Token Launch Reaches $468 Million Cap, Distributes Airdrops to 90,000 Wallets
Pyth Network, a pricing oracle service, has made a strong debut in the cryptocurrency market with the launch of its token, PYTH. The token’s market capitalization reached approximately $468 million on its first day of trading, with an initial value of around $0.53 per token, later fluctuating to $0.34.
As part of its launch, Pyth Network distributed an airdrop to around 90,000 wallet holders. These recipients have a 90-day window to claim their PYTH tokens, which play a crucial role in the network’s on-chain governance processes.
A total of 1.5 billion tokens were released during the launch, representing 15% of the total supply. The remaining 85% will be gradually released over a period ranging from six to 42 months, with 255 million tokens specifically allocated for the airdrop event.
Pyth Network has established a significant operational scale, with a reported total value secured (TVS) of $1.5 billion across 120 different protocols. This positions Pyth as the fourth largest pricing oracle in the sector. For comparison, Chainlink, a leading competitor, secures $14.7 billion in TVS according to data from DeFiLlama.
What sets Pyth Network apart is its unique approach of aggregating pricing data from exchanges and institutional traders, which is then integrated into smart contracts, providing a reliable and robust data source for various decentralized finance (defi) applications. This approach has contributed to Pyth Network’s substantial TVS and its rapid rise in the highly competitive oracle market.
