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Pyth Network Staking Explodes With Over 72% of Circulating $PYTH Locked in the First Month

Staking participation and the substantial amount of $PYTH locked highlight the rapid adoption of the Pyth Network's staking program.

February 19, 2024 by Sheldon

Just one month after its launch on January 17th, 2024, the Pyth Network's $PYTH staking program has seen significant growth. Over 1,088,756,431 PYTH tokens, a remarkable 72.58% of the circulating supply, have been locked for staking. This demonstrates growing interest in the network and its governance.

Pyth had strategically built a loyal community before the staking launch through the $PYTH airdrop. Over 75,000 users across various chains, including Solana, received PYTH tokens, forging a strong initial user base. As the largest first-party Oracle network, with integrations across over 300 dApps and 50+ supported blockchains, Pyth offers a real-world utility that reinforces this community loyalty.

Staking Launch Drives $PYTH Price Appreciation.

Since the staking program's launch, the price of $PYTH has increased by an impressive 76%. The significant amount of $PYTH locked up, exceeding USD 653 million in value, suggests strong investor confidence in the project's future.

Pyth DAO Constitution Approved – Enabling Decentralized Governance

To empower its community, Pyth recently held a successful governance vote approving the Pyth DAO Constitution. This establishes a framework for $PYTH holders to have a direct voice in the network's direction. Stakers gain voting rights proportional to their stake, incentivizing both network participation and token ownership.$PYTH governance will empower the DAO to make important decisions such as reward distribution mechanisms for data providers, Approving other software updates to on-chain programs across blockchains and How data providers will be permissioned to provide data for price feeds.

Airdrop Speculation from Monad Fuels Excitement

There is a wave of speculation among the community that $PYTH stakers could be favored for future airdrops by dApps utilizing Pyth's oracle services. Notably, rumors persist of a potential airdrop from Monad, an emerging L1 blockchain. Pyth Network's tweet announcing the "Pyth Peregrination" with Monad, which Monad's Twitter account retweeted, has further fueled speculation and community interest in the staking.

The remarkable first month of the Pyth Network's staking program paints a picture of a vibrant and engaged community. This, coupled with the token's price performance and growing speculation of future airdrops, signals a potentially bright future for the project and its stakers.

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