DeFi oracle network Pyth has announced the launch of its airdrop campaign, which will distribute approximately 255 million PYTH tokens to its users and community members.
In a recent post on X (formerly Twitter), the project said the airdrop is set to commence on November 20 at 2:00 pm UTC.
“The Claim Process will be available for 90 days,” the announcement read. “The Airdrop Claim Page will be active until Feb 18, 2024.”
The Claim Process for the Pyth Network Retrospective Airdrop will open on Monday, Nov 20 at 2 PM UTC.
Stay tuned for more details on instructions on how the Claim Process works.
Additionally, the Claim Process will be available for 90 days. The Airdrop Claim Page will be active…
— Pyth Network 🔮 (@PythNetwork) November 16, 2023
More than 90,000 wallets will be eligible to participate in the campaign.
These include users of decentralized applications (dapps) that rely on Pyth network data across 27 blockchains, including Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism, as well as holders of Pyth NFTs and Pyth Network Discord administrators.
Pyth has opened an eligibility check page where DeFi users can verify their potential eligibility and find out the amount of PYTH tokens they are set to receive.
It’s important to note that certain legal restrictions apply, and residents of the United States, the United Kingdom, North Korea, Ukraine, Cuba, Syria, Iran, Yemen, South Sudan, the Democratic Republic of the Congo, and eight other nations and territories will be ineligible to participate by default.
The native token of Pyth, PYTH, will have an initial circulating supply of 1.5 billion tokens, as stated by the network.
An additional 8.5 billion PYTH tokens will be unlocked over a period of six to 42 months following the platform’s launch.
Oracle Networks Play a Crucial Role in Connecting Blockchains
DeFi oracle networks like Pyth play a crucial role in connecting blockchains with real-world data sources, enabling smart contracts to execute based on external events and data.
These networks have the potential to automate various processes, such as ordering products when inventory levels drop, executing agreements based on stock and commodity prices, and tracking carbon emissions for taxation purposes.
Oracle networks are vital for integrating the crypto market with traditional financial markets and implementing smart contracts in traditional businesses.
However, it’s worth noting that oracle networks can also be vulnerable to exploitation.
In the past, a hacker manipulated the oracle-reported price of the MNGO token, resulting in a $100 million loss for the decentralized exchange Mango Markets.
Despite this risk, Pyth has managed to establish itself as the fourth-largest oracle network in terms of total value secured, according to DeFi Llama.
The project’s chief competitor is Chainlink, a leading decentralized oracle network that ensures smart contracts can access real-world data.
Back in August, Bloomberg reported that a large group of team members at Jump Crypto had jumped ship to start Douro Labs, where they now help develop the Pyth network.