You can safely stake your Pyth
by following the external link to the resource
Delegating step-by-step
- Why stake PYTH with Everstake?
- Everstake serves as a Pyth node provider, known for its robust infrastructure. Our skilled team prioritizes asset security while managing this infrastructure. Actively engaged in numerous crypto projects, we nurture the ecosystems we support. Our exceptional track record includes preventing slashing incidents, ensuring uptime, and delivering top-tier performance.
- PYTH is the governance token of the Pyth Network. Token holders must participate in the Pyth staking program and stake their tokens to vote on governance proposals. Governance uses a 1:1 coin-voting mechanism for community governance proposals, where each staked token represents one vote.
How can I stake PYTH?
- Step 1: Visit the official governance frontend and
- Step 2: Connect your wallet
- Step 3: Specify how many tokens you want to delegate and click Stake
- Step 4: View your staked tokens and their corresponding voting power in the "Staked" window
Note: Validators validate transactions and maintain network integrity but don't control users' funds. They cannot access or manipulate funds within the blockchain network.
Where can I stake PYTH?
Staking details
- Stake activation: Your stake will become eligible for voting at the start of the next epoch
- Epoch duration: Epochs are a period of seven days. Each epoch starts on Thursday at 00:00 UTC
- Min amount to stake: 1 PYTH
- Min staking period: There is no minimum staking period
- Unstaking period: The cooldown period begins one epoch after the current one concludes. For instance, if you unstake on a Monday, you can withdraw your tokens on the Thursday of the subsequent week.
- Fees: Make sure to have additional SOL for gas fees on the Solana network. A supply of 0.03 SOL should be sufficient for PYTH staking.
About Pyth
The Pyth Network is a next-generation oracle solution that provides accurate financial market data.
By working with trusted top-notch market participants, such as global exchanges, market makers, and financial service providers, Pyth receives the most up-to-date information with the shortest transmission time.
Learn more about the Pyth Network and its features in our article:
Everstake participation
Everstake also provides RPC services to Hermes By Pyth users through Extrnode. This connects dApps to a decentralized cluster of RPC nodes, with automatic response rerouting during node downtime.
Hermes is a web service that provides a convenient web API for the latest Pyth price updates from Pythnet and Wormhole. It offers a cost-effective way to verify and use the data on-chain.
faq
What is Oracle?
+Blockchains and smart contracts cannot access off-chain data (data that resides outside the network). However, for many blockchain processes, it is vital to have relevant information from the outside world to execute the transaction.
A blockchain oracle is any device or entity that connects a deterministic blockchain with the off-chain data. They act as bridges between blockchains and the outside world.
How can I participate in the Pyth Network?
+Pyth Network has three types of network participants:
- Publishers: such as exchanges, trading platforms, financial service providers, etc. that provide data.
- Consumers: end users, such as applications, that use the provided data to function.
- Delegators: users who own PYTH tokens and stake them towards specific publishers to demonstrate trust in data from a сhosen publisher and earn data fees.
You can choose a role depending on your activity and interest.
How does the Pyth Network work?
+Pyth requires its participants to be the source of information. Publishers, such as trading platforms, transmit information directly to the Pyth Network. The network rewards publishers according to the amount of useful information they share, and penalizes them if the data is incorrect.
Information provided by publishers is used by consumers, which are various applications for which this data is vital. Consumers can use the information provided and pay data fees. Consumers' interest in paying data fees stimulates risk: in case the publisher provides incorrect information, those consumers who paid the fees receive a payout.
Delegators, users who own PYTH tokens, can stake them towards specific publishers to help demonstrate trust in data from a сhosen publisher to earn data fees (coming from consumers’ data fees).
How does the Pyth Network send prices to other chains?
+Pyth uses Wormhole to send Pyth prices to other networks. This means that the network's cross-chain publishing can work on any chain supported by Wormhole.
Is the Pyth Network the same as the Chainlink?
+Like Chainlink, the Pyth Network is a decentralized data oracle which makes it a serious competitor of the most famous of modern decentralized oracles.
Using the Solana architecture, Pyth can reliably transfer data with sub-second latency (currently 400ms) at relatively low overhead compared to competitors. Also, instead of using third-party data (such as Chainlink), Pyth incentivizes market participants to provide price data directly to the network. With this in mind, they aim to pioneer their own data aggregation network channels in their target market.
Is there an APR or APY for PYTH staking?
+PYTH is the governance token of the Pyth Network. PYTH token holders can participate in governance by staking. Although PYTH staking is currently unprofitable and offers no APR/APY, this can be determined through governance in the future.
Can I select Everstake as my validator during the staking process?
+PYTH delegators cannot stake for specific validators.
Which wallets can be connected to the Pyth Staking dashboard?
+You can use wallets like Solflare, Torus, Sollet, Phantom, Glow, Backpack, or WalletConnect protocol.
