On November 2023, the #PythNetwork launched its permissionless mainnet, paving the way for Pyth Governance and community-led decision-making through on-chain voting.
Your unique perspective is crucial in shaping the trajectory of the Pyth protocol and ecosystem. By staking your PYTH on the official staking program, you can gain on-chain voting power. Your voting rights empower you to help guide the direction of the Pyth Network.
The Significance of Participation in Pyth Governance
Governance is a fundamental pillar of the Pyth’s future development and ecosystem growth. Community-led governance can drive innovation, lock-in network security, and help align the diverse members of the Pyth Network stakeholder community.
Pyth Governance is expected to be responsible for helping determine:
- The size, continuation, and denomination of oracle fees.
- On-chain reward structures for data providers.
- The price feeds listed and the data providers supporting them.
Your participation and votes are essential for decision-making on these issues.
Engaging with Pyth DAO Realms
Community members can interact with Pyth Governance through the Pyth DAO Realms platform. Here, you will find a list of on-chain proposals, organized by recency and status. The Realms interface allows users to easily search, filter, and sort through on-chain proposals.
You can select a proposal to see its details, live vote count, and current status. You can also see and participate in the discussion section.
The voting interface displays your voting status, the current results, and the proposal's voting requirements, such as type, duration, and quorum needed for passage.
Proposal Voting Process
An on-chain proposal will be up for voting for a period of seven days starting at the beginning a new epoch (Thursday 00:00 UTC) and ending the following Wednesday at 23:59 UTC.
You will be able to vote at any point during this period.
Casting Your Vote
PYTH Token stakers will be able to participate in a a proposal once it enters the "Voting" phase. To start, navigate to the Realms page for the Pyth DAO.
Connect your SPL (Solana) wallet. Find and click the "Connect Wallet" button. The pop-up will walk you through selecting your SPL wallet which holds your staked PYTH Tokens
Next, select a proposal from the proposals list to open its details page. In this new page, you can cast your vote to support (Yes) or reject the proposal (No).
At the end of the epoch, a passed proposal will be fully executed and implemented. Any on-chain actions in the implementation plan will execute automatically in this step.
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