Pyth Launches Second Airdrop for Dapp Creators
After distributing $140 million worth of tokens to crypto users in November, Pyth, a decentralized finance (DeFi) oracles network, is back with another airdrop. This time, the airdrop is targeted at creators of decentralized applications (dapps) built on the Pyth network.
100 Million PYTH Tokens Up for Grabs
The second phase of the airdrop allows the makers of 167 dapps that use Pyth data to collect a total of 100 million PYTH tokens. At the current value, these tokens are worth $49 million according to CoinGecko.
Eligible Dapps and Protocols
Dapps eligible for the airdrop include decentralized exchanges (DEXs), structured products, stablecoin protocols, data analytics projects, and borrowing/lending services. Notable dapps on the list include Jupiter, Solend, zkEra, Ronin Network, Stacks, Helium, and Mango Markets.
The First Phase and Token Supply
In the first phase of the airdrop, 255 million PYTH tokens were released to early users of the network. Over 51,000 users have claimed over 163 million tokens so far. The remaining tokens earmarked for early users make up 36% of the total supply.
Roadmap and Community Allocations
The PYTH token has an initial circulating supply of 1.5 billion tokens and will eventually grow to 10 billion over the next three to five years. Additionally, 10 million PYTH tokens have been reserved for active community members.
About Pyth Oracle Network
Pyth acts as an oracle network that connects blockchains with off-chain data sources. This allows DeFi smart contracts to incorporate real-world events and data. Pyth is currently the fourth-largest oracle network by total value secured, with a market share of 6.55%.
Hot Take: Pyth Empowers Dapp Creators with Second Airdrop
Pyth’s second airdrop targeting dapp creators demonstrates its commitment to fostering innovation within the decentralized application ecosystem. By distributing 100 million PYTH tokens to eligible dapps, Pyth incentivizes developers and promotes the growth of the network. With its expanding token supply and active community engagement, Pyth aims to solidify its position as a leading oracle network in the DeFi space.
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