ChainCatcher news, the Pyth Network community has voted on-chain (approximately 627 million votes in favor, 870,000 votes against) to approve the proposal for the Pyth DAO Constitution. With the proposal's passage, the governance, operations, and processes of the Pyth DAO now have a clearer framework. The Pyth DAO Constitution outlines how various participants in the Pyth Network interact to achieve community-led decision-making, with a key component being the on-chain voting of Pyth DAO members. Community members of the Pyth Network holding PYTH tokens will become members of the Pyth DAO, staking to gain on-chain voting rights.Previously, on February 7, the Pyth Network initiated the "PIP-1: Approve the Pyth DAO Constitution" proposal vote.

ChainCatcher news, the oracle Pyth Network has released a draft of the Pyth DAO governance system charter, which will collect feedback and be publicly announced in the Discord community before submitting for on-chain voting deployment.The Pyth Governance system will determine the size/denomination of oracle fees earned by Pyth, establish the reward distribution mechanism for data publishers, approve other software updates for cross-chain on-chain programs, and other important network matters.