255M Pyth Tokens to Be Airdropped to 90K Wallets Next Week

The Pyth network currently has $1.57 billion in total value secured across 120 protocols.

AccessTimeIconNov 16, 2023 at 4:48 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Decentralized finance (DeFi) users will receive an airdrop from pricing oracles network Pyth next week with 255 million tokens set to be issued to 90,000 wallets.

Pyth network competes with the likes of Chainlink. It will work by gathering first-party pricing data from exchanges, trading firms and institutions before relaying that data to smart contracts or clients.

  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    What's Next for FIT21?
  • The network's native token (PYTH) will initially have a circulating supply of 1.5 billion, with 85% of the total supply being locked between six and 42 months.

    Users can claim the token on Nov. 20 at 14:00 UTC. The claim process will stay open for 90 days.

    Eligible recipients of the airdrop are those who interacted with decentralized apps that use Pyth data or active community members who interacted with the network's social media channels.

    Chainlink currently dominates the price oracle sector, boasting a 45% market share with $14.7 billion in total value secured (TVS), according to DefiLlama. Pyth by comparison has $1.57 billion TVS across 120 protocols.

    Pyth uses primary sources, as opposed to Chainlink, which uses aggregators like CoinMarketCap, according to a Pyth blog post.

    Several exchanges including OKX and and HTX have announced that they will be listing PYTH with trading set to begin on Nov. 20.

    Edited by Stephen Alpher.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

    Read more about