Summary:
- Pyth, a rising competitor to Chainlink, is set to distribute 255 million tokens to DeFi users across 90,000 wallets next week.
- The network aims to leverage first-party data collection to provide accurate pricing information for smart contracts and clients.
Decentralized finance (DeFi) ecosystem set for an airdrop event from Pyth network with 255 million tokens allocated to 90,000 wallets.
The Pyth network, positioned to challenge industry leaders like Chainlink, has announced an imminent airdrop of 255 million tokens to be distributed among 90,000 wallets within the DeFi user community.
Pyth Network’s Disruption: Unveiling The Airdrop Plan
With a total value secured (TVS) amounting to $1.57 billion across 120 protocols, the Pyth network is poised to make a significant move within the DeFi sector. This airdrop marks a strategic effort to expand its user base and solidify its standing in the burgeoning DeFi landscape.
Pyth distinguishes itself by collating primary pricing data directly from exchanges, trading firms, and institutions. This method stands in contrast to Chainlink’s approach, which utilizes aggregators like CoinMarketCap. The network’s native token, PYTH, is anticipated to have an initial circulating supply of 1.5 billion, with 85% of the total supply being locked between six and 42 months.
Scheduled to commence on November 20 at 14:00 UTC, the token claiming process will remain open for a duration of 90 days. Eligible recipients eligible for the airdrop include users who have engaged with decentralized applications (dApps) utilizing Pyth data and active community participants interacting within the network’s social media spheres.
As of current standing, Chainlink reigns supreme in the price oracle sector, boasting a remarkable 45% market share and securing $14.7 billion in total value. In contrast, Pyth, although still burgeoning, has exhibited substantial promise with a TVS of $1.57 billion spread across 120 protocols.
The differentiation in Pyth’s methodology, sourcing data directly from primary entities, underscores its commitment to enhancing data accuracy within DeFi ecosystems. This bold approach aims to challenge existing industry norms, positioning Pyth as a credible alternative within the DeFi data sourcing landscape.
Additionally, announcements from prominent exchanges such as OKX and HTX to list PYTH tokens have further fueled anticipation. Trading for PYTH is scheduled to commence on November 20, aligning with the airdrop event, signaling a pivotal moment for Pyth’s integration within the crypto trading sphere.
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