Delve into the dynamics of PYTH governance, its role as an Oracle service, and the intriguing trends shaping the token’s landscape.
The level of interest in PYTH, the native token of the Pyth Network, increased dramatically. One hundred nine thousand six hundred fourteen unique users registered to stake the token over the past 30 days, with 99.8% of this total occurring within the last ten days, as reported by the Dune Analytics dashboard.
A possible explanation for the abrupt increase in PYTH staking is the airdrop frenzy.
In mid-January, many X (formerly Twitter) users began publishing guides detailing how to earn rewards by securing the token in a smart contract. At approximately the same time, an upward trend in the token staking began, which could suggest a correlation.
Pyth Network is an Oracle service that provides blockchain decentralized applications (dApps) access to benchmarks and price data.
Staking the token grants users the ability to vote and thus partake in the governance of the token. At present, over two hundred protocols are utilizing the Oracle services of the token.
Airdrop Frenzy and X Guides: Unraveling the PYTH Phenomenon
Then, X-published guides deduce that users who stake the token may be eligible to receive an airdrop from one of the Oracle service’s clients.
This notion is reinforced by the fact that airdrops of TIA, Celestia’s native token, were granted to protocols such as Manta Network and AltLayer that utilize their modular infrastructure in exchange for staking.
Nevertheless, it appears that most the token staking users are unwilling to commit a substantial amount of capital to this strategy. Nearly 68% of users have wagered 1,100 PYTH or less at the time of writing, equivalent to almost $420 at the token’s current value.