Pyth Announces Massive Airdrop of 255 Million PYTH Tokens
Pyth, the decentralized finance (DeFi) oracles network, has revealed plans to distribute around 255 million PYTH tokens in an upcoming airdrop. The airdrop will begin in four days and will make over 90,000 wallets eligible to claim PYTH tokens starting on November 20 at 2:00 pm UTC. Users of dapps that rely on Pyth network data across 27 blockchains may also be able to claim a token allocation, including those on Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism. Additionally, Pyth Network Discord administrators and holders of Pyth NFTs may receive an allotment as well.
Claim Process and Eligibility
The airdrop will remain open until February 18 after November 20. DeFi users can verify their potential eligibility for the airdrop and the amount of PYTH they are set to receive on the network’s airdrop check page. However, residents of certain countries such as the United States and the United Kingdom will be ineligible to participate due to legal factors.
Pyth Tokenomics and Use Cases
Pyth’s native token will initially have a circulating supply of 1.5 billion tokens. DeFi oracle networks like Pyth connect blockchains with data sources from the off-chain world, enabling smart contracts to execute based on real-world events and data. They have numerous use cases such as automatically ordering products when inventory drops or paying out agreements based on stock and commodity prices. However, oracle networks can also be exploited by hackers.
Competition in the Oracle Network Space
According to DeFi Llama, Pyth is the fourth-largest oracle network by total value secured but faces stiff competition from Chainlink, which boasts over nine times the value secured and holds a dominant 45% market share compared with Pyth’s 4.83%.
Hot Take: The Future of DeFi Oracles
The rapid development in DeFi oracles signifies a growing integration between traditional financial markets and the crypto space. As more businesses adopt smart contracts for various applications, such as tracking carbon emissions or automating inventory management, the role of oracle networks like Pyth becomes increasingly crucial despite facing competition from more established players like Chainlink.
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