The Pyth network, the largest first-party financial oracle solution delivering real-time market data, is poised to make a grand entrance. Next week marks a pivotal moment as the network undertakes a substantial airdrop, distributing 255 million tokens to a staggering 90,000 wallets. This move positions Pyth as a formidable competitor in the DeFi sector, particularly against established players like Chainlink.
Pyth Network token airdrop
Pyth’s strategy hinges on leveraging first-party pricing data sourced directly from exchanges, trading firms, and institutions. This information is then seamlessly relayed to smart contracts or clients, a method that contrasts with Chainlink’s reliance on aggregators such as CoinMarketCap. The PYTH token, native to the Pyth network, will see an initial circulating supply of 1.5 billion, with a noteworthy 85% of the total supply being locked for a period ranging from six to 42 months.
Come November 20 at 14:00 UTC, users will have the opportunity to claim their share of the airdrop. The window for claiming these tokens will remain open for 90 days, offering ample time for eligible recipients to participate. Those entitled to the airdrop include users who have engaged with decentralized apps utilizing Pyth data and active community members who have interacted with the network’s social media channels.
The competitive crypto landscape
This airdrop occurs against the backdrop of a competitive market landscape. Chainlink currently dominates the price oracle sector with a 45% market share and a total value secured (TVS) of $14.7 billion, as reported by DefiLlama. In comparison, Pyth has a TVS of $1.57 billion spread across 120 protocols. However, the introduction of the PYTH token and its imminent listing on exchanges like OKX and HTX, scheduled to commence trading on November 20, could significantly reshape market dynamics.
The upcoming airdrop by the Pyth network is not just a substantial event for the recipients but a pivotal moment in the DeFi space. It heralds the entry of a new player ready to challenge existing norms and offer an alternative approach to data aggregation in the DeFi market.
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