- Pyth, a leading DeFi oracle network, has launched the second phase of its PYTH token airdrop, distributing $100 million worth of tokens to 167 dapps
- The airdrop targets dapp developers, including DEXs, structured products, stablecoins, analytics, lending, etc. Notable recipients include Jupiter, Solend, zkEra, Ronin Network, and others
- This follows Pyth’s November 2022 airdrop of $140 million in PYTH to early network users, with 36% of tokens still unclaimed.
Pyth, a leading DeFi oracle network, has launched the second phase of its PYTH token airdrop. This time, the recipients are creators of decentralized apps (dapps) that utilize Pyth’s price and market data feeds. In total, Pyth is distributing $100 million worth of PYTH tokens to 167 dapps, providing a major liquidity boost to developers building on the network.
Airdrop Details
The PYTH airdrop will distribute a total of 100 million tokens to eligible dapps, currently valued at $49 million. Dapps that qualify include decentralized exchanges, structured products, stablecoin protocols, data analytics projects, and lending platforms. Some of the most well-known recipients include Jupiter, Solend, zkEra, Ronin Network, Stacks, Helium, and Mango Markets.
This airdrop represents the second phase of Pyth’s incentives program. In November 2022, Pyth gifted $140 million worth of PYTH tokens to early network users. Over 51,000 users have claimed $163 million in tokens so far, leaving 36% of the original airdrop unclaimed.
The PYTH Token
The PYTH token serves as an incentive and governance token on the Pyth network. Pyth has an initial circulating supply of 15 billion PYTH, which will gradually expand to 10 billion over 3-5 years. The token supply increases incrementally every 3 months or so.
In addition to airdrops, 10 million PYTH has been allocated to active Pyth community members. As a leading oracle network, Pyth provides critical real-world data to DeFi dapps, allowing them to react to off-chain events. The airdrop will further decentralize and strengthen the Pyth network.
Conclusion
With $100 million in free PYTH tokens, the second Pyth airdrop will be a boon for dapp developers building on the network. Along with the $140 million November airdrop for users, Pyth is delivering major incentives for its community. As Pyth continues to expand, expect more phases of token distributions to come.
