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30 May 2024
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Pyth Data Association Launches Pyth Ecosystem Grants Program with 50M PYTH Grants

Pyth Data Association Launches PYTH Ecosystem Grants Program with 50M PYTH Grants

The Pyth Data Association has launched the Pyth Ecosystem Grants Program, making 50 million PYTH grants accessible to eligible community members.

Through instructional and research projects, the program hopes to inspire community members to share their thoughts and understanding of the Pyth Network with the larger Web3 community and contribute to its growth.

There will be three categories in the grants program. Every category focuses on a distinct objective for the growth and development of the Pyth Network.

PYTH tokens will be distributed to participants under the program’s supervision. The Ecosystem Growth tokenomics segment of the supply is where these tokens originate. There will be grants of both locked and unlocked tokens given out in all three categories.

The Ecosystem Grants’ Objective

A new generation of decentralized finance is made possible by Pyth Network. Pyth enables developers worldwide to have access to low-latency, high-frequency, and high-fidelity price data, hence enabling high throughput on-chain applications for the first time.

Currently, Pyth Network powers over 350 apps on over 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 its many contributors and stakeholders to work together to create the network in a way that best serves the DeFi sector. Well-considered incentives may excite new participants, teach new users about the technology, and motivate stakeholders to contribute to protocol development in a decentralized network.

The Pyth Ecosystem Grants Program is being introduced by the Pyth Data Association for these reasons. Three types of funding are available via the program: Developer, Research, and Community Grants. With the help of these funding, the Web3 community will be able to develop new tools and use cases for the Pyth protocol, perform 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 rule out the possibility of a different grants program run by the Pyth DAO.

Grants of either locked or unlocked PYTH tokens to participants in any category will be managed by the grants program. The Ecosystem Growth category of the PYTH Token supply is the source of all program grants.

The bulk of the supply, or the Ecosystem Growth tokenomics category, is designated for three purposes: directing the development of supplementary infrastructure and tools, encouraging research aimed at advancing the Pyth protocol, and sponsoring educational programs about the Pyth Network. Community members who support the network as researchers, developers, educators, data suppliers, and other roles are included in these initiatives.

Community Grants

There are more than 55 chains in the diverse Pyth Network community. This is so that Pyth can support developers wherever they want to create by scaling quickly to new ecosystems and data feeds. The Pyth community has accepted creators, developers, and users from a variety of platforms, including Solana, Move, Bitcoin, EVM, and Cosmos. The Pyth community’s multi-cultural and multi-chain makeup creates a unique social dynamic that may encourage creative thinking, cross-chain cooperation, and a warm welcome for the onboarding of the next million Web3 users.

Community Grants will be utilized to support the development of an enthusiastic, welcoming, and enterprising community for all members of the Pyth Network. Community grants may help people work together to co-create unique and fascinating content, participate in positive conversations and social activities, and work on grassroots initiatives that are educational, enjoyable, or useful.

Over time, a lively and considerate community dynamic may be very helpful in introducing newcomers to the community, promoting knowledge of the Pyth Network, and creating a warm, inviting atmosphere that allows members to reach their maximum potential within the network.

Research Grants

These days, Pyth Price Feeds, Benchmarks, and Entropy are used by hundreds of protocols. On the Pythnet appchain, there are more than 500 price feeds that update at speeds of less than a second.

Standardized, historical prices are provided by benchmarks for accurate settlements and chart representations. Entropy provides a dependable source of unpredictability for financial and creative services.

Pyth Network was established using careful methods for blockchain innovation and practical research. The mechanisms of the protocol gain from ongoing review and improvement. Users, developers, and other Pyth Network members often have important insights about upcoming additions, enhancements, and ecosystem improvements.

Research Grants are intended to make it easier to explore potential new network features, areas for development, and insightful discoveries that will enhance Pyth’s product offerings.

Subject matter specialists and researchers will be the emphasis of this category. These grants will have a bounty-based structure.
While not all-inclusive, eligible participants will generally possess the following skill sets:

  • Data-driven and quantitative research.
  • Development of the blockchain infrastructure.
  • Proven leadership in the community and in education.
  • High-quality content creation.
  • Proven Web3 business and commercial expertise.
  • Visit the Pyth Ecosystem Grants website to submit an application for a research grant.

Developer Grants

A new era of decentralized finance has been made possible by Pyth Network. Pyth’s low latency and high resolution prices are essential for on-chain perpetual markets, structured products and derivatives platforms, and high-performing AMMs. Pyth is now used by more than 350 protocols to provide their objective-critical services.

Web3 is still in its early adoption cycle, and even with continuous improvement in on-chain application capabilities, the total number of active users is still much less than that of the Web2 realm. There are many opportunities to change the way that finance is thought about. Thus, Pyth Network was established to support and empower the next wave of entrepreneurs aiming to upend and reconstruct the financial markets.

The main goals of the Developer Grants program are to encourage the development of new tools to support the protocol’s operations, creative ways to integrate it with Pyth products, and other significant contributions to the network’s development. These grants will have a bounty-based structure.

The following skill sets are likely to be possessed by eligible participants, albeit this is not a complete list:

  • Competence in developing protocols or blockchain infrastructure.
  • Expertise in developing and refining network architecture.
  • Familiarity with automation technologies and DevOps processes.
  • Knowledge of data-driven and quantitative methods.
  • Visit the Pyth Ecosystem Grants webpage to submit an application for a Developer Grant.

Closing Remarks

Each contribution drives new developments for the larger DeFi ecosystem secured by Pyth and shapes the network’s future. The Pyth Ecosystem Grants Program was established by the Pyth Data Association in order to assist ecosystem participants in developing, researching, and initiating community projects aimed at growing the oracle network. 50 million PYTH tokens will be distributed via grants for developers, researchers, and the community. For more details, please check the Pyth Ecosystem Grants.

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