Pyth Governance System Voting Guide
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Pyth Governance System Voting Guide
Please cast your valuable vote!
Navigating Web3 tides with focused insightsIn November 2023, #PythNetwork launched its permissionless mainnet, laying the foundation for on-chain voting, Pyth governance, and community-led decision-making.
Your voice is essential in shaping the development trajectory of the Pyth protocol and ecosystem.
By staking PYTH tokens in the official staking system, you gain on-chain voting power. Your voting rights empower you to help guide the direction of Pyth Network.
Significance of Participating in Governance
Governance is a fundamental pillar for Pyth's future development and ecosystem growth. A community-driven governance system fosters innovation, ensures network security, and helps align the interests of diverse stakeholders within the Pyth Network community.
The Pyth governance system will help determine:
· The size, duration, and amount of oracle fees.
· On-chain reward structures for data publishers.
· Which price feeds are listed and which data publishers support them.
Your participation and votes are crucial in making decisions on these matters.
Participate in Pyth DAO Governance on Realms
Community members can participate in Pyth governance through the Pyth DAO Realms platform.
Here, you will find a list of on-chain proposals with their timelines and statuses. The Realms interface allows users to easily search, filter, and sort through on-chain proposals.
You can select a proposal to view its details, real-time vote counts, current status, as well as join and participate in discussions.
The voting interface displays your voting status, current results, and the proposal's voting requirements such as type, duration, and quorum needed for passage.
Proposal Voting Process
On-chain proposals are open for voting over a seven-day period, starting at the beginning of a new epoch (Thursday 00:00 UTC) and ending the following Wednesday at 23:59 UTC.
During this time, you may cast your vote at any moment.
Cast Your Vote
Once a proposal enters the "voting" phase, PYTH token stakers will be able to participate. First, log in to the Pyth DAO Realms page.
Connect your wallet using the button in the upper-right corner
Connect your SPL (Solana) wallet. Locate and click the "Connect Wallet" button. A pop-up window will guide you to select the SPL wallet holding your PYTH tokens.
Next, select a proposal from the list to access its detailed information page. On this new page, you can vote either Yes or No to the proposal.
Please vote in the upper right corner
Voting Results
At the end of the epoch, approved proposals will be fully executed and implemented. Any scheduled on-chain operations will be automatically carried out at this stage.
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