Sometimes it's good for the $TEA to burn. TEA tokens were just burned on [manually insert basescan sepolia link to burn event] #BurnTheTEA https://t.co/vIGDuBOJdu
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Today, the Pyth Network community has voted on-chain to approve the Pyth DAO Constitution.
This Constitution describes the decision-making framework for the Pyth DAO and the governing framework for the holders of $PYTH.
Learn more below:
What is the Pyth DAO Constitution?
The Pyth DAO Constitution describes the social contract between DAO members by defining the decision-making framework for the Pyth DAO and the governing framework for holders of the PYTH Token.
In other words, the constitution lays out how the various Pyth Network participants may interact for the purposes of community-led decision-making.
A critical component of this decision-making is on-chain voting by Pyth DAO members; Pyth Network community members who stake PYTH Tokens will become members of the Pyth DAO and gain on-chain voting power from their stake.
Pyth Governance is a protocol mechanism for determining high-level parameters of the other protocol mechanisms. Pyth Governance is expected to be responsible for helping determine the following:
- The size of (oracle) update fees.
- The reward distribution mechanism for data providers.
- Approving other software updates to on-chain programs across blockchains.
- How products (data feeds) are listed on Pyth and their reference data.
- How data providers will be permissioned to provide data for price feeds.
The above list is only a subset of what Pyth Governance is expected to cover.
Pyth DAO Governance Procedures
The Pyth Network community can look forward to engaging, discussing, and implementing to the Pyth Network through Pyth Improvement Proposals (PIPs).
PIPs are the primary methods to introduce, discuss, and implement changes to the Pyth DAO Constitution, governance, and the oracle network’s operations.
Ideation and discussion of PIPs are expected to take place within the official governance forum channel in the Pyth Network Discord server. Proposals that are ready for on-chain voting for final approval will be taken to the Pyth Governance platform on Realms.
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