Pyth Network staking exploded with over 72% of circulating PYTH tokens locked in the first month
Just one month after launching on January 17, 2024, Pyth Network's PYTH staking program has seen significant growth. More than 1,088,756,431 PYTH tokens, representing 72.58% of the circulating supply, have been locked for staking. This demonstrates the growing interest in the network and its governance.
Pyth strategically built a loyal community before launching staking through the PYTH airdrop. More than 75,000 users across various chains, including Solana, have received PYTH tokens, creating a solid initial user base. As the largest first-party Oracle network, with integrations across 300+ dApps and 50+ supported blockchains, Pyth provides real-world utility that strengthens the loyalty of this community.
Staking launch drives PYTH price increase
Since the staking program launched, the price of PYTH has increased an impressive 76%. The significant amount of $PYTH locked, exceeding $653 million in value, shows strong investor confidence in the project's future.
Pyth DAO Constitution approved allowing for decentralized governance
To empower its community, Pyth recently successfully held a governance vote approving the Pyth DAO Constitution. This establishes a framework for PYTH holders to have a direct say in the governance of the network. Stakers gain voting rights proportional to their stake, incentivizing both network participation and token ownership. PYTH governance will empower the DAO to make important decisions such as reward distribution mechanisms for data providers, Approval of other software updates for onchain programs on blockchains, and How data providers will be allowed to provide data for price feeds.
Airdrop speculation from Monad
There is a wave of speculation in the community that PYTH stakers may be prioritized for future airdrops by dApps using Pyth's oracle service. Notably, there are still rumors about a potential airdrop from Monad, an emerging L1 blockchain. Pyth Network's tweet announcing “Pyth Peregrination” with Monad, retweeted by Monad's Twitter account, has increased speculation and community interest in staking.
Pyth Network's remarkable first month of staking paints a picture of a vibrant and engaged community. This, coupled with the token's price performance and growing speculation about future airdrops, signals a potentially bright future for the project and its stakers.
