BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Pyth Network Challenges Chainlink with 255 Million Token Airdrop

BlockNews.com Team by BlockNews.com Team
November 16, 2023
in Breaking News, Crypto, DeFi, Featured
Pyth Network Challenges Chainlink with 255 Million Token Airdrop

#image_title

Share on TwitterShare on Reddit
  • 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.

๐Ÿšจ NEWS: @PythNetwork announces massive 255 million $PYTH airdrop to 90,000 wallets next week.

This airdrop coincides with several exchanges listings, with trading set to commence on Nov 20.

Are you bullish on PYTH? pic.twitter.com/AFSbFvxeI9

— BlockNews.com (@blocknewsdotcom) November 16, 2023

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.

Tags: ChainlinkcryptoDeFiTokenWeb3
Tweet1ShareShare2
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Everything We Know About the Leaked GTA6 Trailer
Breaking News

Everything We Know About the Leaked GTA6 Trailer

December 5, 2023
Terraform Labs Fights Back: Cites SEC's DEBT Box Misconduct in Court
Breaking News

Terraform Labs Fights Back: Cites SEC’s DEBT Box Misconduct in Court

December 5, 2023
Envision Blockchain and Hedera Revolutionize Carbon Credit Management
Breaking News

Envision Blockchain and Hedera Revolutionize Carbon Credit Management

December 5, 2023
Bitcoin Skyrockets to $42,000: Here are the Key Factors
Breaking News

Bitcoin Skyrockets to $42,000: Here are the Key Factors

December 5, 2023
Bitcoin Transaction Fees Eclipse Ethereum Amid Ordinal Surge
Breaking News

Bitcoin Could Reach $700,000 Next Year and Here is Why

December 4, 2023
Crypto Market Rebounds After Binance Settles with DOJ
Breaking News

Bitcoin Pumped 67% Over the Last 3 Months and Here is Why

December 4, 2023
Load More
Next Post
$5 Daily Bitcoin Investment Returns $1,600 in 2 Years

$5 Daily Bitcoin Investment Returns $1,600 in 2 Years

Cardano ADA Could Pump 100% by December and Here is Why

Cardano ADA Could Pump 100% by December and Here is Why

Ramaswamy Champions Crypto in New Policy Framework

Ramaswamy Champions Crypto in New Policy Framework

Related News

binance tax

Binance Launches Binance TAX to Prepare users for Tax Season

February 6, 2023
Iranian Government Cuts Crypto Minerโ€™s Power

Iranian Government Cuts Crypto Minerโ€™s Power

June 21, 2022
Y00ts

The Biggest NFT mint: Why everyone is talking about Y00Ts

August 30, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Everything We Know About the Leaked GTA6 Trailer December 5, 2023
  • Terraform Labs Fights Back: Cites SEC’s DEBT Box Misconduct in Court December 5, 2023
  • Envision Blockchain and Hedera Revolutionize Carbon Credit Management December 5, 2023

ยฉ 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

ยฉ 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.