The number of cryptocurrency wallets holding tokens on the Pyth network has surpassed 110,000, with interest growing exponentially over the past few weeks.
At the beginning of December, the number of Pyth token stakers was less than 10,000. However, over the past month, the number of community members participating in Pyth governance staking has increased more than tenfold.
According to the team, the surge in staker numbers comes ahead of an official governance vote as part of the Pyth DAO.
“The first vote on the Pyth Constitution is scheduled and the community is truly united in anticipation of that vote,” a Pyth spokesperson said in a statement.
Last November, Pyth first launched a token that rewards community members for contributing to the oracle network by providing them with equity. You can participate in the governance of the oracle network by staking Pyth tokens, which are included by default on the Solana blockchain.
Pyth Stakers for 30+ days | Source: Dune (via @etaetaeta)
Airdrop speculation
This may also be the reason for the recent surge in Pyth staking. guess — widely shared By several cryptocurrency influencers on X — about a potential airdrop for Pyth stakers.
Several influential people have claimed that Pyth will see trends similar to those observed in the Celestia ecosystem. In the Celestia ecosystem, stake holders continue to receive rewards from projects leveraging data availability solutions. Pyth has yet to comment on this speculation, but it appears this has led to many people staking their tokens.
Pyth is a decentralized oracle network specialized in delivering real-time off-chain market data to blockchain applications. In particular, it is one of the most used Oracle services on the Solana platform and supports more than 200 protocols across a variety of networks. Pyth’s closest competitor is Chainlink.
According to The Block’s pricing page, Pyth tokens trade at $0.40, with a fully diluted market cap of $4 billion.
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