by Marketing Team
What Makes Pyth Staking Special?
Step-by-Step Guide to Staking Pyth
Why Stake Pyth with BLOCKSIZE?
What Makes Pyth Staking Special?
Pyth Network just introduced their unique staking model known as Oracle Integrity Staking (OIS), which ensures the reliability of its oracle data feeds. Oracles are essential for providing off-chain data to blockchain systems, such as real-world asset prices. The Pyth Network uses OIS to maintain the quality and trustworthiness of this data.
Here are some key features of Pyth Oracle Integrity Staking:
- Data Quality Assurance: Pyth staking is tied to the performance of its oracles. Those who provide incorrect or malicious data risk losing their staked tokens, ensuring only high-quality and accurate data is delivered to the blockchain.
- Incentivized Honesty: Publishers (who provide the data) stake tokens to participate in the network, making them financially responsible for the data’s accuracy. Stakers can be penalized for providing bad data, which adds a layer of accountability.
- High-Performance Oracles: Through the staking process, the Pyth Network ensures it has the highest-performing oracles available to serve decentralized finance (DeFi) applications.
More details on Pyth’s Oracle Integrity Staking can be found in their official documentation here.
Why Stake Pyth?
Staking Pyth offers unique opportunities for participants to engage with one of the most innovative decentralized oracle networks. Here’s why staking Pyth is beneficial:
- Support Oracle Integrity: By staking Pyth tokens, you contribute to the integrity of the oracle data that powers decentralized finance (DeFi) applications. The Pyth Network relies on accurate and reliable data, and stakers play a key role in ensuring that data publishers are incentivized to provide trustworthy information.
- Earn Competitive Rewards: Staking Pyth tokens allows you to earn a competitive APY of 10%, generating passive income while actively supporting the network. By staking with top-ranked publishers like BLOCKSIZE, you can maximize your potential returns.
- Minimize Risk through Accountability: Pyth’s Oracle Integrity Staking (OIS) model holds data publishers accountable. By staking with high-performing publishers, such as BLOCKSIZE, you can reduce the risk of slashing while contributing to the accuracy of the network’s price feeds.
- Participation in DeFi Growth: Pyth’s oracle network is an essential infrastructure for the growing DeFi space. Staking Pyth tokens helps strengthen this network, ensuring that DeFi applications have access to the reliable data they need to function properly.
With a 10% APY, staking Pyth not only provides passive income but also allows you to play a vital role in maintaining the integrity and performance of one of the most crucial data infrastructures in decentralized finance.
Staking Requirements for Pyth
Before you can stake Pyth tokens, ensure you meet the following requirements:
- Supported Wallet: You’ll need a wallet compatible with Pyth staking (such as Phantom or Sollet).
- Tokens: You must hold sufficient Pyth tokens in your wallet.
- Blockchain Network Access: Staking is done on the Solana network, so you’ll need to have a small amount of SOL tokens in your wallet to cover transaction fees.
- Publisher Selection: When staking, you will need to choose a data publisher with a valid public key to stake your tokens against.
Once these requirements are met, you can follow the step-by-step guide below
Step-by-Step Guide to Staking Pyth
- Step 1: Go to the Pyth Staking Platform
- Visit the Pyth staking platform: https://staking.pyth.network/
- You will land on the main dashboard where you can connect your wallet and manage your staked tokens.
- Step 2: Connect Your Wallet
- In the top-right corner, click on “Connect Wallet” and select your Solana wallet (e.g., Phantom or Solflare).
- After connecting, make sure your wallet has the required Pyth tokens and some SOL for transaction fees.
- Step 3: Select Oracle Integrity Staking (OIS)
- On the platform, locate the section for Oracle Integrity Staking (OIS) on the left hand side, which allows you to stake tokens towards ensuring the integrity of the oracle data.
- This feature ensures that your stake is contributing to high-quality oracle data provision.
- Step 4: Add Tokens from Your Wallet
- Click on the “add tokens” button and select the number of Pyth tokens you wish to stake. These tokens will be transferred from your wallet to the Pyth staking platform.
- Double-check the amount to ensure it meets your staking goals.
- Step 5: Select BLOCKSIZE as Publisher
- In the staking platform, you’ll need to select a publisher (oracle data provider) to stake against. Copy the publisher key below and add it into the search bar
- Publisher Public Key:
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- Publisher Public Key:
- Once you’ve found BLOCKSIZE as publisher, click on “Stake” to initiate the staking process.
- In the staking platform, you’ll need to select a publisher (oracle data provider) to stake against. Copy the publisher key below and add it into the search bar
- Step 6: Stake Your Tokens
- Once you’ve clicked on “Stake” a pop-up appears.
- Choose the amount of Pyth you want to stake and confirm the process by clicking “Stake” once more.
- Step 7: Confirm Staking
- You may be asked to confirm the transaction via your wallet. Review the details and approve the transaction. After the transaction is confirmed on the Solana blockchain, your tokens will be staked.
- Congratulations! Your tokens are now staked, and you are contributing to the integrity of Pyth’s oracle data. You can monitor your rewards and manage your staked tokens through the platform.
Why Stake Pyth with BLOCKSIZE?
At BLOCKSIZE, we are proud to be one of the top-ranked publishers on the Pyth Network, delivering some of the most accurate and reliable price feeds in the ecosystem. With a 20% commission and a 10% APY, staking with us ensures you’re aligning with a leader in oracle data provision. Our high ranking means that the risk of slashing is significantly minimized, as we consistently provide the most accurate data. By staking with BLOCKSIZE, you not only earn reliable rewards, but you also support a trusted publisher at the forefront of data accuracy and performance on the Pyth Network.
Do you want to learn more about staking with BLOCKSIZE? Visit: https://info.blocksize-capital.com/staking/pyth
Conclusion
Staking Pyth tokens not only helps secure the network but also plays a key role in maintaining the integrity of oracle data in decentralized finance. With Oracle Integrity Staking, Pyth ensures that data providers are incentivized to deliver reliable information. By following the steps outlined above, you can stake your tokens and contribute to the network while earning rewards.
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