Pyth to Airdrop 255 Million Tokens to 90K Wallets Next Week

Pyth to Airdrop 255 Million Tokens to 90K Wallets Next Week

Get ready for an exciting airdrop from Pyth next week! The decentralized finance (DeFi) users are in for a treat as Pyth plans to issue 255 million tokens to 90,000 wallets. Pyth is a pricing oracles network that competes with Chainlink and provides first-party pricing data from exchanges, trading firms, and institutions. The native token, PYTH, will have a circulating supply of 1.5 billion, with the majority being locked for a specific period. Eligible recipients can claim their tokens starting November 20th, and the claim process will be open for 90 days. Make sure you don’t miss out on this opportunity!

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Overview

Pyth Tokens to Be Airdropped to 90,000 Wallets Next Week

Pyth, a decentralized finance (DeFi) project, is set to airdrop tokens to 90,000 wallets next week. This airdrop is aimed at engaging and rewarding the community of users and supporters. The tokens will be distributed as a way to increase awareness and adoption of the Pyth network.

Pyth Competes with Chainlink in the Price Oracle Sector

Pyth is entering a competitive market as it competes with Chainlink in the price oracle sector. Price oracles play a crucial role in providing accurate and reliable price data for smart contracts and decentralized applications. Chainlink currently dominates the market with a 45% market share, but Pyth aims to challenge its dominance with its innovative approach to gathering and relaying pricing data.

Claim Process and Eligibility for the Airdrop

To claim the Pyth tokens, users must go through a simple claim process. The claim period will be open for 90 days, giving users ample time to participate. Eligible recipients of the airdrop are those who have interacted with decentralized apps that use Pyth data or have actively engaged with the Pyth network’s social media channels.

Listing and Trading of PYTH on Exchanges

Several exchanges, including OKX and HTX, have announced that they will be listing PYTH. This means that users will be able to trade the PYTH tokens once they become available for trading. The trading of PYTH tokens is expected to start on the same day as the claim process, providing an immediate opportunity for users to engage with the token in the secondary market.

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Pyth Tokens Airdrop

255 Million Tokens to be Airdropped

A total of 255 million Pyth tokens will be airdropped to eligible wallet addresses. This significant number of tokens aims to incentivize participation and engagement with the Pyth network.

Airdrop to 90,000 Wallets

The airdrop will distribute tokens to 90,000 different wallets. This approach ensures a wide distribution of tokens across the community, allowing more users to participate and benefit from the airdrop.

Distribution of Tokens

The distribution of tokens will be done automatically to the eligible wallet addresses. Users who meet the eligibility criteria will find the Pyth tokens in their wallets after the airdrop is completed.

Pyth Network

Competition with Chainlink

Pyth is entering a competitive market where Chainlink currently dominates the price oracle sector. However, Pyth aims to challenge Chainlink’s dominance by offering a unique approach to gathering and relaying pricing data.

Gathering and Relaying Pricing Data

Pyth collects pricing data from various sources, including exchanges, trading firms, and institutions. This data is then relayed to smart contracts and clients, ensuring accurate and reliable price information for decentralized applications.

Native Token PYTH

The native token of the Pyth network is called PYTH. This token is used within the network for various purposes, including governance and incentivizing participants. With a circulating supply of 1.5 billion tokens, PYTH will play a crucial role in the ecosystem.

Circulating Supply and Token Lock-up

Out of the total supply of PYTH tokens, 85% will be locked up for a period ranging from six to 42 months. This token lock-up mechanism ensures the stability and long-term growth of the ecosystem by preventing a massive influx of tokens into the market.

Claim Process and Eligibility

Claiming the Token

To claim the Pyth tokens, users need to follow a simple process. The details of the claim process will be provided closer to the claim start date. Users will be guided through the necessary steps to ensure a seamless and user-friendly experience.

Claim Period

The claim period for the Pyth tokens will be open for 90 days. This generous timeframe allows users to claim their tokens at their convenience and ensures that no eligible recipients miss out on the airdrop.

Eligible Recipients

Eligible recipients of the airdrop are users who have interacted with decentralized applications that use Pyth data or have actively engaged with the Pyth network’s social media channels. This wide eligibility criteria aims to engage and reward a broad range of participants within the community.

Interaction Criteria

To be eligible for the airdrop, users must have interacted with decentralized applications that rely on Pyth’s pricing data or have actively engaged with the Pyth network’s social media channels. This interaction criteria ensures that the airdrop is targeted towards users who are actively involved in the ecosystem.

Chainlink Dominance in Price Oracle Sector

Market Share of Chainlink

Chainlink currently dominates the price oracle sector with a 45% market share. This dominance is a testament to the trust and reliability that Chainlink’s price oracles provide to the DeFi ecosystem.

Total Value Secured by Pyth

Although Chainlink holds a significant market share, Pyth has secured a total value of $1.57 billion across 120 protocols. This demonstrates the growing adoption and trust in Pyth’s price oracle solution.

Primary Sources vs Aggregators

Pyth differentiates itself from Chainlink by using primary sources for pricing data. Chainlink, on the other hand, relies on aggregators like CoinMarketCap. This approach ensures that Pyth has direct access to accurate and reliable pricing data, providing a competitive advantage in the market.

Exchanges Listing PYTH

Several exchanges, including OKX and HTX, have announced the listing of PYTH. This means that users will have the opportunity to trade PYTH tokens on these exchanges, further enhancing the liquidity and accessibility of the token.

Listing and Trading of PYTH

Announcement of Listing

The exchanges listing PYTH, such as OKX and HTX, have officially announced the listing of the token. This news creates excitement within the community and signals the availability of the PYTH token for trading.

Exchanges Listing PYTH

OKX and HTX are among the exchanges that have confirmed the listing of PYTH. These exchanges are reputable and well-established, providing a secure and reliable trading environment for users.

Trading Start Date

Trading of PYTH tokens will start on the same day as the claim process. This allows users to immediately engage with the token in the secondary market, providing liquidity and price discovery for PYTH.

Conclusion

The airdrop of Pyth tokens to 90,000 wallets next week marks an exciting milestone for the project. With its innovative approach to price oracles and the competition with Chainlink, Pyth aims to solidify its position in the DeFi ecosystem. The claim process and eligibility criteria ensure a wide distribution of tokens among active participants. As PYTH tokens become available for trading on exchanges, the liquidity and accessibility of the token will further enhance the ecosystem’s growth. Overall, the Pyth network is poised to make significant strides in the price oracle sector and contribute to the adoption and development of decentralized finance.

About Pyth and CoinDesk

Pyth Network and its Features

Pyth is a decentralized finance project that focuses on providing accurate and reliable price oracles for the DeFi ecosystem. Through its unique approach to gathering and relaying pricing data, Pyth aims to challenge the dominance of Chainlink in the market.

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About Oliver Knight

Oliver Knight is a CoinDesk reporter based in London and Lisbon. As a reporter, Oliver covers various topics in the cryptocurrency and blockchain industry, providing valuable insights and analysis to readers.

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