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Surging Interest in PYTH Staking Amidst Market Excitement Over Airdrops
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Staking Frenzy Drives Sharp Uptick in User Numbers
The Pyth Network's native token, PYTH, has recently witnessed a notable surge in user engagement. Over the past month, a staggering 109,614 unique users have started staking PYTH. Remarkably, the lion's share of this surge - 99.8% - occurred in just the last ten days, as reported by a Dune Analytics dashboard. This spike in interest aligns closely with an increased buzz around potential airdrop benefits.
Image Source: Dune Analytics
On the social platform X, formerly known as Twitter, users have been sharing guides since mid-January. These guides detail how locking PYTH in a smart contract could pave the way for rewards. The timing of this guidance coincides with the uptick in PYTH staking, suggesting a possible connection. Delving into its utility, the Pyth Network functions as an oracle service for blockchain decentralized applications (dApps). It offers vital price feeds and benchmarks to over 200 different protocols leveraging its oracle services.
For PYTH stakeholders, their involvement is not just about potential gains. Staking also equips them with voting rights, playing a pivotal role in the governance of Pyth’s ecosystem. The notion of staking yielding airdrop rewards is not unfounded. Discussions on X hint at the possibility of an airdrop from one of Pyth's oracle service consumers, inspired by similar precedents in the blockchain realm. For instance, the staking of Celestia's native token, TIA, led to airdrops for users engaged with various protocols, including Manta Network and AltLayer.
Despite the fervent activity, it appears that many are treading cautiously. At present, nearly 68% of users have staked an amount of PYTH equating to roughly $420 or less at the token's current valuation.
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