer to the original post for “at hand’ definition.
As of today, the Pyth DAO Treasury is currently holding about $390,000 (in USDC and SOL). As a reminder, this amount mostly stem from (1) Price Feed Listing as well as (2) the recent (and first) Pyth Pro distribution from Douro Labs (disregarding any PYTH tokens already owned).
Implementation Plan
- Introduction of the Pythian Council Ops Multisig
If this proposal is approved, the below on-chain vote will officially recognize the Pythian Council Ops Multisig Wallet (operated via Squads). That new Pythian Council Ops Multisig Wallet will administer and execute the buybacks. The new Pythian Council Ops Multisig Wallet follows the same rules as the Pythian Multisig Wallet (used for OP-PIPs) where the proposals need to be approved by 6/8 of the elected council members. The new Pythian Council Ops Multisig Wallet address would be the following: GAdn7TZhszf5KTfwNRx3A2nP6KCRFEWucZubgdEqbJA2. The ultimate owner of this multisig is the Pyth DAO. Signers of Pythian Council Ops Multisig Wallet are the same address than the Pythian Council members use for the Pythian Multisig Wallet (which is used for OP-PIPs).
- $PYTH Purchasing Rules
These purchases will be administered by the Pythian Council to optimize for the amount of PYTH accumulated (limit orders, smaller market orders to avoid being impacted by a low liquidity level of the Pyth Tokens onchain), in accordance with the following parameters and limiting instructions:
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No transactions where slippage would exceed 5%
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No single transactions in excess of $25,000 USD
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Aggregators (like jup.ag) should be preferred to optimize transactions
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Where limit orders are used, they must be at least 0.1% below the displayed market price at the time the order is placed
The Pythian Council will be in charge of reporting all the trades, associated with proofs, to the Pyth DAO on the forum, and sending back the recently acquired PYTH tokens to the Pyth DAO Treasury.
- Empower the Pythian Council to facilitate repatriation of DAO-owned assets to the DAO Treasury
Assets accumulated across Pyth contracts on non-Solana chains—such as fees collected by Pyth Core, Entropy, or Express Relay contracts—belong to the DAO but are not part of the Solana-based Treasury according to the Constitution. Retrieving these balances requires contract upgrades and withdrawal actions via the Pythian Council OP-PIPs.
To ensure consistent consolidation of these assets, it will be the responsibility of the Pythian Council to regularly retrieve funds from Pyth contracts deployed across other chains and repatriate their value to the Pyth DAO Treasury on Solana. Given the liquidity and bridging constraints on many networks, the most practical approach is to source reputable counterparties willing to receive the native-chain assets directly and pay the DAO in USDC on Solana.
The Council will be in charge of identifying reputable counterparties or venues to receive native tokens (like ETH on EVMs or CRO on Cronos for instance) in exchange for USDC in the Pyth DAO Treasury wallet.
These repatriations should be performed in accordance with the following parameters and limiting instructions:
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No transactions where slippage would exceed 5%
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Tokens received by the Pyth DAO must either be PYTH or USDC
- Send 1/3 of the Pyth DAO Treasury to the Pythian Council (Ops Mulitsig)
As of today, there are $382.72K $USDC, and 53.907 $SOL (excluding $PYTH and negligible amount in other tokens) in the Pyth DAO Treasury.
If this proposal is approved, the Pythian Council Ops Multisig (GAdn7TZhszf5KTfwNRx3A2nP6KCRFEWucZubgdEqbJA2) will receive the following from the Pyth DAO Treasury (Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak):
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127,573 $USDC
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17.97 $SOL
And will administer and execute the buybacks as specified in the point 2 of the Implementation Plan above.
Once executed, the Pythian Council must repatriate all the PYTH accumulated back to the Pyth DAO Treasury: Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak
Next Steps
- DAO members vote on the OP-PIP-86
If approved:
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The Pythian Council Ops Wallet will receive 127,573 $USDC and 17.97 $SOL from the Pyth DAO Treasury
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The Pythian Council will start the first buybacks as specified above and approved by the DAO
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The Pythian Council shall send back the recently acquired PYTH tokens to the Pyth DAO Treasury
