Pyth Network ($PYTH) is the world’s largest first party decentralized oracle network that connects market data from the world’s largest professional traders and exchanges to any smart contract, anywhere. They also provide real-time price feeds for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities to smart contract developers on more than 40 blockchains. Pyth Network has finished its airdrop a while ago. However, those who are staking $PYTH tokens can have access to potentially hundreds of airdrops in the Solana ecosystem. This could mean the potential to make thousands of dollars! Here is our guide to Pyth Network (PYTH) token staking for Solana airdrops.
Check out our video on $PYTH Staking for MULTIPLE Airdrops!
What is Pyth Network ($PYTH)?
Pyth Network ($PYTH) is the world’s largest first-party decentralized oracle network that connects market data from the world’s largest professional traders and exchanges to any smart contract, anywhere. They offer real-time price feeds for cryptocurrencies, equities, foreign exchange pairs, ETFs, and commodities to smart contract developers on more than 40 blockchains. The network is designed to provide high-quality financial market data on blockchains to make it reliably accessible for on-chain applications. Here are some of the main features of Pyth Network:
- A data network for smart contracts: Pyth connects high-fidelity market data from the world’s largest professional traders and exchanges to any smart contract, anywhere.
- A source of reliable and low-latency data: Pyth delivers smarter data for your smart contracts by using institutional sources that have access to real-time and accurate market information.
- A platform for decentralized applications: Pyth enables developers to build dApps that leverage the power of nuclear fusion, such as decentralized finance, gaming, sports betting, and more.
What is the Pyth Network ($PYTH) token?
Pyth Network’s native token is called $PYTH. It is a financial oracle solution that provides real-time market data to various blockchain protocols. The network aggregates data from multiple first-party sources in order to ensure accuracy. According to Coingecko, the current price of PYTH is $0.3508 with a 24-hour trading volume of $85,774,807. Data providers and validators on the network are incentivized using the $PYTH token, which is also used to pay for transaction fees and governance.
Will I qualify for Solana ecosystem airdrops by staking Pyth Network ($PYTH) tokens?
Staking $PYTH tokens can potentially qualify you for multiple Solana ecosystem airdrops since Pyth Network is part of the Solana ecosystem, which is expected to have a series of airdrops. By staking $PYTH tokens onto the Pyth Network, you could become eligible to receive airdrops from various projects that are part of the Solana ecosystem. These airdrops can potentially result in receiving thousands of dollars’ worth of tokens from different projects. By staking $PYTH tokens, you can participate in the community and onboard new projects, which is viewed as a marketing tool and a way to bootstrap liquidity.
How to stake Pyth Network ($PYTH) token for multiple Solana airdrops?
Time needed: 5 minutes
Here’s how to stake Pyth Network ($PYTH) token for multiple Solana ecosystem airdrops:
- Set up Phantom wallet
To set up a Phantom wallet, download the Phantom wallet Chrome extension here. You will need the Phantom wallet as is the primary wallet for the Solana ecosystem.
- Get Pyth Network ($PYTH) tokens
You will need to buy or transfer Pyth Network ($PYTH) tokens to your Phantom wallet in order to stake it on Pyth Network. You can buy Pyth Network ($PYTH) tokens on major exchanges such as Bybit. Alternatively, you can get $PYTH from decentralized exchanges like Jupiter. Make sure to use limit orders for Jupiter to qualify for the Jupiter airdrop.
Sign up for Bybit here!
- Set up Pyth profile
Connect your wallet to https://staking.pyth.network/profile and enter your EVM address, then click “Submit”. Refresh the page, and if your EVM address is still there then it means it is submitted.
- Deposit and stake $PYTH
Connect your Phantom wallet to https://staking.pyth.network/. Select the amount of $PYTH you wish to stake and click “STAKE”. Note there is a minimum number of $PYTH you must stake. We expect the amount to be around 1,000 PYTH tokens, although the Pyth Network team has not confirmed it yet. Staking enables you to participate in Pyth Network governance. Newly staked $PYTH tokens become eligible to vote in governance at the beginning of the next epoch, which starts every Thursday at 00:00 UTC and lasts 7 days.
- Stake $PYTH on Degen Base
Connect your wallet to Degen Base and click “Trade now”. Go to the “Earn” section and stake a minimum of 500 $PYTH.
- Vote in Pyth Network governance
Go to https://app.realms.today/dao/PYTH and vote on proposals. To vote, click on the proposal and click the yes or no buttons to vote. Note there are no recent new proposals right now, so check back often.
- Unstake $PYTH
Go to the “Unstake” tab at https://staking.pyth.network/. Specify the amount you wish to unstake and click “Unstake”. Confirm the transaction in your Phantom wallet. Note you will need to wait for the end of the cooldown period to access your tokens. The cooldown period is 1 epoch after the end of the current epoch.
- Withdraw $PYTH
To withdraw your $PYTH tokens, go to the “Withdraw” tab at https://staking.pyth.network/. Enter the amount you wish to withdraw and confirm the transaction in your Phantom wallet.
- Claim Degen Base airdrop
Degen Base already took a snapshot on 16th February 2024 and will be airdropping $DB tokens to those who are eligible. To check your eligibility for the Degen Base ($DB) token airdrop, connect your wallet to https://airdrop.degenbase.trade/ and click “Check Eligibility”.
Pyth Network ($PYTH) token staking review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of airdrop: Pyth Network has finished its airdrop, but staking is to position yourself for other Solana ecosystem airdrops.
Airdropped token allocation: The airdropped token allocation would depend on the project doing the airdrop.
Airdrop difficulty: Positioning yourself for the airdrop only requires you to stake Pyth Network ($PYTH) tokens. This is very simple but does require real funds.
Token utility: The token utility would depend on the project doing the airdrop.
Token lockup: The token lockup period would depend on the project doing the airdrop.