PYTH is the native token of the Pyth Network. It has two distinct roles that get confused often: governance (PIPs, council elections) and Oracle Integrity Staking (delegating economic backing to specific publishers). The same token does both, but the mechanics are separate.
Governance use
Token holders vote in DAO-wide stake-weighted decisions (the EXC-PIP track for major changes) and elect members of the three councils (Pythian, Price Feed, Community). The Pyth DAO Constitution defines what each council can decide on its own versus what requires a token-holder vote.
Staking use (OIS)
Separately from governance, a holder can delegate their PYTH to back a specific publisher in Oracle Integrity Staking. If that publisher reports honestly they earn rewards; if they're slashed for bad reporting, their backers lose stake. The two uses don't interfere — the same PYTH can be both voted with and staked.
Where to see the live state
The /token page on Pythscan tracks the token's distribution and governance state. The staking dashboard (staking.pyth.network) is the canonical UI for active OIS positions.