A cryptocurrency data network, Pyth Network, has officially launched its permissionless mainnet, allowing users to actively participate in Pyth governance by staking PYTH tokens to influence key decisions such as reward mechanisms and fee structures.
Today, the Pyth Network’s permissionless mainnet launches, ushering in a new era of token-driven governance for the protocol.
Ecosystem participants can actively participate in Pyth governance by locking their $PYTH tokens in the Pyth staking program to vote on the community… pic.twitter.com/KNmwWptD3K
— Pyth Network 🔮 (@PythNetwork) November 20, 2023
This transition from a permissioned to a permissionless mainnet underscores Pyth’s commitment to decentralization. Since its launch in August 2021, Pyth has grown strategically, expanding to 40 blockchains and partnering with over 90 data providers serving more than 230 dApps.
With on-chain governance now at the forefront, the protocol enables a wide range of participants, including decentralized applications, financial institutions and individual DeFi users.
This shift represents a crucial step in the transfer of financial data to the blockchain and emphasizes the community’s engagement in shaping the future of the protocol through active participation in governance discussions and voting.
Also Read: Polygon Launches New POL Token Contract on Ethereum Mainnet
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