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.