back17 Jan 20244 min read
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Guide to Staking PYTH Tokens for Pyth Governance

The Pyth Network's permissionless mainnet launch on November 20, 2023, opened the door for PYTH Token holders to participate in Pyth Governance.

As a vital member of the Pyth ecosystem, you are invited to shape the future of the Pyth protocol. By staking your PYTH in the official staking program, ecosystem participants can gain voting power to help influence key decisions through on-chain voting. This is your opportunity to steer the course of the Pyth Network through collective-decision making and discourse.

The Importance of Staking in Pyth Governance

To participate in the Pyth Network's on-chain governance process, you must stake your PYTH Tokens on the official staking program. Pyth Governance is expected to help determine features such as:

  • Reward structures for data providers.
  • The size, continuation, and denomination of oracle fees.
  • The data feeds listed on the network and the data providers supporting them.

Your voice and votes matter for these pivotal decisions.

Understanding the PYTH Staking Program

To begin, visit the official staking website here. The webpage UI will walk you through the following actions:

Stake: Deposit your PYTH Tokens into the staking program. Staking tokens requires a warm-up period: your stake will become eligible for voting at the start of the next epoch. Epochs are a period of seven days. Each epoch starts on Thursday at 00:00 UTC.

Unstake: Unstake your PYTH Tokens from the staking program. Unstaking your tokens cause you to lose the voting rights associated with those staked tokens. Withdrawing tokens requires a cooldown period of one epoch.

Withdraw: Seamlessly transfer your newly unstaked PYTH Tokens back into your SPL wallet.

You can choose among these three actions with a simple click.

Staking Your PYTH Tokens

  1. Initiate Staking: Navigate to the "STAKE" tab and enter the amount of PYTH Tokens you wish to stake.
  2. Confirm Transaction: Approve the transaction in your wallet. Your wallet will prompt you with a pop-up.
  3. Track Your Stake: View your staked tokens and their corresponding voting power in the "Staked" window.

Once you stake your PYTH Tokens, you will be able to participate in governance at the start of the next epoch.

Staked tokens will appear in the "Staked" window. The warm-up period starts once current epoch ends and the new epoch begins. During the warm-up period, this amount of staked tokens will appear in parentheses in the second line. For example, if you stake on a Monday, your tokens will become eligible for voting on the Thursday of the following week.

When the next epoch starts, that amount will appear in the first line. The first line represents the number of staked tokens with which you can use to vote.

Unstaking Your PYTH Tokens

  1. Initiate Unstaking: Navigate to the "UNSTAKE" tab and enter the amount of PYTH Tokens you wish to unstake.
  2. Confirm Transaction: Approve the transaction in your wallet. Your wallet will prompt you with a pop-up.
  3. Track Your Stake: View the amount of tokens set to unstake in the "Unstaked" window.

Tokens set to unstake will appear in the "Unstaked" window. The cooldown period starts one epoch after the current one ends. For example, if you unstake on a Monday, you will be able to withdraw your tokens on the Thursday of the following week.

Upon setting your tokens to unstake, you will see that amount of tokens appear in the "Unstaked" box in the second line within parentheses. This is the amount that will become ready to withdraw after the cool-down period. Token amounts that are ready to be withdrawn will appear in the first line.

Withdrawing Your Tokens

  1. Initiate Withdrawing: Navigate to the "WITHDRAW" tab and enter the amount of PYTH Tokens you wish to withdraw.
  2. Confirm Transaction: Approve the transaction in your Solana wallet. Your wallet will prompt you with a pop-up. Upon confirmation, your PYTH Tokens will return to your wallet.

Helpful Resources

If you have any questions or encounter any issues, please reach out in the official Pyth Network Telegram or Discord. You can open a ticket in the Discord by navigating to the #request-support channel.

Please verify that the Staking Webpage URL you are visiting is: https://staking.pyth.network. Please ensure that all Pyth Network webpages you are visiting are under the pyth.network domain. You are responsible for verifying that any Pyth Network social channels that you visit are listed in the official community hub. The Pyth Network contributors will NEVER reach out to you first or ask you for your personal information.


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