Outside Source
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 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.
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.
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.
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 defi applications. This approach has contributed to the substantial TVS and its rapid ascent in the highly competitive oracle market.
This article first appeared at crypto.news
