The number of crypto wallets deploying the Pyth Network token has increased surpassed the 110,000 mark, which has shown an exponential increase in interest in recent weeks.
At the beginning of December, the number of Pyth token stakers was less than 10,000. Yet in the past month there has been a more than tenfold increase in the number of community members participating in Pyth board duties.
According to the team, the increase in strikers comes ahead of an official board vote as part of the Pyth DAO.
“A first vote on the Pyth Constitution is coming up and the community is really rallying in anticipation of that vote,” a Pyth spokesperson said in a statement.
In November, Pyth first introduced its token, rewarding community members who contributed to the oracle network by offering them a stake. The Pyth tokens, sourced from the Solana blockchain, can be staked to participate in the governance of the oracle network.
Pyth strikers for 30 days | Source: Dune (via @etaetaeta)
Speculation about air drops
The recent spike in Pyth strike can also be attributed to speculation – wide shared by multiple crypto influencers on
Several influencers have claimed that Pyth will see a trend similar to what was observed in the Celestia ecosystem, where stakers continued to receive rewards from projects using the data availability solution. This appears to have prompted many to stake the tokens, although Pyth has yet to comment on the speculation.
Pyth is a decentralized oracle network specialized in providing real-time, off-chain market data to blockchain applications. It is one of the most widely used Oracle services, especially on the Solana platform, and supports more than 200 protocols on various networks. Pyth’s biggest competitor is Chainlink.
The Pyth token is trading at $0.40 with a fully diluted market cap of $4 billion, according to The Block’s pricing page.
