Pyth Network unveils retrospective token airdrop for over 75,000 eligible wallets

Quick Take

  • Pyth Network unveiled a retrospective cross-chain airdrop, targeting over 75,000 wallets across 27 blockchains and more than 200 dapps.
  • The airdrop aims to reward community members, DeFi participants and dapp users to enhance on-chain governance.

Pyth Network unveiled a retrospective cross-chain token airdrop program for community members who have contributed to the oracle network. Over 200 dapps across 27 blockchains using Pyth data and the users of those applications are eligible for the airdrop — some 75,000 wallets.

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

The airdrop is an "expression of deep appreciation for the dedicated Pyth Network stakeholder community," Pyth Network posted on X, ensuring that a wide range of contributors, from developers to end-users, are recognized for their role in the network's growth. "This is the largest cross-chain, usage-oriented airdrop program we know of in web3 and DeFi," it added.

Snapshots for on-chain and social activity are already complete, though a date for when eligible participants can claim their allocations is yet to be announced. However, users can check their eligibility and PYTH token allocation via its airdrop check site, the Pyth team stated in a blog post. The site is not available to residents of certain countries, including the U.S. and the UK.

PYTH tokens are native to the Solana blockchain, and airdrop tokens are allocated from Pyth's "Community and Launch" category with up to 6% of the total supply (600 million PYTH) available to eligible participants. This includes 100 million PYTH for dapps, 200 million PYTH for on-chain activity by DeFi participants and 10 million PYTH for "active" community members.


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Stimulating participation in on-chain governance

The purpose of the airdrop is to stimulate participation in on-chain governance and transition the Pyth Network toward a permissionless, decentralized and self-sustainable mainnet, according to the team. By involving the community in governance, the network aims to become more resilient and user-driven.

Further details on how eligible individuals, DAOs and dapps using Pyth data can claim their allocations will be announced in due course, Pyth said, also advising users to be aware of potential scams.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].


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