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Pyth Network

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 <p class="is-style-lead">Pyth Network’s token debuts with a $468 million market cap and an innovative airdrop to 90,000 wallets.</p>
 <p>Pricing oracle service Pyth Network today launched 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 value initially set at around $0.53 per token, fluctuating to $0.34.</p>
 <p>Pyth Network issued an <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a> to about 90,000 <a rel="noopener noreferrer nofollow" title="wallet" href="https://thebittimes.com/tag/wallet.html">wallet</a> holders. These recipients are granted a 90-day window to claim their PYTH <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, playing a pivotal role in the network’s on-chain governance processes.</p>
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    <p lang="en" dir="ltr">Today marks the launch of the Pyth Network’s permissionless mainnet, ushering in a new era of token-led governance for the protocol.<br><br>Ecosystem participants can actively engage in Pyth Governance by locking their $PYTH Tokens in the Pyth staking program to cast votes on community… pic.twitter.com/KNmwWptD3K</p>— Pyth Network (@PythNetwork) November 20, 2023
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 <p>The <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> saw 1.5 billion <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s 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 <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s were specifically allocated for the <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a> event.</p>
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 <p>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.</p>
 <p>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 defi applications. This approach has contributed to the substantial TVS and its rapid ascent in the highly competitive oracle market.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/pyth-network-s-token-launch-hits-468m-cap-airdrops-to-90k-wallets-tbt70992.html">https://thebittimes.com/pyth-network-s-token-launch-hits-468m-cap-airdrops-to-90k-wallets-tbt70992.html</a></p>

Pyth Network’s token launch hits $468m cap, airdrops to 90k wallets

TheBitTimes

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