Pyth Network (PYTH), a decentralized finance (DeFi) oracles network, launched its token airdrop, resulting in an initial market capitalization of $765 million for its PYTH token on Solana.
Pyth Network (PYTH), a decentralized finance (DeFi) oracles network, launched its token airdrop, resulting in an initial market capitalization of $765 million for its PYTH token on Solana.
Following the token's release, PYTH started trading at $0.53 but quickly dropped to $0.28 before stabilizing at $0.32 currently, according to CoinMarketCap data. At the time of writing, the token has a daily trading volume of $107 million.
Pyth's roadmap outlines a gradual increase in the token's circulating supply from 1.5 billion to a total of 10 billion tokens over the next three years, with incremental growth set to begin in six months.
As part of the airdrop, Pyth Network distributed approximately 250 million tokens, worth over $77 million, to reward users across 27 blockchains, Pyth NFT holders and Pyth Discord community administrators. The deadline for participants to claim their PYTH tokens is February 18.
Pyth acts as an oracle network that connects blockchains with external data sources, enabling DeFi smart contracts to execute based on real-world events and data. Currently, Pyth ranks as the fourth-largest oracle network in terms of total value secured, behind Chainlink, WINkLink and Chronicle.
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