$PYTH ushered in the first unlocking, and the PYTH ecosystem entered a new stage
Written by: DiamondHands
May is a month of large unlocking. In addition to the $SUI one-year anniversary unlocking not long ago, the unlocking of $PYTH has also attracted attention.
Unlock forTokenThe impact on prices is confusing. Some people say that there will be a surge before unlocking, while others think that prices will be priced in in advance.
Sorry, this article will not cover $PYTH unlockingTokenWe cannot make any judgment on the impact on the price, but this article will tell you what key information is worth paying attention to behind the unlocking, as well as the possible long-term impact on the PYTH project itself.
Unlock 21.25%, where do the tokens come from?
First, let’s review the token distribution of $PYTH:
maximumSupply: 10,000,000,000
Initial CycleSupply：1,500,000,000 (15%)
Lockingcycle：85%'s PYTH tokens are initially locked, and the locked tokens will be gradually unlocked 6 months, 18 months, 30 months and 42 months after the initial token launch.
Of the 10 billion tokens, additional 21.25%, that is, 2.125 billion tokens, so our core focus is how these 2.125 billion tokens are distributed.
Publisher Rewards refers to data publisher rewards, accounting for 22% in total. This time, approximately 5.375 million pieces.
This portion of the token allocation is reserved for data providers or “publishers” on the Pyth Network.data publisherResponsible for publishing price data to the Pyth protocol. The “Data Publisher Rewards” token allocation consists of reserved tokens for various incentive mechanisms and bounty programs to encourage data publishers to publish accurate and timely price data.
Ecosystem Growth refers to ecological growth, accounting for a total of 52%, and approximately 1.125 billion new tokens were unlocked this time.
This part is the strategic token portion reserved by Pyth Network for contributors, includingCommunityContributors, developers, educators, researchers, strategic contributors, early data publishers, etc. This allocation is intended to recognize and reward individuals and organizations that have made core contributions to driving the expansion and vitality of the Pyth Network.
Protocol Developer is the developer token, accounting for a total of 10%, and approximately 212.5 million new tokens were unlocked this time.
This portion of tokens has been allocated to core contributors such as Douro Labs who are focused on building oracle tools, products, and infrastructure to expand the protocol's decentralized data service offerings.
Community & Launch is the part used for token launch, accounting for 6% in total, and 0 was newly unlocked this time.
This part of PYTH tokens is used for the initial startup phase and relatedCommunityAllocation of activities and plans, currently all 600 million PYTH tokens have been fully unlocked on the first day of launch.
Private Sale, i.e. the VC part, accounts for a total of 10%, and 250 million new tokens are unlocked this time.
This part of the tokens will be allocated to the VC of Pyth Network. Currently, all 1 billion PYTH tokens are locked and will be gradually unlocked according to the above unlocking schedule.
Therefore, we can see that the biggest sources of this unlocking are two:Publisher and Ecosystem Growth.
Pyth Ecosystem Grants, PYTH towards a new ecosystem
It is not difficult to see that the Pyth team has also started to work hard on the Ecosystem part recently. In summary, it wants to convey a signal: the biggest unlocking comes fromEcosystem Growth, but this part is controlled by Python DAO There will be no selling pressure (NOT “sell pressure”) in the hands of the treasury.
From the perspective of action, on May 16, the official announcement Python Ecosystem Grants Program The plan will provideCommunityMembers are offering a 50 million PYTH grant to encourage community members to share their ideas and insights about the Pyth network with the broader Web3 community.
The grant program is divided into three categories: community grants, research grants, and developer grants. Although the initial amount is not large compared to the unlocked amount, the team will The Ecosystem Growth part is more like a strategic reserve for the future. It has been released, but how much will be circulated depends on the future ecological situation.
This is also Pyth's effort to face a larger community and a larger ecosystem. At the same time, Pyth has also launched the Pyth Forum for the community, which is also a way to promote Pyth DAO The key step.
As for the publisher part, Pyth currently has a total of 100 publishers, who provide price feeds for the protocol, receive rewards, and are also important participants in the ecosystem. From the white paper, we can learn that in order to participate in the ecosystem, publishers also need to pledge their own $PYTH, so the tokens in this part may not all form selling pressure, but the specific situation remains to be seen.
So, in general, among the 2.125 billion newly released tokens, theoretically more than 60% will not be circulated immediately, and their use will depend on the plans of the treasury and ecosystem participants.
$PYTH’s practicality and future ecology
From the initial "Stake for Airdrop" to the current "Stake at least 1000/2000" or even more to get Airdrop, the less circulation, the higher the cost of Stake will be.
Therefore, this unlocking will not only give more people the opportunity to participate in the future staking of Pyth, but may also allow more users to participate in the full staking requirements at a lower cost.
So besides staking, what other functions does $PYTH have?
This is also the key to the Pyth Forum, because from the feedback of the community, the team does not want to promote more use cases in a centralized manner, but hopes that users will participate and put forward better proposals together.
The most discussed topic at present is that in addition to staking for Airdrop, you can also stake for Yield.
From the community's discussion, there may be three parts in the future.Xiaobai NavigationSources of income:
1-APY
Similar to the Chainlink staking that has 4%+ income, $PYTH can also have a similar model;
2- Pledge to Publishers and share profits with them
For example, Pyth's Publishers will receive $PYTH rewards, and users can get part of the rewards through staking.
For details about Pyth's mechanism, please refer to:Pyth Network: Creating a permissionless, low-latency, high-fidelity DeFi oracle benchmark
3-Share the revenue of the Pyth Network agreement
Many people say that oracle is a good track, it can issue coins, and the agreement can alsomake money. When Pyth makes a profit through the Protocol, whether it can allocate certain rewards to stakers will be discussed in the Forum.
Half a year after its launch, Pyth has integrated 350+ applications, launched 500+ price feeds and 55 chains.
It is true that this unlocking will definitely bring some selling pressure, and whether the selling pressure can be controlled also depends mainly on the above three core parts. In the long run, the flow of more tokens will also allow more users to become Pyth Stakers, making the community stronger.
Pyth Network 也会朝向 Pyth DAO 继续迈进。
The article comes from the Internet:$PYTH ushered in the first unlocking, and the PYTH ecosystem entered a new stage
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