Pyth Token Debuts at $500M Valuation as 90,000 Wallets Receive Airdrop
Pyth Token made a significant debut in the cryptocurrency market, reaching a valuation of $500 million as it distributed an airdrop to 90,000 wallets. The token’s initial trading price was around $0.32 and peaked at $0.51. With a circulating supply of 1.5 billion tokens, Pyth aims to use these tokens for on-chain governance votes. The network currently holds a total value of $1.5 billion across 120 protocols and operates as a pricing oracle, gathering data from exchanges and institutional traders. Participants can actively engage in Pyth Governance by staking their PYTH Tokens and casting votes on community proposals. This highly anticipated airdrop follows previous successes like Celestia TIA, which saw a substantial increase in value.
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Pricing oracle network Pyth’s token debuts at $500M valuation
Pyth, a pricing oracle network, made its debut in the market with its token valued at $500 million. As part of its launch, Pyth conducted an airdrop for 90,000 wallets, allowing participants to claim PYTH tokens. The token is currently trading at around $0.32, with a circulating supply of 1.5 billion tokens. The remaining supply is locked for a period ranging from six to 42 months. With a total value secured of $1.5 billion across 120 protocols, Pyth has established itself as one of the leading pricing oracles in the industry.
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Token airdrop for 90,000 wallets
To kickstart the launch of its token, Pyth conducted an airdrop for 90,000 wallets. Eligible participants have 90 days to claim their PYTH tokens, which will be used for on-chain governance votes. This airdrop allows a wide range of users to become involved in the Pyth ecosystem and participate in the governance of the protocol.
Trading around $0.32
Following its debut, the PYTH token is currently trading at around $0.32. The token experienced a rise in value, reaching as high as $0.51, according to CoinMarketCap. The trading price of the token may fluctuate as it gains traction and user adoption increases within the Pyth Network.
Claiming PYTH tokens
For participants who are eligible for the airdrop, they have a 90-day window to claim their PYTH tokens. This process allows wallet holders to access and utilize the tokens for on-chain governance votes within the Pyth Network.
Circulating supply and locked supply
The circulating supply of PYTH tokens is currently set at 1.5 billion. However, the remaining 85% of the total token supply is locked for a specific period, ranging from six to 42 months. This lock-up period ensures stability and prevents excessive token circulation in the market, giving value to the tokens held by investors.
Pyth Network total value secured
Pyth Network has achieved a significant milestone in its total value secured (TVS) across 120 protocols, amounting to $1.5 billion. This TVS reflects the amount of value locked within the Pyth Network, highlighting its credibility and trust within the industry. While Pyth has established itself as a robust pricing oracle network, it is important to note that competitor Chainlink currently has $14.7 billion in TVS, according to DeFiLlama.
Pyth’s approach to gathering pricing data
Pyth Network adopts a unique approach to gather pricing data. Instead of relying solely on third-party sources, Pyth gathers first-party pricing data directly from exchanges and institutional traders. This allows for real-time and accurate pricing information to be delivered to smart contracts, ensuring transparency and reliability in the network.
Launch of Pyth Network’s permissionless mainnet
The launch of Pyth Network’s permissionless mainnet marks a significant milestone for the protocol. With this launch, Pyth Network enters a new phase of token-led governance, allowing ecosystem participants to actively engage in Pyth Governance. Users can participate by locking their PYTH tokens in the Pyth staking program and cast votes on community governance proposals. This emphasizes the decentralized nature of the network and encourages active participation from community members.
Engaging in Pyth Governance
As an active participant in the Pyth Network, users have the opportunity to engage in Pyth Governance by locking their PYTH tokens in the Pyth staking program. By doing so, users can cast votes on community governance proposals, contributing to the decision-making process and shaping the future of the network. This approach ensures that the Pyth Network remains inclusive and allows for a diverse range of voices to be heard.
PYTH as one of the anticipated airdrops
PYTH has gained significant attention as one of the highly anticipated airdrops of the year. Following the success of the Celestia TIA airdrop, which saw a 230% increase in value since its release last month, PYTH has generated excitement among users and investors alike. The airdrop provides an opportunity for participants to gain access to PYTH tokens and potentially benefit from their future growth and utility within the Pyth Network.
Disclosure
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