If Pyth Network has indeed successfully airdropped 250 million tokens, it suggests a significant distribution of tokens to a specific audience, which could include existing users, supporters, or a targeted community. Airdrops are commonly used by cryptocurrency projects as a promotional strategy to distribute tokens, incentivize participation, and foster community engagement.
If you are a recipient of the airdrop or are interested in participating, it’s essential to verify this information through official sources associated with Pyth Network. Check the project’s official website, social media channels, or announcements to confirm the details of the airdrop, distribution process, and any specific instructions for participants.
Be cautious of potential scams or phishing attempts related to airdrops, and always follow security best practices when participating in such initiatives.
Pyth Network successfully airdropped 250 million PYTH tokens to 90,000 wallets, this project also managed to get a valuation of around US$468 million.
Of the approximately 90,000 wallets currently eligible to receive tokens via the Pyth airdrop, more than 35,000 have already claimed the tokens, according to on-chain data collected by Dune.
Winners of the airdrop are users of decentralized applications (dapps) across 27 blockchains that rely on Pyth network data, Pyth NFT holders, and Pyth Discord community administrators, will have until February 18 to claim their free tokens.
Backpack, a new crypto exchange led by the former general counsel of FTX and created by the maker of a Solana-based NFT app, is also sending PYTH tokens to each of its new users who stake SOL.
The PYTH token traded around US$0.32, peaking at US$0.51. Airdrop holders have 90 days to claim their tokens, which will play a role in the Pyth Network’s on-chain governance.
The circulating token supply was initially set at 1.5 billion, and the remainder was locked for a period of six to 42 months.
Pyth Network, which currently has a total value secured (TVS) of US$1.5 billion across 120 protocols. Pyth is considered a rival to Chainlink (LINK) because they both support Oracle.
Pyth claims to refresh its data feeds at 300-400 millisecond intervals, a stark contrast to Chainlink’s minute-to-hour speeds.
This speed is due to sourcing Pyth data directly from first-party financial institutions such as Jane Street and Binance, rather than relying on decentralized consortia such as Chainlink.
Increased speed is seen as critical to meeting the demands of modern finance, and the Pyth network also aggregates price measurements from multiple sources, ensuring accuracy through game theory and cryptographic practices. .
PYTH tokens will have a dual role in the Pyth Network governance system, acting as a vote and available for staking by users who wish to influence the evolution of the protocol. This airdrop is part of a broader strategy to start a new token market and attract users.
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