Pyth Token's $500M Debut: 90,000 Wallets Benefit from Airdrop

• Pyth Network's Token Launches with a Market Cap of $468 Million
• Details of the Airdrop and Token Utility
• Current Standing of Pyth Network
• Launch of Pyth Network's Mainnet

Pyth Network's Token Launches with a Market Cap of $468 Million

The Pyth Network's token, known as PYTH, has made its debut this Monday, reaching a market cap of $468 million. This was achieved after the distribution of an airdrop to 90,000 wallets. Currently, each PYTH token is being traded at approximately $0.32, having reached a peak of $0.51, as per CoinMarketCap data.

Details of the Airdrop and Token Utility

Those who are eligible for the airdrop have a period of 90 days to claim their PYTH tokens. These tokens will be employed for on-chain governance votes. The token has an initial circulating supply of 1.5 billion. The remaining 85% of the overall supply has been locked for a period ranging from six to 42 months. A total of 255 million tokens were dedicated to the airdrop.

Current Standing of Pyth Network

At present, the Pyth Network secures a total value of $1.5 billion across 120 protocols. This makes it the fourth-largest pricing oracle in existence. By comparison, Chainlink$15.6 -4.61% (LINK), a competitor, secures a total value of $14.7 billion, according to DeFiLlama. The Pyth Network gathers pricing data from exchanges and institutional traders, which is then forwarded to smart contracts.

Launch of Pyth Network's Mainnet

The Pyth Network has announced the launch of its permissionless mainnet, marking a new phase of token-led governance for the protocol. Participants in the ecosystem can engage actively in Pyth Governance by locking their PYTH Tokens within the Pyth staking program, enabling them to vote on community governance proposals.

Following the footsteps of Celestia TIA, which saw a 230% increase in value since its release last month, PYTH has been one of the highly anticipated airdrops of the year.

Edited by Jonathan Stoker