Pyth Network’s token, PYTH, entered the market impressively, boasting a staggering $468 million market cap at its launch and an intriguing airdrop to 90,000 crypto wallets.
The token’s market capitalization of around $468 million marked an exceptional start, initially valued at approximately $0.53 per token and experiencing fluctuations to $0.34 during its debut trading day.
In a move that stirred interest, Pyth Network distributed an airdrop to 90,000 wallet holders, offering a 90-day window for recipients to claim their PYTH tokens, pivotal for the network’s on-chain governance.
The launch introduced 1.5 billion tokens into circulation, constituting 15% of the total supply. The remaining 85% will be gradually released over a span ranging from 6 to 42 months, with a noteworthy 255 million tokens dedicated specifically to the airdrop initiative.
Pyth Network’s operational magnitude is substantial, securing a reported total value of $1.5 billion across 120 different protocols. This positions Pyth as the fourth largest pricing oracle in the sector, trailing behind Chainlink, its prominent competitor, which secures $14.7 billion in TVS, as reported by DeFiLlama.
Pyth Network distinguishes itself by aggregating primary pricing data from exchanges and institutional traders, integrating this information into smart contracts to furnish a robust and reliable data source for diverse DeFi applications. This unique approach has significantly contributed to its remarkable Total Value Secured (TVS) and rapid growth within the fiercely competitive oracle market.
