$PYTH UnlockUnlock. If you look closely at the token distribution in Tokenomics, you will find that there are five different distribution objects. First, the rewards for data publishers account for 22% of the total number of tokens, and these tokens are directly awarded to data publishers. In the future, publishers may need to stake their PYTH tokens to continue to publish data. In this way, the community can also exercise some supervision over data publishers. Even if publishers need to unlock this part of the tokens to their accounts, they also need to stake, so we do not think that this part of the tokens will have a significant impact on the market environment. The second part, what we call ecological growth, accounts for 52% of the tokens, which is almost half of the tokens related to ecological growth. All incentive plans come from this part, including rewards for ecological contributors, such as data publishers and downstream institutional agreements. These incentive plans are gradual, and even if there are token unlocks, they will not be issued all at once. Most of the tokens related to ecological growth are not issued to individuals, but to ecological builders or institutions. These participants have long-term cooperation plans, such as some DeFi protocols that have been using Pyth services and receiving ecosystem growth rewards. They will also feed back to the use of Pyth in the future through staking and other means, and we do not think they will have a lot of pressure to sell. The other two parts include the tokens required for protocol development, which account for 8.5% and the private sales part, which accounts for 10%. So we think that even if a large part of the liquidity is about to be unlocked, we do not think it will have a significant impact on the market due to the native demand behind these token allocations. Even if there is an impact, it is a long-term process, so it is not a problem we need to pay special attention to. Overall, this is a gradual process. At the same time, since unlocking to circulation is a gradual process, not all unlocked tokens will flow to the market on May 20th. In fact, only a small part will enter the market at that time. Therefore, we are more looking forward to how the increase in liquidity after unlocking will support the construction and development of the entire ecosystem. This is our understanding of this token unlocking.
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