What is Pyth Network (PYTH)?
Pyth Network (#PYTH ) is the world’s largest first-party decentralized oracle network that connects market data from the world’s largest professional traders and exchanges to any smart contract, anywhere. They offer real-time price feeds for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities to smart contract developers on more than 40 blockchains. The network is designed to provide high-quality financial market data on blockchains to make it reliably accessible for on-chain applications. Here are some of the main features of Pyth Network:
A data network for smart contracts: Pyth connects high-fidelity market data from the world’s largest professional traders and exchanges to any smart contract, anywhere.
A source of reliable and low-latency data: Pyth delivers smarter data for your smart contracts by using institutional sources that have access to real-time and accurate market information.
A platform for decentralized applications: Pyth enables developers to build dApps that leverage the power of nuclear fusion, such as decentralized finance, gaming, sports betting, and more.
Will I qualify for Solana ecosystem airdrops by staking Pyth Network (PYTH) tokens?
Staking $PYTH tokens can potentially qualify you for multiple Solana ecosystem airdrops since Pyth Network is part of the Solana ecosystem, which is expected to have a series of airdrops. By staking PYTH tokens onto the Pyth Network, you could become eligible to receive airdrops from various projects that are part of the Solana ecosystem. These airdrops can potentially result in receiving thousands of dollars’ worth of tokens from different projects. By staking PYTH tokens, you can participate in the community and onboard new projects, which is viewed as a marketing tool and a way to bootstrap liquidity.
How to stake Pyth Network (PYTH) token for multiple Solana airdrops?
Time needed: 5 minutes
Here’s how to stake Pyth Network ($PYTH) token for multiple Solana ecosystem airdrops:
Set up Phantom wallet
To set up a Phantom wallet, download the Phantom wallet Chrome extension. You will need the Phantom wallet as is the primary wallet for the Solana ecosystem.
Get Pyth Network (PYTH) tokens
You will need to buy or transfer Pyth Network (PYTH) tokens to your Phantom wallet in order to stake it on Pyth Network. You can buy Pyth Network (PYTH) tokens on major exchanges such as Bybit. Alternatively, you can get $PYTH from decentralized exchanges like Jupiter. Make sure to use limit orders for Jupiter to qualify for the Jupiter airdrop.
Deposit and stake PYTH
Connect your Phantom wallet to https://staking.pyth.network/. Select the amount of $PYTH you wish to stake and click “STAKE”. Note there is a minimum number of $PYTH you must stake. We expect the amount to be around 1,000 PYTH tokens, although the Pyth Network team has not confirmed it yet. Staking enables you to participate in Pyth Network governance. Newly staked $PYTH tokens become eligible to vote in governance at the beginning of the next epoch, which starts every Thursday at 00:00 UTC and lasts 7 days.
Vote in Pyth Network governance
Go to https://app.realms.today/dao/PYTH and vote on proposals. To vote, click on the proposal and click the yes or no buttons to vote. Note there are no recent new proposals right now, so check back often.
Unstake PYTH
Go to the “Unstake” tab at https://staking.pyth.network/. Specify the amount you wish to unstake and click “Unstake”. Confirm the transaction in your Phantom wallet. Note you will need to wait for the end of the cooldown period to access your tokens. The cooldown period is 1 epoch after the end of the current epoch.
Withdraw PYTH
To withdraw your PYTH tokens, go to the “Withdraw” tab at https://staking.pyth.network/. Enter the amount you wish to withdraw and confirm the transaction in your Phantom wallet.
Excpected Airdrops by staking PYTH
By staking PYTH tokens, you can potentially qualify for multiple Solana ecosystem airdrops, as Pyth Network is part of the Solana ecosystem. Some of the projects that have announced or hinted at airdrops for Pyth stakers are:
Jupiter: A decentralized exchange that uses Pyth data for price feeds. You can get the Jupiter airdrop by using limit orders on their platform.
Star Atlas: A metaverse game that integrates Pyth data for in-game assets and events. You can get the Star Atlas airdrop by playing the game and holding their NFTs.
Solend: A decentralized lending and borrowing platform that uses Pyth data for interest rates and collateral ratios. You can get the Solend airdrop by supplying or borrowing assets on their platform.
