Pyth Network unveils second phase of token airdrop for over 160 dapps

Pyth network PYTH

-0.55%
has unveiled the second phase of its retrospective token airdrop program for 167 decentralized applications that used the oracle network.

Eligible dapps are those that rely on Pyth’s pricing data for protocol operations, including transactions, asset valuation, and on-chain settlement. Approximately 100 million PYTH governance tokens – worth approximately $47 million – will be distributed among the dapps.

“It’s an honor to work closely with so many passionate developers who are pushing the boundaries of decentralized finance and the web3 capital markets,” Pyth Network said in a blog post.

Dapps receiving allocations include Synthetix, Mango Markets, Bonfida, Helium and PancakeSwap, which cover DeFi use cases such as DEXs, borrowing and lending, structured products, stablecoins and data analytics. Eligible dapps will announce their own individual allocations and plans for the tokens separately, Pyth explained in the post. However, a date for the projects to receive their tokens has yet to be announced.

Some dapps have already completed the claim process and may have started receiving the tokens or will do so soon. The distribution is awaiting legal review as every dapp has to complete a KYC procedure, a source said.

“This is an important moment for the community of decentralized applications that rely on Pyth’s low-latency data,” Michael Cahill, CEO of Douro Labs — a key contributor to Pyth — told The Block. “More than 160 applications are eligible to receive PYTH governance tokens, based in part on the depth of their integration with the Pyth oracle.”

Pyth’s phase one retrospective airdrop

In November, Pyth Network unveiled phase one of its retrospective token airdrop, targeting more than 75,000 wallets based on their on-chain activity on 27 blockchains and more than 200 dapps.

These blockchain ecosystems include Ethereum, Avalanche, Arbitrum, Base, Optimism, Polygon, zkSync, Aptos, Sui, Cosmos, and Solana. Community members with official Discord roles for the project are also eligible, as are holders of official Pyth Network NFTs.

The snapshot for the phase one airdrop was later revised for “greater inclusivity,” adding another 55 million PYTH tokens to the allocation, bringing the total to approximately PYTH 255 million, and expanding eligibility to over 90,000 wallets .

The claims process began on November 20, with PYTH 163 million – 64% of the airdrop – claimed by more than 51,000 users to date, Pyth said. Claims remain open for eligible participants until February 18.

The purpose of the airdrop is to encourage participation in on-chain governance and transition the Pyth network to a permissionless, decentralized and self-sustaining mainnet, the team said.

PYTH tokens are native to the Solana blockchain, and both phases of airdropped tokens come from Pyth’s ‘Community and Launch’ category, with up to 6% of the total supply – 600 million PYTH – available to eligible participants . This includes the PYTH 100 million allocated to dapps, PYTH 255 million for on-chain activities by DeFi participants, and PYTH 10 million for active community members.

According to The Block’s pricing page, PYTH has risen over 45% since the token was launched on November 20 last year. PYTH is currently trading at $0.47.

PYTH/USD price chart. Image: The block/trade view.