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Pyth Network

Pyth Network’s token debuts with a $468 million market cap and an innovative airdrop to 90,000 wallets. 
Pricing oracle service Pyth Network today <a href="https://twitter.com/PythNetwork/status/1726605864138625306" target="_blank" rel="noopener">launched</a> its cryptocurrency token PYTH, immediately gaining a substantial market presence. As of its first trading day, the token’s market capitalization was approximately $468 million, with its <a href="https://www.coingecko.com/en/coins/pyth-network" target="_blank" rel="noopener">value</a> initially set at around $0.53 per token, fluctuating to $0.34. 
Pyth Network issued an airdrop to about 90,000 wallet holders. These recipients are granted a 90-day window to claim their PYTH tokens, playing a pivotal role in the network’s on-chain governance processes. 
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 Today marks the launch of the Pyth Network’s permissionless mainnet, ushering in a new era of token-led governance for the protocol. Ecosystem participants can actively engage in Pyth Governance by locking their <a href="https://twitter.com/search?q=%24PYTH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$PYTH</a> Tokens in the Pyth staking program to cast votes on community… <a href="https://t.co/KNmwWptD3K" target="_blank">pic.twitter.com/KNmwWptD3K</a>— Pyth Network 🔮 (@PythNetwork) <a href="https://twitter.com/PythNetwork/status/1726605864138625306?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 20, 2023</a>
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The launch saw 1.5 billion tokens enter circulation, representing 15% of the total supply. The rest, comprising 85% of the total, will be gradually released over a period ranging from six-to-42 months. Notably, 255 million tokens were specifically allocated for the airdrop event. 
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Pyth Network’s operational scale is significant, 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 context, Chainlink, a leading competitor, secures $14.7 billion in TVS, as per data from DeFiLlama. 
The network distinguishes itself by aggregating first-party pricing data from exchanges and institutional traders, which is then integrated into smart contracts, providing a robust and reliable data source for various <a href="https://crypto.news/binance-ceo-focused-on-improving-defi-wallets/">defi</a> applications. This approach has contributed to the substantial TVS and its rapid ascent in the highly competitive oracle market. 
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Pyth Network’s token launch hits $468m cap, airdrops to 90k wallets

crypto.news

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