Pyth Data Association has launched the Pyth Ecosystem Grants Program, offering 50 million PYTH grants 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 have 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, which will be distributed under the program’s supervision. These tokens 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, revolutionizing decentralized finance. It powers over 350 apps on more than 55 different blockchains and has facilitated trading volume of over $400 billion.
The Pyth DAO, responsible for overseeing the Pyth Network, uses a decentralized governance mechanism to ensure the network serves the DeFi sector effectively. The Pyth Ecosystem Grants Program is introduced by the Pyth Data Association to incentivize new participants, educate users about the technology, and encourage stakeholders to contribute to protocol development.
The program offers three types of funding: Developer, Research, and Community Grants. These grants will support the development of new tools and use cases for the Pyth protocol, research to enhance the Pyth oracle, and educational content about Pyth. It is important to note that the Pyth DAO may run a different grants program alongside the Pyth Data Association’s program.
Grants in any category will be managed by the program and will consist of locked or unlocked PYTH tokens. The bulk of the supply, known as the Ecosystem Growth tokenomics category, is allocated to directing infrastructure development, advancing the Pyth protocol through research, and sponsoring educational programs. These initiatives include researchers, developers, educators, data suppliers, and other community members who support the network.
The Pyth Network community consists of over 55 chains, allowing developers to scale quickly and support various ecosystems. The community embraces creators, developers, and users from platforms like Solana, Move, Bitcoin, EVM, and Cosmos. This diverse community fosters creative thinking, cross-chain cooperation, and a warm welcome for new Web3 users.
Community Grants aim to support the development of an enthusiastic and enterprising community within the Pyth Network. These grants enable collaboration, positive conversations, social activities, and grassroots initiatives that are educational, enjoyable, or useful. A vibrant and considerate community dynamic helps introduce newcomers, promotes knowledge about Pyth, and creates a welcoming atmosphere for members to maximize their potential.
Research Grants play a crucial role in exploring potential network features, development areas, and insightful discoveries to enhance Pyth’s product offerings. Subject matter specialists and researchers will be the focus of this category, and the grants will be structured as bounties. Eligible participants generally possess skills in data-driven research, blockchain infrastructure development, community leadership, content creation, and Web3 business expertise.
Developer Grants aim to support the development of new tools, integration with Pyth products, and other significant contributions to the network’s development. These grants also follow a bounty-based structure and target participants with competence in developing protocols, network architecture, automation technologies, DevOps processes, and data-driven methods.
The Pyth Ecosystem Grants Program, established by the Pyth Data Association, aims to assist ecosystem participants in developing, researching, and initiating community projects to grow the oracle network. 50 million PYTH tokens will be distributed through grants for developers, researchers, and the community. For more information, please visit the Pyth Ecosystem Grants website.
