PYTH · the once-a-year unlock already landed, and the calendar ahead is empty.
PYTH is the governance token of the Pyth Network oracle on Solana — a fixed 10,000,000,000 supply whose mint key is gone, of which 7.87B is tradable today and 2,125M stays locked until one last cliff.
Sell pressure. 2,125M PYTH unlocked on May 19 2026 — one annual cliff, released in a single step. Nothing new is minted.
Buy pressure. 2.95M PYTH bought back with revenue and parked in the DAO reserve, which now holds 37.8M.
Net. +26.95% to market over the past 90 days — all of it that one cliff. Looking forward it flips to −0.06%, because the next unlock is not due until May 19 2027.
The PYTH mint has no mint authority and no freeze authority on-chain, so not one new PYTH can ever be created. The oracle-staking reward rate was set to zero on Apr 22 2026 and the leftover reward pool was returned to the DAO treasury in July 2026, so there is no emission stream of any kind.
2,125M PYTH released on May 19 2026 — the third of four equal annual cliffs. Roughly 1.13B of it went to ecosystem growth and 537.5M to publisher rewards, both protocol-held. The fourth and final cliff is May 19 2027, so the next 90 days carry no unlock at all.
Watched and unmoved: 2,125M still locked until the 2027 cliff, ~1.13B ecosystem-growth and 537.5M publisher-reward PYTH released in May 2026 but still protocol-held, 37.8M in the DAO treasury reserve and 0.08M left in the retired staking reward pool. No public evidence of release in window — monitored.
PYTH has never been part of a bankruptcy estate and there is no trustee distribution schedule, so this line has nothing to release.
The DAO spends about a third of its treasury each month buying PYTH on the open market: 1.80M on Jun 9 2026 and 1.15M on Jul 29 2026. Bought coins go back into the DAO treasury reserve, which now holds 37.8M PYTH — held, not destroyed.
Nothing is burned. A split that would destroy part of each reserve purchase was floated on the governance forum in June 2026, but it has not been put to a vote, so no PYTH has ever been destroyed.
The DAO reserve is the only buyer and it is already counted on the line above — there is no separate foundation purchase programme.
Oracle staking has paid nothing since Apr 22 2026, so no fresh lock-up is being created, and the reserve coins are already counted on the buyback line.
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