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Pyth Network announced that it has performed airdrop delivery to thousands of wallets. The total value of the network exceeds $1.5 billion, backed by 120 protocols. The pricing of the Pyth oracle network’s token attracted attention with a market value of $468 million after the airdrop carried out for 90,000 wallets on Monday.
According to CoinMarketCap data, the token value is currently trading at around $0.32 after rising to $0.51. Those who qualify for the airdrop will have 90 days to claim their tokens, which will be used for on-chain governance votes.
In addition to the initially circulated supply of 1.5 billion, 85% of the total supply will be locked for six to 42 months. The 250 million tokens allocated for the airdrop are waiting to be claimed. Pyth Network currently has a total value guarantee (TVS) of $1.5 billion across 120 protocols, making it the fourth-largest pricing oracle.
According to DeFiLlama, rival Chainlink’s (LINK) TVS is $14.7 billion. The project collects first-party pricing data from exchanges and institutional traders before sending data to smart contracts.
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Network developers announced on social media platform X’s (formerly Twitter) page, “Today marks the official launch of Pyth Network’s permissionless main net and initiates a new token-focused governance era for the protocol.” “Ecosystem participants can vote for community governance proposals by locking their PYTH Tokens in the Pyth staking program and actively participate in Pyth Governance.”
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