An airdrop not to be missed. When launched, some projects distribute their tokens via Airborne. Part of the total supply is thus distributed free of charge to the first users of the protocol. This week it is The Python Network who is being talked to drop of his PYTH token.
Airdrop: Pyth Network distributes its PYTH token
The Pyth Network is Oracle’s decentralized network. As a reminder, oracle allows access to smart contracts data outside the blockchain. Without them, smart contracts can only really access the data on the chain.
Thus, Pyth Network publishes market data such as prices of various crypto pairsofliabilities or even commodities. In total, its network has no less than 90 operators responsible for publishing this data and keeping it up-to-date.
Pyth Network operates two main services:
- Solana Price Feed : which provides real-time data for the Solana markets;
- Source of Python price : which provides data for more than 35 blockchains, including Ethereum, BNB Chain, Aptos and Sui.
On Monday, November 20, the Pyth Network teams announced running Pyth network without permissionintroducing parallel decentralized management.
“Today marks the launch of the Pyth Network mainnet permissionless launch, ushering in a new era of token-based protocol governance. »
Explain advertising.
Obviously, whoever says decentralized governance is saying token governance. So the Pyth Network also launched its PYTH token, which it distributed through a massive airdrop.
“The Pyth Network Retrospective Airdrop is designed to distribute PYTH tokens to active community members. As well as participants who used decentralized applications powered by Pyth data. »
PYTH tokenomics
During this landing, 600 million PYTH tokens have been distributed to the community. In practice it represents 6% of the total 10 billion tokens what the total offer at the end of the release includes.
The remaining 94% will be distributed with lockout periods as follows:
- Publisher (22%) aims to reward operators who maintain a network of oracles;
- Ecosystem Growth (52%) dedicated to financing the development of the Pyth Network;
- Top Contributor (10%)these are the Douro Labs teams and other active contributors;
- Private sale (10%)tokens that were sold in two funding rounds.
In total, the validity period of the token is extended to a period of 4 years. Private Token Sale participants will start receiving tokens in 6 months.
Check your eligibility
would you understand you may be eligible without knowing it if you are a DeFi user, whether on Solana or other chains.
So, to be sure, you need to go to the token eligibility test and claim the page. You will be able to select the networks you are active on AND connect related wallets.
Be careful, you have until February 18th to claim your tokens. After this date, your airdrop will be lost if it has not been claimed.
If you are eligible, congratulations. You will need to have a Solana wallet such as Phantom wallet recover your precious tokens. Conversely, if you don’t want to keep your Airdrop or want to jump on the Pyth train, Bitget just announced the inclusion of a rare token.
Initiation of decentralized management
As we discussed, running a PYTH token also means a token decentralized management of protocols.
Like most DeFi, Pyth uses a token-based model. PYTH holders can thus participate in protocol management.
To do this, they must place their chips Pyth staking program. Only tokens blocked there can vote. Please note that this betting program does not currently offer any rewards.
Not surprisingly, the administration works on a 1:1 voting mechanism, where each staked token corresponds to one vote.
If you want to participate in the management, the Pyth Network has set up a dedicated page for its application.
Clearly, the Pyth Network isn’t the only one that has made the drop. In fact, Pyth appears a few weeks later that of Celestia (TIA) in the Cosmos ecosystem. These can be the ideal solution for earning your first cryptocurrencies.