- Pyth network plans to airdrop 255 million Pyth tokens to around 90,000 wallets that have used Pyth data before, rewarding early adopters and encouraging further usage.
- Pyth provides real-time financial market data like crypto prices to DeFi apps, collecting data from exchanges and validating it before delivery on-chain.
- The airdrop will distribute over 60% of total Pyth token supply, demonstrating the network’s commitment to decentralization and desire to expand usage.
The Pyth network currently has $1.57 billion in total value secured across 120 protocols. Pyth plans to airdrop 255 million Pyth tokens to about 90,000 wallets that have used Pyth data before. This will help expand the usage of the network.
Details on the Pyth Network
The Pyth network is a decentralized oracle that provides high-fidelity financial market data to DeFi applications. It aims to promote the creation of financial products, services, and infrastructure in DeFi.
Pyth provides real-time market data from reputable exchanges to DeFi apps. It collects data like crypto prices, forex, commodities, indices, and sports betting data.
The network connects to major crypto exchanges and market data providers. It validates the data before delivering it on-chain. Validators can stake PYTH tokens as collateral in order to take part in the validation process.
About the Upcoming Airdrop
Pyth plans to airdrop around 255 million PYTH tokens to wallets that have used Pyth data before. The airdrop aims to encourage usage of the network by rewarding early adopters.
Wallets eligible for the airdrop need to have made at least 5 calls to the Pyth API. The number of tokens received will depend on the number of API calls made.
This airdrop will distribute tokens to around 90,000 wallets. It represents over 60% of the total supply of PYTH tokens.
The airdrop demonstrates the network’s commitment to decentralization and desire to expand. Wider usage of Pyth data will increase on-chain access to high quality financial market data.
Conclusion
The upcoming airdrop rewards Pyth’s early users and encourages further adoption of the network. Distributing tokens into the hands of active users will help drive growth.
As more DeFi developers use Pyth data to build products, the network can continue expanding. This will advance the goal of promoting DeFi creation.
