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After gifting crypto users $140 million worth of free tokens in November, based on the peak price of the token, DeFi oracles network Pyth is back with a second airdrop: this time, for creators of decentralized applications (dapps) that are built on the network.
Beginning today, the makers of 167 dapps that utilize Pyth data are now eligible to collect a grand total of 100 million PYTH tokens in the airdrop’s second phase. That pot of tokens is worth $49 million at writing, according to data from CoinGecko.
Decentralized apps eligible to benefit from the airdrop are listed on the Pyth website. They include decentralized exchanges (DEXs), structured products, stablecoin protocols, data analytics projects, and borrowing/lending services.
Some of the better-known dapps and protocols on the list include Jupiter, Solend, zkEra, Ronin Network, Stacks, Helium, and Mango Markets.
Late last year, Pyth introduced its Solana-based native PYTH token as a means to reward users, community members, and client applications. The first phase of the PYTH airdrop released 255 million PYTH tokens to early users of the network, a sum now worth over $122 million.
Since the launch of that first phase of the airdrop on November 20, over 51,000 users have claimed over 163 million PYTH total tokens, per the network. That leaves 36% of the PYTH tokens earmarked for early users still unclaimed.
PYTH has an initial circulating supply of 1.5 billion tokens that will eventually grow to 10 billion tokens over the course of the next three to five years, according to a roadmap. Incremental increases in the token supply are set to a little over three months’ time.
In addition to allocations for early users and client dapps, 10 million PYTH has also been set aside for active community members.
As an oracle network, Pyth connects blockchains with data sources from the off-chain world, permitting DeFi smart contracts to react to and incorporate real-world events and data that originates beyond crypto.
Pyth is currently the fourth-largest oracle network by total value secured, with a market share of 6.55%, per Defi Llama. That’s up from 4.75%, when the PYTH airdrop launched in the late fall.
Edited by Andrew Hayward