Pyth Network provides decentralized oracle services for DeFi and blockchain applications, ensuring reliable price feeds by leveraging a network of data providers. Governance is managed through PYTH token holders who stake tokens for voting power via the Pyth DAO Realms platform. With a total token supply of 5.2 billion PYTH tokens, funding includes private sales to support strategic contributors.
Value Proposition:
Pyth Network provides a decentralized oracle service essential for DeFi applications and smart contracts, aiming to bridge traditional financial markets with blockchain technology. By utilizing a network of data providers, Pyth ensures the accuracy and reliability of its price feeds.
Governance:
The governance process of Pyth Network is conducted through on-chain voting via the Pyth DAO Realms platform. PYTH token holders can stake their tokens to gain voting power. Proposals are voted on over a seven-day period, from Thursday 00:00 UTC to Wednesday 23:59 UTC. The governance body is responsible for decisions regarding oracle fees, reward structures for data providers, and listed price feeds. Community members are encouraged to participate in discussions and vote on proposals.
Tokenomics:
The tokenomics of Pyth Network feature a total supply of 5.2 billion PYTH tokens, distributed as follows: 64% to data providers (3.328 billion tokens), 10% to protocol development (1 billion tokens), 6% to community and launch (600 million tokens), and 10% to private sales (1 billion tokens). The PYTH token is used for governance participation and potentially for paying oracle fees.
Previous Funding:
Funding for Pyth Network includes private sales, with 10% of the total token supply (1 billion PYTH tokens) allocated to two historical funding rounds for strategic contributors.
