Pyth Network, a decentralized data oracle platform for blockchains, has scheduled its retrospective airdrop for Nov. 20.

Airdrop

According to available information, the PYTH token will have a total supply of 10 billion tokens with an initial circulating supply of 1.5 billion.

Pyth Network has earmarked almost 6% of the total tokens, or 600 million PYTH tokens, for its airdrop. The distribution includes 100 million tokens for decentralized applications (dApps), 255 million for on-chain activity by DeFi users, and 10 million for active members of the community.

The airdrop program is retroactive, rewarding longer-term users who have contributed to the network. Snapshots for on-chain and social activities have already been completed, making only those users who were previously involved in the network eligible.

Pyth announced:

“This airdrop is a cross-chain program and an expression of deep appreciation for the dedicated community of the Pyth oracle ecosystem.”

The claim process will commence around 2 PM UTC on Nov. 20 and will be available for 90 days.

Several major exchanges, including OKX, Bybit, KuCoin, and Gate.io, have promised to list PYTH on Nov. 20 for spot trading activities.

Pyth Network

Pyth Network is a decentralized Oracle platform that provides real-time market data to smart contracts on blockchain networks.

It integrates data from over 90 exchanges, market makers, and financial service providers, which is then compiled and disseminated to various smart contract applications.

According to OKX data, Pyth has facilitated trading volumes surpassing $80 billion and is actively used by more than 235 on-chain and off-chain applications.

DeFiLlama’s data shows that Pyth is the second-largest Oracle network, trailing only Chainlink, based on the number of protocols it secures. Pyth secures 120 protocols, safeguarding assets valued at over $1.5 billion. In contrast, Chainlink secures 357 protocols, protecting assets valued at approximately $15 billion.

The network recently posted that it “powers over 40 blockchains, securing over 90% of total value (TVS) on a third of them, and over 50% on half of them.”

The post Pyth Network sets retroactive airdrop for Nov. 20 appeared first on CryptoSlate.

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Filed under: Bitcoin - @ November 16, 2023 5:20 pm