Pyth Airdrop: Ethereum, Solana and Aptos to benefit from new platform launch – here’s how to check eligibility
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 that the airdrop will begin on November 20 at 2:00 pm UTC.
“The Claim Process will be available for 90 days,” the announcement said. “The Airdrop claim page will be active until February 18, 2024.”
The claim process for the Pyth Network Retrospective Airdrop will open on Monday, November 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 able to participate in the campaign.
These include users of decentralized applications (dapps) that rely on Pyth Network data on 27 blockchains, including Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism, as well as Pyth NFT holders and Pyth Network administrators. Discord.
Pyth has opened a eligibility verification page where DeFi users can check their potential eligibility and find out the number of PYTH tokens they will receive.
It is important to note that certain legal restrictions apply and that 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 others nations and territories will not be eligible to participate by default.
Pyth’s native token, PYTH, will have an initial circulating supply of 1.5 billion tokens, the network claims.
An additional 8.5 billion PYTH tokens will be unlocked over a period of six to 42 months after the platform launches.
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 the execution of smart contracts based on external data and events.
These networks have the potential to automate various processes, such as ordering products when inventory levels drop, executing deals based on stock and commodity prices, and tracking carbon emissions for tax purposes.
Oracle networks are vital to integrating the crypto market with traditional financial markets and implementing smart contracts in traditional businesses.
However, it is 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 decentralized exchange Mango Markets.
Despite this risk, Pyth has managed to establish itself as the fourth largest Oracle network in terms of total value insured, according to DeFi Llama.
The project’s main competitor is Chainlink, a leading decentralized oracle network that ensures smart contracts can access real-world data.
In August, Bloomberg reported that a large group of Jump Crypto team members had jumped ship to start Douro Labs, where they now help develop the Pyth network.
