Pyth Network Launches Permissionless Mainnet

Now users can actively participate in Pyth Governance by staking PYTH Tokens, thereby influencing critical decisions such as reward mechanisms and fee structures.

Written By:
Ronak Kumar

Last updated: November 20, 2023 4:46 PM

Published November 20, 2023 4:46 PM

Last updated: November 20, 2023 4:46 PM

Published November 20, 2023 4:46 PM

A cryptocurrency data network, Pyth Network, has officially launched its permissionless mainnet, enabling users to actively participate in Pyth Governance by staking PYTH Tokens for influence on critical decisions such as reward mechanisms and fee structures.

Today marks the launch of the Pyth Network’s permissionless mainnet, ushering in a new era of token-led governance for the protocol.

Ecosystem participants can actively engage in Pyth Governance by locking their $PYTH Tokens in the Pyth staking program to cast votes on 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 strategically grown, expanding across 40 blockchains and collaborating with 90+ data providers, serving 230+ dApps.

Now, with on-chain governance taking the forefront, the protocol empowers a diverse range of participants, including decentralized applications, financial institutions, and individual DeFi users.

This shift signifies a crucial step in bringing financial data onto the blockchain, emphasizing community engagement in shaping the protocol’s future through active participation in governance discussions and voting.