$PYTH ⚡ Binance Adds #PYTH to Simple Earn: What You Need to Know⚡
Binance has announced the addition of PYTH, the governance token of the Pyth Network, to its Simple Earn program. PYTH Token holders can now enjoy more ways to earn rewards while participating in Pyth Network's governance.
PYTH is central to the Pyth Network’s governance system, allowing token holders to have a direct say in the network's future. By staking PYTH tokens, holders can vote on community proposals, using a 1:1 coin-voting system where each staked token equals one vote. To submit proposals, a holder needs at least 0.25% of the total staked PYTH tokens.
A proposal is considered successful if it receives more "yes" votes than "no" votes and meets the required approval quorum, which varies by proposal type. If passed, proposals become binding and their instructions are executed on-chain. Governance proposals can cover topics such as update fees, reward distribution mechanisms, software updates, and price feed listings.
The addition of PYTH to #Binance Simple Earn provides a convenient platform for PYTH holders to stake their tokens and participate in governance, enhancing the decentralized decision-making process of the #PythNetwork . This move is set to further engage the community and foster the network's growth.
