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Pyth Network Airdrops 100 Million Tokens to Dapps; PYTH Rises More Than 7% – Unchained

In the second phase of its airdrop, the oracle is sending out about $52 million worth of its governance tokens to decentralized applications that use its price data. 

Pyth is an oracle that provides financial market data for trading applications.

(Wikimedia Commons)

Posted February 9, 2024 at 1:11 pm EST.

Pyth Network, an oracle that aggregates price data from multiple sources, kicked off the second phase of its airdrop this week, distributing 100 million PYTH governance tokens to more than 160 decentralized applications (dapps) across 27 blockchains. The price of PYTH is currently up over 7% in the past 24 hours to $0.5172, making the airdrop worth about $52 million. 

Pyth provides financial market data for trading applications and is second only to market-leading oracle Chainlink in terms of the protocols it secures, with 151 compared to Chainlink’s 364. However, Pyth comes in fourth in terms of total value secured at $2.7 billion, according to DeFi Llama data

Read more: Dymension Airdrops Over $400 Million in DYM Tokens Amid Mainnet Launch Issues

The second phase of the airdrop includes more than 160 decentralized applications that use Pyth data, a group that includes decentralized exchanges (DEX), borrowing and lending protocols, and stablecoin protocols, among others. Pyth announced the second airdrop on Feb. 7. However, recipients have to go through a claims process that includes verifying their eligibility, which means projects were still receiving their tokens on Friday. Crypto exchange C3 and on-chain perpetual products provider Rage Trade were among those confirming receipt of their airdrop on X. 

The Pyth Network Retrospective Airdrop launched in November. The first phase distributed PYTH Tokens to decentralized finance (DeFi) participants who interacted with dapps that used Pyth data and to active Pyth community members. As of this week, more than 51,000 users claimed more than 163 million PYTH tokens, which amounts to 65% of the total airdrop, according to Pyth. 

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