Pyth Network rewards 167 dApps with $47M worth of PYTH tokens
Pyth Network, a decentralized first-party financial oracle, has announced the second phase of its retrospective token airdrop program for 167 dApps that have integrated with its network. The dApps, which include prominent DeFi platforms such as Synthetix, Mango Markets, Bonfida, Helium, and PancakeSwap, will receive a total of 100 million PYTH tokens, worth around $47 million at the current price of $0.48 per token.
The airdrop follows the first phase of the program, which distributed 255 million PYTH tokens to DeFi users who interacted with Pyth Network’s data feeds on various blockchains, such as Solana, Ethereum, Binance Smart Chain, and Polygon. The first phase, which concluded in November 2023, was hailed as one of the largest and most inclusive airdrops in crypto history, reaching over 1.2 million unique addresses.
Pyth Network is a novel oracle solution that delivers high-fidelity, real-time market data on-chain in a secure, transparent, and decentralized manner. Unlike other oracles that rely on third-party nodes to aggregate and transmit data, Pyth Network leverages first-party data sources, such as exchanges, market makers, and institutional traders, to provide sub-second latency and sub-penny precision for various asset classes, such as cryptocurrencies, stocks, commodities, and forex.
PYTH tokens are the native utility and governance tokens of Pyth Network, which run on the Solana blockchain. The tokens enable holders to participate in the network’s governance, as well as access premium data feeds and other features. The tokens also serve as an incentive mechanism to reward data providers, data consumers, and network validators.
The second phase of the airdrop program is part of Pyth Network’s “Community and Launch” category, which allocates up to 6% of the total supply of 10 billion PYTH tokens to eligible participants. This category also includes 10 million PYTH tokens for active community members, such as developers, contributors, and ambassadors, who have supported the growth and adoption of Pyth Network.
According to Pyth Network, the airdrop program aims to foster a vibrant and diverse ecosystem of dApps that leverage its oracle network, as well as to recognize and reward the early adopters and supporters of its vision. The eligible dApps will announce their individual allocations and plans for the airdropped tokens separately, and some may choose to further distribute them to their own users or stakeholders.
Pyth Network’s token airdrop program is one of the most generous and ambitious in the crypto space, demonstrating its commitment to building a strong and loyal community around its innovative oracle network. With its high-quality, low-latency, and cross-chain data feeds, Pyth Network is poised to become a leading provider of decentralized market data for the Web3 economy.
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