The Pyth Data Association has launched the Pyth Ecosystem Grants Program, providing accessible grants of 50 million PYTH tokens to eligible community members. The program aims to inspire community members to share their thoughts and understanding of the Pyth Network with the larger Web3 community and contribute to its growth through instructional and research projects.
The grants program will consist of three categories, each focusing on a distinct objective for the growth and development of the Pyth Network. Participants in the program will receive PYTH tokens under the supervision of the program. These tokens will originate from the Ecosystem Growth tokenomics segment of the supply, and both locked and unlocked tokens will be given out in all three categories.
The Pyth Network enables developers worldwide to access low-latency, high-frequency, and high-fidelity price data, which in turn enables high throughput on-chain applications. Currently, the Pyth Network powers over 350 apps on more than 55 different blockchains and has facilitated trading volume of over $400 billion.
The Pyth DAO, which oversees the Pyth Network, uses a decentralized governance mechanism to allow contributors and stakeholders to work together in creating a network that serves the DeFi sector. The Pyth Ecosystem Grants Program is introduced by the Pyth Data Association to provide well-considered incentives that excite new participants, educate new users, and motivate stakeholders to contribute to protocol development in a decentralized network.
The program offers three types of funding: Developer Grants, Research Grants, and Community Grants. These grants will enable the Web3 community to develop new tools and use cases for the Pyth protocol, conduct research to enhance the Pyth oracle and promote adoption, and provide educational content about Pyth. It is important to note that the Pyth Data Association’s Grants program does not exclude the possibility of a separate grants program run by the Pyth DAO.
The grants program will manage the distribution of locked or unlocked PYTH tokens to participants in any category. The bulk of the supply, known as the Ecosystem Growth tokenomics category, will be allocated to directing the development of supplementary infrastructure and tools, encouraging research on advancing the Pyth protocol, and sponsoring educational programs about the Pyth Network. Community members who support the network in various roles will be included in these initiatives.
The Pyth Network community consists of more than 55 chains, allowing developers to scale quickly to new ecosystems and data feeds. The community welcomes creators, developers, and users from platforms such as Solana, Move, Bitcoin, EVM, and Cosmos. This diverse community fosters creative thinking, cross-chain cooperation, and a warm welcome for the onboarding of new Web3 users.
Community Grants will be used to support the development of an enthusiastic and enterprising community for all Pyth Network members. These grants will encourage co-creation of unique content, positive conversations, social activities, and grassroots initiatives that are educational, enjoyable, or useful. A lively and considerate community dynamic will help introduce newcomers to the community, promote knowledge of the Pyth Network, and create a welcoming atmosphere that allows members to reach their full potential.
Pyth Price Feeds, Benchmarks, and Entropy are widely used by protocols, with over 500 price feeds updating in less than a second on the Pythnet appchain. Benchmarks provide standardized historical prices, while Entropy offers a dependable source of unpredictability. Research Grants aim to explore potential network features, areas for development, and insightful discoveries that will enhance Pyth’s product offerings. This category is focused on subject matter specialists and researchers.
Developer Grants aim to support the development of new tools, creative integration with Pyth products, and other contributions to the network’s development. These grants are open to participants with expertise in developing protocols or blockchain infrastructure, refining network architecture, familiarity with automation technologies and DevOps processes, and knowledge of data-driven and quantitative methods.
Each contribution to the Pyth Network drives new developments for the larger DeFi ecosystem and shapes the network’s future. The Pyth Ecosystem Grants Program was established to assist ecosystem participants in developing, researching, and initiating community projects for the growth of the oracle network. 50 million PYTH tokens will be distributed via grants for developers, researchers, and the community. For more details, please visit the Pyth Ecosystem Grants website.