Pyth Network Token Makes a Splash with Strong ICO
DeFi oracles network Pyth recently made headlines with its much-anticipated token airdrop. Following its debut, the Solana-based PYTH token quickly soared to an initial market capitalization of $765 million. However, the figure settled down to roughly $457 million at this time, according to data from CoinMarketCap.
At launch, the token started trading at $0.53, only to fall to $0.28 minutes later and level out to just above $0.30. Since its launch, the token has seen over $87 million in trading volume.
Tokenomics and Airdrop
The initial circulating supply of 1.5 billion tokens will steadily grow, according to the token’s roadmap, to a total supply of 10 billion tokens. About 250 million tokens were offered through the airdrop to reward early users, effectively putting over $77 million worth of the crypto token in the pockets of users, as of this writing.
Approximately 90,000 wallets are eligible to receive tokens through the Pyth airdrop, with just over 35,000 having claimed their allotment. Eligible users will have until February 18 to claim their free tokens.
Pyth Network’s permissionless mainnet has attracted interest from ecosystem participants who can engage in Pyth Governance by locking their PYTH Tokens in the Pyth staking program to cast votes on community decisions.
Backpack’s Airdrop
Backpack, a new crypto exchange, announced that it would airdrop PYTH tokens to all new users who staked SOL within the last two days, already distributing tokens to 74,000 wallets. Holders of NFTs from Backpack’s Mad Lads collection on Solana are also eligible for this token distribution.
Pyth’s Position in the Market
Oracle networks like Pyth connect blockchains with data sources from the off-chain world, allowing DeFi smart contracts to execute based on inputs and outputs from real-world events and data. According to DeFiLlama, Pyth is the fourth-largest such network by total value secured, with a 4.75% market share.
Hot Take: Pyth Token’s Rapid Rise and Potential
Pyth Network’s token received a warm welcome with a strong debut and significant interest from eligible users, as evidenced by the airdrop numbers. The network’s position as the fourth-largest oracle network suggests strong potential as a significant player in the DeFi space, capturing the attention of many in the crypto community.
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