Pyth Token Debuts Near $500M Valuation as 90,000 Wallets Receive Airdrop
The network has $1.5 billion in total value secured across 120 protocols....
- Pyth's token debuted with a market cap of $468 million after issuing an airdrop for 90,000 wallets.
- The token is currently trading around $0.32, reaching a high of $0.51.
- Airdrop recipients have 90 days to claim their PYTH tokens, which will be used for on-chain governance votes.
- The token initially has a circulating supply of 1.5 billion, with 85% of the total supply locked for a period of six to 42 months.
- 255 million tokens were allocated for the airdrop.
- Pyth Network has a total value secured (TVS) of $1.5 billion across 120 protocols, making it the fourth-largest pricing oracle.
- Competitor Chainlink (LINK) has a TVS of $14.7 billion.
- Pyth gathers pricing data from exchanges and traders before sending it to smart contracts.
- Participants can engage in Pyth Governance by locking their PYTH Tokens in the staking program to cast votes on community proposals.
- PYTH is one of the anticipated airdrops of the year, following the successful release of Celestia TIA.
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The sentiment of the article is generally positive, highlighting the successful debut and airdrop of Pyth's token, as well as its potential for token-led governance.