Pyth Governance System: PYTH Token Staking Guide
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Pyth Governance System: PYTH Token Staking Guide
Staking $PYTH is more than just a symbolic participation—it places you at the center of network governance.
Navigating Web3 tides with focused insightsAuthor: Pyth Network
The permissionless mainnet of Pyth Network officially launched on November 20, 2023, marking the beginning of token holder participation in governance. As an important member of the Pyth ecosystem, we invite you to help shape the future of Pyth. By staking your $PYTH in the PYTH staking system, you gain the power to influence key protocol decisions through governance voting. This is more than just an investment—it’s your opportunity to take control of Pyth Network’s development trajectory.
The Importance of Staking in Pyth Governance
Staking $PYTH is not merely symbolic participation; it places you at the heart of network governance. The on-chain governance process allows you to participate in critical aspects of the protocol, such as:
- Determining reward structures for data publishers
- Setting oracle fee amounts and denominations
- Selecting price feeds to be onboarded onto the network
Your voice and vote matter in these crucial decisions.
Pyth Staking Portal
First, you can access the official Pyth staking portal here. You will complete staking in three steps:
- Stake: Participate in governance by staking your tokens. Your staked tokens will become eligible to vote at the start of the next epoch (every Thursday at 00:00 UTC, with each epoch lasting 7 days).
- Unstake: Unstaked tokens lose their voting rights in governance. You can withdraw your tokens after a one-epoch cooldown period.
- Withdraw: Seamlessly transfer tokens back to your wallet.
Simply click and select the action you need.
Stake Your Tokens
- Initiate Staking: Select “STAKE” and enter the amount of $PYTH you wish to stake.
- Confirm Transaction: Confirm the transaction in your wallet.
- Track Your Stake: View your staked tokens and their voting eligibility in the staking panel.
Your participation in governance begins at the next epoch, granting you voting power over key network decisions.
It will display the initial number of your staked tokens (the number eligible to vote), along with the number that will become eligible at the start of the next epoch shown in parentheses.
Unstake Your Tokens
Unstaking is a straightforward process:
- Select “UNSTAKE” and specify the token amount.
- Confirm the transaction in your Solana wallet.
- Wait for the cooldown period to end before retrieving your tokens.
This process ensures you can flexibly manage your investment while contributing to network governance.
The cooldown period spans a full epoch following the current one. For example, if you initiate unstaking on Monday, you can only withdraw your tokens by the following Thursday.
Similar to staking, you’ll see the number of unstaked tokens available for withdrawal, along with the amount that will become withdrawable at the end of the current epoch (shown in parentheses).
Withdraw Your Tokens
Withdrawing tokens is a simple process:
- Click the “WITHDRAW” button.
- Enter the amount of $PYTH tokens you wish to withdraw.
- Confirm the transaction in your Solana wallet, and the tokens will return to your wallet.
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