In a significant move, Pyth, a leading oracle network in the DeFi space, has initiated another generous airdrop following its initial $140 million distribution to cryptocurrency enthusiasts last November, calculated at the token’s highest value. This latest round targets developers of decentralized applications (dapps) built on Pyth’s framework, marking a pivotal moment for the network.
PYTH airdrop and the price movement
Starting from today, developers behind 167 dapps that integrate Pyth’s data can now claim their share of 100 million PYTH tokens, collectively valued at $49 million, based on current market rates from CoinGecko.
The decentralized applications eligible for this round of distribution are detailed on Pyth’s official website. This diverse group encompasses decentralized finance (DeFi) exchanges, innovative financial products, protocols for stablecoins, data analysis tools, and platforms for lending and borrowing.
Highlighted among the eligible dapps are several well-recognized names such as Jupiter, Solend, zkEra, Ronin Network, Stacks, Helium, and Mango Markets, showcasing the broad adoption of Pyth’s services across the DeFi ecosystem.
Pyth introduced its PYTH token, rooted in the Solana blockchain, towards the end of the previous year. This initiative was designed to incentivize network users, community engagement, and the adoption among client applications. The inaugural airdrop phase saw the distribution of 255 million PYTH tokens to the network’s early adopters, now valued at upwards of $122 million. Such valuation is subject to PYTH price change, which equates to $0.38 on Gate.io, showing a stable upward momentum.
Since the launch of this initial airdrop on November 20, the network has seen over 51,000 users claim in excess of 163 million PYTH tokens. However, 36% of the tokens allocated for early supporters remain unclaimed.
More on PYTH
The PYTH token has an initial circulating supply of 1.5 billion, with plans to expand to 10 billion over the next three to five years, as outlined in the project’s development roadmap. This expansion plan includes scheduled supply increments every quarter.
Beyond rewarding early adopters and dapp developers, Pyth has reserved 10 million PYTH tokens for its most active community participants.
As an oracle network, Pyth plays a critical role in bridging the gap between blockchain technology and external data sources, enabling DeFi smart contracts to utilize and respond to real-world information and events external to the blockchain ecosystem.
Currently, Pyth stands as the fourth largest oracle network in terms of total value secured, commanding a 6.55% market share according to data from Defi Llama. This marks a significant increase from its 4.75% market share at the time of the PYTH airdrop’s initial phase in late autumn.
About PYTH
The Pyth Network is an advanced oracle solution designed to facilitate the seamless integration of real-world data into blockchain environments, particularly within the decentralized finance (DeFi) sector.
By aggregating high-fidelity, real-time data from various off-chain sources and making it accessible on-chain, Pyth enables smart contracts to execute complex financial transactions and strategies based on accurate and timely information. This includes data on asset prices, market movements, and other critical financial indicators.
The network leverages the security and efficiency of the blockchain to provide decentralized applications (dapps) with the data they need to operate effectively, thus enhancing the reliability and functionality of the DeFi ecosystem.
By serving as a bridge between traditional financial markets and blockchain technology, Pyth aims to expand the capabilities and reach of DeFi services, making them more relevant and applicable to a wider range of financial activities.
It’s a competitive market
Within the landscape of decentralized finance, Pyth Network competes with other prominent oracle networks that play crucial roles in bridging external data sources with blockchain ecosystems.
Notable competitors include Chainlink, Band Protocol, and Tellor, among others. Chainlink, perhaps the most recognized in this space, offers a robust framework for secure and reliable data feeds, which are essential for the accurate execution of smart contracts across various blockchain platforms.
Band Protocol provides a scalable approach to decentralized data oracles, emphasizing cross-chain compatibility and real-time data access. Tellor focuses on providing a secure and decentralized oracle network that caters to the need for high-value off-chain data.
Each of these networks has its unique mechanisms for data verification, security, and integration, offering developers various options depending on their specific requirements for decentralization, speed, and accuracy. Pyth differentiates itself by targeting high-fidelity, real-time data specifically tailored for financial markets, aiming to carve out a niche in the DeFi space by addressing the precise needs of financial dapps and protocols