255M Pyth Tokens Airdrop: 90K Wallets to Benefit Next Week

• Upcoming Pyth Network Airdrop for Decentralized Finance (DeFi) Users
• How Pyth Network Works
• Claiming the PYTH Token
• Market Comparison: Pyth vs Chainlink
• Listing of PYTH on Exchanges

Upcoming Pyth Network Airdrop for Decentralized Finance (DeFi) Users

Pyth, a pricing oracle network, is set to issue an airdrop to users of decentralized finance (DeFi) next week. The airdrop, which forms part of a competitive market strategy involving the likes of Chainlink$15.6 -4.61%, will see 255 million tokens distributed to approximately 90,000 wallets.

How Pyth Network Works

Pyth network operates by collecting first-party pricing data from a variety of sources, including exchanges, trading firms, and institutions. This data is then relayed to smart contracts or clients. The network's native token, PYTH, will have an initial circulating supply of 1.5 billion. Furthermore, 85% of the total supply will be locked for a period ranging from six to 42 months.

Claiming the PYTH Token

Users will be able to claim the PYTH token on November 20 at 14:00 UTC. The claim process will remain open for a total of 90 days. Those eligible for the airdrop include individuals who have interacted with decentralized apps utilizing Pyth data or active members of the community who have engaged with the network's social media channels.

Market Comparison: Pyth vs Chainlink

In the current oracle sector, Chainlink holds a commanding position with a market share of 45% and a total value secured (TVS) of $14.7 billion, as reported by DefiLlama. In contrast, Pyth has a TVS of $1.57 billion, spread across 120 protocols.

Unlike Chainlink, which utilizes aggregators like CoinMarketCap for its data, Pyth uses primary sources, as stated in a recent Pyth blog post.

Listing of PYTH on Exchanges

Various exchanges, including OKX and HTX, have announced that they will be listing PYTH. Trading is scheduled to start on November 20.

Edited by Jonathan Stoker