Pyth Network Announces Major Airdrop of 255 Million Tokens on November 20
Pyth Network, a rising contender in the oracle space, has declared a groundbreaking move set to propel its presence in the crypto sphere. In their latest announcement, Pyth Network revealed plans to conduct an airdrop of 255 million tokens bearing the same name, targeted at 90,000 eligible wallets.
You can check your wallet here: https://airdrop.pyth.network/review-eligibility
Scheduled for token distribution at 02:00 PM on November 20, 2023 (UTC), users will have a 90-day window to claim their rewards. This airdrop represents a significant allocation from Pyth Network’s initial circulating supply of 1.5 billion tokens, earmarking 6%—equivalent to 600 million PYTH tokens—for this purpose.
The eligibility criteria for the airdrop are tied to contributors within the Pyth Network and those who have engaged with over 200 decentralized applications (dApps) across 27 blockchains utilizing Pyth’s data. This strategic move aims to reward those actively involved in fostering and utilizing the oracle network.
Pyth Network has emerged as a direct competitor to Chainlink, offering valuable data feeds compatible with numerous protocols, automated market makers (AMMs), derivatives, and an array of dApps. The network emphasizes providing reliable data with a latency of under one second, positioning itself as a trustworthy data source within the crypto ecosystem.
However, despite Pyth Network’s efforts, Chainlink remains the dominant force in the oracle space, boasting a 45% market share and securing $14.7 billion in Total Value Secured (TVS), as reported by DefiLlama. In contrast, Pyth currently holds a TVS of $1.57 billion across 120 protocols, showcasing a notable gap in market presence compared to its competitor.
Following the airdrop announcement, multiple cryptocurrency exchanges have simultaneously disclosed their intentions to list and commence trading of PYTH tokens. Platforms such as OKX, Bybit, Kucoin, MEXC, Gate, and HTX are among the exchanges preparing to support PYTH trading, signaling a surge in market activity and increased accessibility for investors and traders alike.
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