Very soon, the pricing oracles network Pyth will airdrop 255 million tokens to 90,000 wallets, making them available to users of decentralised finance (DeFi).
Chainlink and the like are competitors of Pyth Network. The system will function by collecting first-party price information from various marketplaces, dealers, and other financial institutions, and then providing that information to smart contracts or customers.
There will be a total of 1.5 billion PYTH tokens in circulation after the network launches, with 85% of the total supply frozen for a period of six to forty-two months.
On November 20 at 14:00 UTC, users may begin claiming their tokens. The time limit to file a claim has been extended to 90 days.
How to be eligible for the PYTH token airdrop
Members of the active community who have communicated with the network’s social media channels or users who have interacted with decentralised applications that utilise Pyth data are eligible to get the airdrop.
According to DefiLlama, Chainlink has a 45% market share and $14.7 billion in total value secured (TVS) in the pricing oracle space. Pyth by contrast has $1.57 billion TVS over 120 protocols.
According to a Pyth blog article, unlike Chainlink, which relies on aggregators like CoinMarketCap, Pyth utilises only original sources.
OKX and HTX are among the exchanges that have stated they would list PYTH, with trading scheduled to commence on November 20.
