What if you could get rewarded for protecting the blockchain ecosystem? Enter Oracle Integrity Staking (OIS)—an upgrade to the Pyth blockchain oracle that brings enhanced data source accountability for a more secure Web3 finance ecosystem. OIS introduces decentralized staking rewards and slashing mechanisms for Pyth Network participants. ℹ️ Here’s How It Works: OIS allows anyone to help secure Pyth and protect the decentralized finance (DeFi) industry. The OIS program introduces decentralized staking rewards and slashing mechanisms to incentivize publishers and PYTH holders to stake tokens to help secure the Pyth oracle. More specifically, OIS enables publishers to stake PYTH tokens to become eligible for on-chain rewards. Publishers will programmatically receive rewards for contributing high quality data. If they provide faulty data, a portion of their stake will be slashed as a penalty. PYTH stakers can delegate their stakes to Pyth publishers to enhance those publisher’s potential rewards for providing high-quality data. This contribution strengthens the resilience and security of Pyth Price Feeds, and in return, stakers are programmatically rewarded for helping secure the oracle. In the event that data from a set of publishers fails to meet standards, both the publisher and any stakers supporting them can face slashing penalties. This shared responsibility model encourages careful evaluation of publishers, promoting a culture of accountability throughout the network. 🤝 Partners Thank you to the DeFi leaders and builders who have supported this launch and the greater mission of Pyth Network: Kamino Finance, SynFutures, Drift Labs, Solend, Suilend, Zeta Markets, Paradex, HMX, ZeroLend, Polynomial Protocol, Rain.fi, Vela Exchange, Ionic Money, Perennial Labs, and many more. OIS is supported by some of the largest names in traditional finance (TradFi), centralized finance (CeFi), and decentralized finance (DeFi). Thank you to all of the Pyth Network publishers who have supported OIS and helped make today’s launch possible including: Kronos Research, Amber Group, Keyrock, XBTO, Flowdesk, Selini, Caladan, Tokka Labs, CMS Holdings, LLC, Wintermute, Flow Traders, and many more. Learn how you can get involved in Oracle Integrity Staking and get rewarded for helping secure the oracle and protecting DeFi: https://lnkd.in/gs8sqVjC
This is the essence of value creation! Well done everyone 👊
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This is massive! 👏
The best incentive is no incentive - Schwartz
Game changer
Head of Marketing @ Douro Labs | Ex-Microsoft, Meta, & Immutable
3moMaking inaccurate data a thing of the past