DeFi oracle network Pyth has recently revealed its upcoming airdrop campaign, which aims to distribute approximately 255 million PYTH tokens to its users and community members. The campaign, set to commence on November 20 at 2:00 pm UTC, will be available for 90 days, with the airdrop claim page remaining active until February 18, 2024.
Eligibility and Participation
More than 90,000 wallets will have the opportunity to participate in the airdrop campaign. This includes users of decentralized applications (dapps) that rely on Pyth network data across various blockchains such as Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism. Additionally, holders of Pyth NFTs and Pyth Network Discord administrators are also eligible to participate.
An eligibility check page has been opened by Pyth for DeFi users to verify their eligibility and determine the amount of PYTH tokens they are entitled to receive. However, it is important to note that certain legal restrictions apply. Residents of the United States, the United Kingdom, North Korea, Ukraine, Cuba, Syria, Iran, Yemen, South Sudan, the Democratic Republic of the Congo, and eight other nations and territories will be ineligible to participate by default.
About the PYTH Token and Pyth’s Role in DeFi
The native token of Pyth, PYTH, will have an initial circulating supply of 1.5 billion tokens, with an additional 8.5 billion PYTH tokens gradually unlocked over a period of six to 42 months following the platform’s launch. Pyth functions as a decentralized oracle network, facilitating the connection between blockchains and real-world data sources. This enables smart contracts to execute based on external events and data.
DeFi oracle networks like Pyth have significant potential to streamline processes by automating various tasks, such as inventory management, executing agreements based on market prices, and tracking carbon emissions for taxation purposes. These networks play a vital role in bridging the gap between the crypto market and traditional financial markets, ultimately allowing for the implementation of smart contracts in traditional businesses.
“Oracle networks are essential for integrating the crypto market with traditional financial markets and implementing smart contracts in traditional businesses.”
– [Author Name]
However, it’s important to note that oracle networks are not without risks. Past incidents have demonstrated vulnerabilities in oracle networks, leading to potential exploits. One such instance involved the manipulation of the oracle-reported price of the MNGO token, resulting in a significant loss for the decentralized exchange Mango Markets.
Despite the inherent risks, Pyth has managed to establish itself as the fourth-largest oracle network in terms of total value secured, according to DeFi Llama. Its main competitor in this space is Chainlink, another leading decentralized oracle network that ensures smart contracts can access real-world data.
In a noteworthy development, a group of former team members at Jump Crypto left to establish Douro Labs, where they contribute to the development of the Pyth network. This highlights the growing recognition and potential impact of Pyth within the DeFi ecosystem.
“Pyth’s growth is a testament to its value and recognition within the DeFi ecosystem.”
– [Author Name]
