The number of crypto wallets staking the Pyth network’s token has surged past the 110,000 mark, demonstrating an exponential increase in interest over the past few weeks.
At the beginning of December, the count of Pyth token stakers was below 10,000. However, over the last month, there has been a more than tenfold rise in community members participating in Pyth governance staking.
The team attributes the surge in stakers to an upcoming official governance vote as part of the Pyth DAO.
“There is an upcoming first vote on the Pyth constitution, and the community is really rallying in anticipation of that vote,” stated a Pyth spokesperson.
In November, Pyth initially introduced its token, rewarding community members contributing to the oracle network with a stake. The Pyth tokens, native to the Solana blockchain, can be staked for participation in the governance of the oracle network.
The number of PYTH staking wallets over time.
Speculations Surrounding Airdrop
The recent surge in Pyth staking could be linked to speculation, widely circulated by numerous crypto influencers, regarding potential airdrops for Pyth stakers.
Various influencers have suggested that Pyth might follow a trend similar to what was observed in the Celestia ecosystem, where stakers continued to receive rewards from projects utilizing its data availability solution. This speculation seems to have incentivized many to stake their tokens, although Pyth has not provided any official comment on these speculations.
Pyth operates as a decentralized oracle network, specializing in providing real-time, off-chain market data to blockchain applications. It is among the most utilized oracle services, particularly on the Solana platform, supporting over 200 protocols across different networks. Chainlink stands as Pyth’s closest competitor.
Related: AltLayer (ALT) Initiates Airdrop Claim and Achieves Binance Listing
Pyth Chart
The 4-hour chart for PYTH on TradingView at 2:30 AM on January 26, 2024.
