Pyth Network Announces Retrospective Token Airdrop

Pyth Network, a leading blockchain oracle provider, has unveiled plans for a “retrospective token airdrop” to reward community members who have contributed to its network. This airdrop will involve distributing 6% of the total supply of the network’s governance token, PYTH, to eligible participants.

AirDrop Details

The airdrop will be open to a wide range of individuals, including “DeFi Participants,” “Community Members,” and decentralized applications utilizing Pyth’s data for their smart contracts. According to Pyth, this initiative will be the “largest cross-chain, usage-oriented airdrop program” in the fields of Web3 and DeFi.

Over 75,000 wallets and 200 dapps across 27 different blockchains will be eligible for participation, based on backward-looking snapshots of on-chain and social activity surrounding the Pyth Network.

The program is an expression of deep appreciation for the dedicated Pyth Network stakeholder community. We remain committed to fostering a thriving oracle ecosystem. – Pyth

Pyth Network functions as an oracle data service by providing price-feed data for cryptocurrencies, equities, and foreign exchange across various blockchains, leveraging more than 85 reliable data providers. This critical infrastructure supports blockchain applications, especially decentralized exchanges, which require accurate and up-to-date price data from external sources.

Tokenomics and Allocation

PYTH tokens, as described on the tokenomics page, grant holders governance powers to vote on important decisions within the network. These decisions include determining the size of update fees, the distribution method for data publishers’ rewards, approving software updates for on-chain programs across different blockchains, and more.

While there is currently no official date for the distribution of airdrop tokens, interested parties can check their eligibility on the designated airdrop page, along with expected payouts.

The allocation of tokens for the airdrop is as follows:

  • 100 million PYTH tokens reserved for dApps using Pyth
  • 200 million PYTH tokens allocated to DeFi participants on Ethereum, Solana, Arbitrum, Base, and other chains
  • 10 million PYTH tokens set aside for community members, which includes holders of Pyth NFTs, participants in the Pyth Ambassador program, and official Discord members

Details on how decentralized application teams and DAOs can check their allocation amounts will be announced in due course. We strongly advise readers to take precautions and be wary of potential scams. – Pyth

It is worth noting that in August, Bloomberg reported that a significant number of members from Jump Crypto had joined forces to launch Douro Labs, where they currently contribute to the development of the Pyth Network.

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