Guide to Staking PYTH Tokens, Check Out the Steps!

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

As a valued member of the Pyth ecosystem, you are invited to contribute to shaping the future of the Pyth protocol. By staking PYTH tokens in official staking programs, ecosystem participants can gather voting power to help influence important decisions through on-chain voting. 

This is a unique opportunity to steer the direction of the Pyth Network through collaborative decision making and constructive discussions.

PYTH Token: Empowering a Reliable Oracle Network

PYTH is the native utility token that powers the Pyth Network, a decentralized oracle network designed to provide accurate, verifiable real-time financial and market data to the blockchain.

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PYTH Token Functions

• Paying Data Fees: Network users requesting data from Pyth Network need to pay fees using PYTH tokens. These fees are distributed to the validators who provide data and run the network.
• Network Governance: PYTH holders who stake may be given voting rights to vote on proposals submitted for network development.

Understanding the PYTH Staking Program

To get started, visit the official staking website here . Understand the steps below:

• Stake : Deposit your PYTH tokens into the staking program. Please note that token staking requires a warm-up period, during which your stake will become eligible for voting at the start of the next epoch. Each epoch lasts seven days, starting on Thursday at 00:00 UTC.
• Unstake : Withdraw your PYTH tokens from the staking program. Unstaking your tokens will result in the loss of associated voting rights. Token withdrawals are subject to a one-epoch cool-down period.
• Withdraw : Easily transfer new, unused PYTH tokens back to your SPL wallet.

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How to Stake PYTH Tokens 

1. Staking Initiation : Go to the “STAKE” tab and enter the desired amount of PYTH tokens to stake.
2. Transaction Confirmation : Approve the transaction in your wallet. Your wallet will provide a popup confirmation to approve the transaction.
3. Monitor Staking : Monitor the tokens you have staked and their corresponding voting power in the “Staked” window.

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

Unstaking PYTH Tokens (Unstake)

1. Initiate Unstaking : Go to the “UNSTAKE” tab and specify the amount of PYTH tokens you wish to withdraw.
2. Transaction Confirmation : Authorize transactions in your wallet. You will receive a pop-up confirmation.
3. Tracking Your Staking : Note the tokens set for unstake in the "Unstaked" window.

Tokens set for unstake will be displayed in the "Unstaked" window. The cool-down period starts one epoch after the current epoch ends.

Withdraw Your Tokens (Withdraw)

1. Withdraw Initiation : Go to the “WITHDRAW” tab and enter the amount of PYTH tokens you wish to withdraw.
2. Transaction Confirmation : Validate transactions in your Solana wallet. A pop-up confirmation will appear.
3. Completion : Once confirmed, your PYTH tokens will return to your wallet.

That's how to stake PYTH along with other complete guides. Make sure to visit the official website to avoid mistakes.

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How to Buy Pyth Network (PYTH) on Bittime

You can buy and sell  Pyth Network (PYTH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Pyth Network (PYTH)  is available on Bittime with  the market pair PYTH/IDR . To be able to buy  PYTH IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Pyth Network (PYTH) on Bittime . 

Monitor the price chart movements of Pyth Network (PYTH) ,  Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also Read:

HBAR Foundation Collaborates with Pyth Network, Here's the Goal!

Pyth Network (PYTH) Partners with Lyve Finance DAO, PYTH Price Rises 40% in 1 Week

Laser Digital and Pyth Network Team Up to Improve DeFi Data Accuracy

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.