Pyth Network token debuts with a market cap of $468 million and a groundbreaking airdrop to 90,000 wallets.
Oracle Pyth Network service prices today thrown out its PYTH cryptocurrency token, immediately gaining a substantial market presence. On its first day of trading, the token’s market capitalization was approximately $468 million, and its value was initially set at around $0.53 per token, fluctuating to $0.34.
Pyth Network issued an airdrop to around 90,000 wallet holders. These recipients are given a 90-day window to claim their PYTH tokens, which plays a critical role in the network’s on-chain governance processes.
At launch, 1.5 billion tokens entered circulation, representing 15% of the total supply. The rest, which represents 85% of the total, will be released gradually over a period ranging between six and 42 months. Notably, 255 million tokens were allocated specifically for the airdrop event.
Pyth Network’s operational scale is significant, with a total value insured (TVS) of $1.5 billion across 120 different protocols. This positions Pyth as the fourth largest price oracle in the sector. For context, Chainlink, a leading competitor, rakes in $14.7 billion in TVS, according to data from DeFiLlama.
The network distinguishes itself by aggregating first-party price 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 TVS’s strong rise in the highly competitive Oracle market.
