The Pyth Data Association has launched the Pyth Ecosystem Grants Program, offering $50 million in PYTH grants to eligible community members, as per the latest information shared with Finbold on May 16.
The initiative seeks to encourage the sharing of ideas and insights about the Pyth Network within the Web3 community, fostering growth through educational and research projects.
The Grants Program is divided into three categories, each targeting a specific goal for advancing the Pyth Network and distributing PYTH tokens from the Ecosystem Growth tokenomics category.
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The grants are available in both unlocked and locked formats.
The next wave of decentralized finance on Pyth
Pyth Network is aiding decentralized finance (DEFI) by providing developers with access to low-latency, high-frequency, and high-fidelity price data.
This enables the creation of high-throughput on-chain applications, making significant strides in DeFi.
Currently, Pyth Network supports over 350 applications across more than 55 blockchains, facilitating over $400 billion in traded volume.
Operated by the Pyth DAO under a decentralized governance model, the network empowers its diverse stakeholders to collaboratively shape its future.
Pyth grant categories
Pyth Network grants will comprise three categories:
- Community Grants, aimed at fostering inclusive and entrepreneurial communities by encouraging the creation of educational content, forging of cross-chain collaborations, and supporting grassroots initiatives;
- Research Grants, which support the exploration of new features, improvements, and insights for the Pyth ecosystem by targeting researchers and experts in fields such as quantitative research, blockchain infrastructure, and Web3 business;
- Developer Grants designed to incentivize the development of new tools and integrations by supporting contributions to the network’s infrastructure and innovative use cases. Eligible participants include blockchain developers, DevOps practitioners, and those with quantitative expertise.
With $50 million in PYTH tokens available, the Pyth Ecosystem Grants Program encourages development, research, and community initiatives to broaden and enhance the oracle network.
