Pyth Network Announces Massive 255 Million Token Airdrop

An airdrop consisting of 255 million tokens will be distributed by the price oracles network Pyth to users of the decentralized finance (DeFi) platform the following week.

There will be a total of 90,000,000 wallets receiving this airdrop.

The Pyth network is competing against other networks that are pretty similar to it, such as Chainlink.

It will first collect first-party price data from exchanges, trading businesses, and institutions for it to work, and then it will communicate that data to either smart contracts or clients. This will be done for it to function.

The network’s native token, which will be called PYTH and have an initial supply of 1.5 billion, will have 85% of tokens frozen for six to 42 months.

The token will be available for users to claim beginning November 20 at 14:00 UTC. During the next three months, the process of submitting a claim will remain open.

Participants eligible to receive the airdrop include active community members who have communicated with the network’s social media channels and participants who have interacted with decentralized applications that utilize Pyth data.

According to the information provided by DefiLlama, Chainlink is currently in the position of having the upper hand in the market for pricing oracles.

The corporation has a market share of 45% and has secured a total value (TVS) of $14.7 billion. On the other hand, Pyth is capable of supporting 1.57 billion TVS that are organized into 120 different protocols.

In contrast to Chainlink, which relies on aggregators like CoinMarketCap, the firm Pyth utilizes primary sources, as stated in a blog post written by the company and published on its website.

PYTH trading is set to begin on November 20, and several exchanges, including OKX and HTX, have already indicated that they will be listing PYTH in the not-too-distant future.