New Stage of $PYTH with First Unlock

Bittime – PYTH unlocked tokens amounting to 21.15% of the total tokens owned by Pyth. In this article, we will explain in detail what the new stage of PYTH is with its first unlock.

Tokenomics di Unlock PYTH

Source: PYTH

This month of May has been a month with many tokens unlocks, including $PYTH which has attracted the attention of many people. When unlocking a token, what you are waiting for is of course information about its tokenomics. Let's review the distribution of the $PYTH token

• Total Supply: 10.000.000.000
• Initial Circulating Supply: 1.500.000.000 (15%)
• Lockup Period: 85% of PYTH tokens are initially locked, and will be gradually unlocked in 6, 18, 30, and 42 months after the initial token launch.

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Asal Token Unlock PYTH

Source: PYTH

In this unlock, 21.25% of tokens will be unlocked, equivalent to 2.125 billion tokens. Here is the origin of the unlocked token.

• Publisher Rewards: 22%, 5.375 billion tokens unlocked. These tokens are allocated to data providers ("publishers") on the Pyth Network. Publishers are responsible for providing price data to the Pyth protocol.
• Ecosystem Growth: 52%, 11.25 billion tokens unlocked. This section is allocated to strategic contributors to the Pyth Network, including community contributors, developers, educators, researchers, and early publishers.
• Protocol Developer: 10%, 2.125 billion tokens unlocked. These tokens are allocated to core contributors such as Douro Labs who focus on building tools, products, and Oracle infrastructure to expand the protocol's decentralized data services.
• Community & Launch: 6%, 0 tokens unlocked. This section is allocated to the initial launch phase and community activities. All 6 billion PYTH tokens were unlocked on the first day of launch.
• Private Sale: 10%, 2.5 billion tokens unlocked. This token is allocated to the Pyth Network VC. Currently, all 10 billion PYTH tokens are still locked and will be unlocked gradually according to schedule.

Also Read: PYTH Price Prediction: Complete Analysis of Pyth Network Price 2024 to 2030

Pyth Ecosystem Grants, Building New Ecosystems

The Pyth team recently demonstrated their commitment to growing the ecosystem by launching the Pyth Ecosystem Grants Program.

This program will award 50 million PYTH tokens to eligible community members to encourage them to share their ideas and vision for the Pyth Network with the broader Web3 community.

Although the initial amount of this program is not large compared to the number of tokens unlocked, this program shows the Pyth team's long-term strategy for Ecosystem Growth. Tokens will be released gradually, and the number of tokens in circulation will depend on participation and development of the ecosystem.

This effort is part of Pyth's strategy to reach a wider community and build a larger ecosystem. Pyth has also launched the Pyth Forum for the community, which is an important step in pushing forward the Pyth DAO.

The publisher is another important part of the Pyth ecosystem. Currently, 100 publishers provide price data and get rewards.

Publishers also need to stake $PYTH to participate in the ecosystem. This shows that not all tokens in this section will immediately circulate, but the number still needs to be observed.

Benefits of First Unlock $PYTH

The first unlock of $PYTH tokens poses several opportunities and challenges for the PYTH project and its community:

1. Increased Staking Participation

Unlocking the token opens up the opportunity for more people to participate in PYTH staking. This can improve network security and encourage protocol decentralization. With possibly lower staking fees, retail participation may increase.

2. Ecosystem Growth

The large unlock allocation for Ecosystem Growth shows Pyth's commitment to building a dynamic ecosystem. The Pyth grant program and Pyth Forum can attract developers and other actors to build new decentralized applications and services on top of the Pyth Network.

3. Increased Liquidity

Unlocking tokens can increase $PYTH liquidity on exchanges, making trading easier and attracting new investors. Better liquidity may make $PYTH more attractive to new users in the future.

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Conclusion

More than 60% of the 21.25 billion tokens unlocked this time are not expected to circulate immediately. Token usage will depend on Pyth DAO decisions and community participation.

This unlock opens up the opportunity for more people to participate in PYTH staking in the future, with possibly lower fees.

Besides staking, the Pyth community is discussing other potential uses for $PYTH, such as staking for yield. This model can offer multiple sources of income, including:

• APY Yield: Similar to Chainlink staking which offers 4%+ yield
• Profit Sharing with Publisher: Users can participate in Publisher profits through staking
• Profit Sharing from Pyth Network Protocol: Protocol profits can be distributed to stakers

Although this unlock may cause selling pressure, its impact can be controlled with the right strategy. 

How to Buy Pyth Network (PYTH) di Bittime

You can buy and sell Pyth Network (PYTH) easily and safely 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.

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DISCLAIMER: This article is informational and is not an offer or solicitation 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.