- Pyth network launched its native token PYTH and airdropped it to over 90,000 wallets. The token debuted at around $500 million in market valuation.
- Within a year of launch, Pyth has secured over $1.5 billion in total value locked (TVL) across 120 protocols, making it one of the largest oracle networks.
- The launch of PYTH token provides an opportunity for community involvement through staking and governance as Pyth aims to expand to more blockchains.
Pyth network recently launched its native token PYTH and airdropped it to over 90,000 wallets. The network has secured $1.5 billion in total value across 120 protocols. Let’s take a closer look at the details.
About Pyth Network
Pyth network is a decentralized oracle network built on the Solana blockchain. It provides high-fidelity, low-latency financial market data to DeFi applications. The network sources data from major exchanges and market data providers.
Pyth aims to make financial data easily accessible on any blockchain. It launched in 2021 and is used by protocols like Katana, Mercury, and Solend.
PYTH Token Launch and Airdrop
Pyth network launched its native token PYTH on November 18, 2022. It airdropped the token to over 90,000 wallets that contributed to the network’s growth.
The PYTH token debuted at around $500 million in market valuation. It aims to incentivize participation in the Pyth network through staking and governance rights.
PYTH holders can stake their tokens to run oracle nodes on the network. Stakers earn fees for providing high-quality data feeds. The token also provides governance rights to shape the future of Pyth.
Securing Over $1.5 Billion in TVL
Within a year of launch, Pyth has secured over $1.5 billion in total value locked (TVL) across 120 protocols. This makes it one of the largest oracle networks in terms of adoption and TVL.
Pyth provides price data feeds to DeFi protocols like Katana, Raydium, Francium and more. It has also partnered with data providers like Kaiko, Brave New Coin, and Tiingo.
The rapid growth in TVL and adoption shows the strong product-market fit achieved by Pyth. As more protocols integrate Pyth price feeds, the network is poised for even higher growth.
Conclusion
The launch of PYTH token and airdrop to early contributors caps off a successful first year for Pyth network. With over $1.5 billion in TVL secured across major DeFi protocols, Pyth has established itself as a leading oracle solution.
The growth runways are long for Pyth as more developers integrate its price feeds. PYTH token provides an opportunity for community involvement through staking and governance. As Pyth expands to more blockchains, the utility for its native token will also grow.
