Number of Pyth stakers exceed 110,000 as community participation surges

The count of crypto wallets staking the Pyth network's token has surpassed the 110,000 mark, exhibiting an exponential surge in interest over the past few weeks.

At December's start, the number of Pyth token stakers was under 10,000. Yet, over the past month, there has been a more than tenfold increase in wallets participating in Pyth governance staking.

In November, Pyth first introduced its token, rewarding community members who contributed to the oracle network by offering them a stake. The Pyth tokens, native to the Solana blockchain, can be staked to participate in the oracle network's governance.

Pyth stakers over 30 days | Source: Dune (via @etaetaeta)

Airdrop speculation

The recent spike in Pyth staking could be attributed to speculation — widely shared by multiple crypto influencers on X — about potential airdrops for Pyth stakers.

Several influencers have claimed Pyth will see a trend akin to what was observed in the Celestia ecosystem, where stakers have continued to receive rewards from projects leveraging its data availability solution. This appears to have driven many to stake the tokens, although Pyth has yet to comment on the speculation.

Pyth stands as a decentralized oracle network, specialized in delivering real-time, off-chain market data to blockchain applications. It is one the most used oracle service, especially on the Solana platform, and supports over 200 protocols across different networks. Pyth's closest competitor is Chainlink.

The Pyth token trades at $0.40 with a a fully diluted market capitalization of $4 billion, according to The Block's price page.