TechFlow news: Pyth Network has announced the launch of its mainnet. Ecosystem participants can now actively engage in Pyth governance by staking PYTH tokens in the Pyth Staking Program to vote on community governance proposals.
On-chain governance will facilitate collective decision-making within the Pyth Network ecosystem, involving multiple stakeholders such as decentralized applications, financial institutions, and DeFi users.
Pyth Governance employs a 1:1 token voting system, where token holders participate in voting by staking their tokens.
Proposal and voting cycles last one week, with approved proposals taking effect in the following cycle. Proposal topics cover key protocol matters including fee adjustments and data provider reward distribution mechanisms.
