The DeFi oracles network Pyth enjoyed a strong debut for its much-anticipated token airdrop on Monday, quickly nabbing an initial market capitalization of $765 million for its Solana-based PYTH token. Upon launch, the token began trading at $0.53, only to fall to $0.28 minutes later. It has since leveled out to just above $0.30 as of this writing. The token has seen over $87 million in trading volume since it launched. Pyth Network offered up about 250 million tokens through the airdrop to reward early users, effectively putting over $77 million worth of the crypto token in the pockets of users, as of this writing. Of the roughly 90,000 wallets currently eligible to receive tokens through the Pyth airdrop, just over 35,000 have already claimed their allotment. Backpack, a new crypto exchange, also announced Monday that it would airdrop PYTH tokens to every one of its new users who staked SOL within the last two days. Pyth is currently the fourth-largest oracle network by total value secured, with a market share of 4.75%.
Pyth Network has launched its permissionless mainnet, allowing users to actively engage in Pyth Governance by locking their tokens in the Pyth staking program in order to cast votes on community decisions. The initial circulating supply of 1.5 billion tokens will steadily grow, according to the token’s roadmap, to a total supply of 10 billion tokens. Incremental increases in the token supply are set to begin in six months, and will take place over the following three years. Candidates for the airdrop, including users of decentralized apps across 27 blockchains that rely on Pyth network data, holders of Pyth NFTs, and Pyth Discord community administrators, will have until February 18 to claim their free tokens.
This marks the launch of a new era of token-led governance for the Pyth Network protocol. Oracle networks like Pyth connect blockchains with data sources from the off-chain world, allowing DeFi smart contracts to execute based on inputs and outputs from real-world events and data. This news is good for users of Pyth Network and DeFi as a whole, allowing for increased decentralization and governance.
You can read more about this topic here: Decrypt: Pyth Airdrop Puts $77 Million in the Wallets of Crypto Users