Pyth Network Unveils Second Phase of Retrospective Token Airdrop
Pyth Network has announced the second phase of its token airdrop program for decentralized applications (dapps) that have utilized its oracle network. The eligible dapps, which rely on Pyth’s price data for various operations, will receive a total of 100 million PYTH governance tokens, valued at approximately $47 million. Some of the notable dapps included in the airdrop are Synthetix, Mango Markets, Bonfida, Helium, and PancakeSwap, covering a range of DeFi use cases. Each dapp will announce its individual allocation and plans for the tokens separately. While some dapps have already completed the claims process, a date for distribution has yet to be determined.
Pyth’s Phase One Airdrop
In November, Pyth Network initiated the first phase of its retrospective token airdrop by targeting over 75,000 wallets based on their on-chain activity across multiple blockchains and dapps. The revised snapshot increased inclusivity and expanded eligibility to over 90,000 wallets, with a total allocation of approximately 255 million PYTH tokens. So far, over 51,000 users have claimed 163 million PYTH tokens. The goal of the airdrop is to promote on-chain governance participation and transition Pyth Network towards a permissionless and decentralized mainnet.
Stimulating Participation in On-Chain Governance
PYTH tokens are native to the Solana blockchain and are categorized under “Community and Launch,” with a total supply of 600 million PYTH tokens available to eligible participants. This includes allocations for dapps, on-chain activity by DeFi participants, and active community members. Since its launch in November 2021, PYTH has experienced a 45% increase in value and is currently trading at $0.47.
Hot Take: Empowering Dapps with Token Airdrops
Pyth Network’s retrospective token airdrop program represents a significant milestone for the decentralized application community. By providing eligible dapps with PYTH governance tokens, Pyth Network aims to incentivize participation in on-chain governance and foster the development of decentralized finance and web3 capital markets. The airdrop not only rewards dapps for their integration with the Pyth oracle but also promotes the growth of various DeFi use cases. As more dapps claim their allocations and announce their plans for the tokens, the impact of this airdrop on the broader crypto ecosystem will become clearer.
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