Pyth Launches Second Airdrop, Worth $49 Million

TL;DR
1.Pyth airdrop includes DEXs, structured products, stablecoin protocols, and more.
2.PYTH token incentivizes Solana network users, valued at $122 million.
3.Over 51,000 users claim 163 million PYTH tokens in first phase.
4.10 million PYTH tokens reserved for active community members.
5.Pyth ranks fourth-largest oracle network, secures 6.55% market share.

After distributing $140 million worth of free tokens to crypto users in November, DeFi oracles network Pyth has initiated a second airdrop, this time targeting creators of decentralized applications (dapps) built on the network. Commencing today, developers of 167 dapps leveraging Pyth data are eligible to receive a total of 100 million PYTH tokens in this second phase of the airdrop, valued at $49 million according to CoinGecko.

Eligible Dapps and Protocols

The list of dapps eligible for the airdrop is available on the Pyth website and includes decentralized exchanges (DEXs), structured products, stablecoin protocols, data analytics projects, and borrowing/lending services. Notable names among these dapps and protocols include Jupiter, Solend, zkEra, Ronin Network, Stacks, Helium, and Mango Markets.

Introduction of PYTH Token

Pyth introduced its Solana-based native PYTH token last year to incentivize users, community members, and client applications. The first phase of the PYTH airdrop distributed 255 million PYTH tokens to early network users, now valued at over $122 million.

Ongoing Distribution and Token Supply

Since the first phase's launch on November 20, more than 51,000 users have claimed over 163 million PYTH tokens, leaving 36% of the tokens designated for early users still unclaimed. Pyth's initial circulating supply of 1.5 billion tokens is set to increase gradually to 10 billion over the next three to five years, according to the project's roadmap.

Community Involvement and Network Functionality

Aside from allocations for early users and client dapps, 10 million PYTH tokens have been reserved for active community members. As an oracle network, Pyth bridges blockchains with off-chain data sources, enabling DeFi smart contracts to incorporate real-world events and data beyond the crypto space.

Market Position and Growth

Pyth currently holds the position of the fourth-largest oracle network by total secured value, with a market share of 6.55%, an increase from 4.75% at the time of the PYTH airdrop's inception.

conclusion:Pyth launches 100M PYTH token airdrop for dApp developers

Pyth has launched a second airdrop targeting developers of decentralized applications (dapps) on its network, offering a total of 100 million PYTH tokens valued at $49 million. The project's introduction of the PYTH token aims to incentivize users and developers, with the first phase distributing 255 million tokens. Pyth's roadmap outlines plans for gradual token supply growth over the coming years. Additionally, Pyth's position as a leading oracle network facilitates real-world data integration into DeFi smart contracts, contributing to its market growth.