Pyth Network Debut Airdrop Rockets to $765 Million Market Cap for Solana’s PYTH Token
In the fast-paced world of decentralized finance (DeFi), Pyth Network made headlines with the much-anticipated launch of its token airdrop. The Solana-based PYTH token stormed into the market, initially boasting an impressive $765 million market capitalization. However, the excitement quickly simmered down, settling at approximately $457 million at the time of this report, as per CoinMarketCap data.
The journey for PYTH has been akin to a whirlwind. From its starting trading price of $0.53, the token took a steep plunge within minutes, dropping to $0.28, before stabilizing at just above $0.30 as of the latest update. Despite the turbulence, trading volume surged, hitting over $87 million since the token’s inception.
The token’s circulating supply commenced at 1.5 billion tokens, with plans to gradually expand to a total supply of 10 billion tokens outlined in its roadmap. The incremental increase in token supply is scheduled to kick in six months post-launch and extend over the following three years.
Pyth Network generously offered around 250 million tokens in the airdrop, translating to over $77 million in crypto token rewards for early users. However, while roughly 90,000 wallets are eligible for the airdrop, a little over a third, about 35,000, have claimed their allocation as per on-chain data compiled by Dune. The deadline for claiming these tokens stands at February 18, catering to a diverse array of airdrop candidates, including users of various decentralized apps (dApps) across 27 blockchains reliant on Pyth network data, Pyth NFT holders, and Pyth Discord community administrators.
Today marks the launch of the Pyth Network’s permissionless mainnet, ushering in a new era of token-led governance for the protocol.
— Pyth Network 🔮 (@PythNetwork) November 20, 2023
Pyth currently holds the position as the fourth-largest network in terms of total value secured within the DeFi landscape, commanding a market share of 4.75%, as reported by DeFiLlama. This, however, marks a slight decrease from the previous week’s 4.83%, indicating a competitive market where slight fluctuations in market share are observed regularly.
As the DeFi space continues to evolve, Pyth Network’s debut signifies both the excitement and volatility inherent in token launches. The coming weeks will undoubtedly be crucial as the network navigates through market fluctuations and strives to consolidate its position within the dynamic DeFi ecosystem.
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