DeFi oracle network Pyth enjoyed a strong debut for its expected token launch on Monday, quickly capturing an initial market capitalization of $765 million for its Solana-based PYTH token. However, that figure has dropped to approximately $457 million at the time of this writing, according to data from CoinMarketCap.
Upon the launch of PYTH this morning, the token began trading at $0.53, only to drop to $0.28 minutes later. Since then, it has stabilized slightly above $0.30 at the time of writing. The token has recorded a trading volume of over $87 million since its launch.
The initial circulating supply of 1.5 billion PYTH tokens will steadily increase, according to the token roadmap, up to a total supply of 10 billion tokens. Incremental increases in token supply will begin in six months and will take place over the next three years.
Pyth Network offered around 250 million tokens via airdrop to reward early adopters, equivalent to over $77 million in cryptocurrency tokens, as of this writing.
Of the approximately 90,000 wallets currently eligible to receive tokens via the Pyth airdrop, just over 35,000 have already claimed their allocation, according to on-chain data collected by Dune.
Candidates for the airdrop, including users of decentralized applications (dapps) on 27 blockchains that rely on data from the Pyth network, holders of Pyth NFTs, and Pyth Discord community managers, will have until February 18 to claim your free tokens.
Backpacka new cryptocurrency exchange led by former FTX general counsel and launched by the creators of the eponymous Solana-based NFT appalso announced on Monday that it would distribute PYTH tokens to all its new users who staked SOL in the last two days.
The exchange has already distributed PYTH to 74,000 wallets through this program, according to https://twitter.com/yver__/status/1726668012328271952, co-founder of Backpack. Backpack Mad Lads Collection NFT holders on Solana are also eligible for the token distribution. Decrypt contacted Backpack co-founder Armani Ferrante for more details about the source of the tokens, but did not receive an immediate response.
Oracle networks like Pyth They connect blockchains with data sources from the off-chain world, allowing DeFi smart contracts to be executed based on inputs and outputs from real-world events and data.
Pyth is currently the fourth largest network of its kind in terms of total insured value, with a market share of 4.75%, according to DeFiLlama. That figure represents a slight decrease from last weekwhen the network accounted for 4.83% of all oracle businesses.
Edited by Andrew Hayward