YEREVAN (CoinChapter.com) — Pyth Network, the blockchain oracle solution aiming to rival Chainlink (LINK), has unveiled its plans for a new airdrop. This announcement marks the second phase of its Retrospective Airdrop initiative, specifically targeting over 160 decentralized applications (Dapps) leveraging Pyth Network’s critical data.
When the network launched its airdrop plan in November 2023, it became the largest cross-chain airdrop ever. According to the network, 51,000 users have claimed over 163 million PYTH tokens, or 65% of the entire airdrop.
In its first phase, the airdrop program oversaw the distribution of PYTH Tokens to DeFi (decentralized finance) participants, from EVM (Ethereum Virtual Machine) to Cosmos (ATOM), to Solana (SOL), who interacted with these Pyth-powered applications. Moreover, other active community members from the Pythian community also received allocations.
“This second phase of the airdrop program involves the distribution of PYTH Tokens to more than 160 decentralized applications using Pyth Data. These applications rely on Pyth’s price data to secure their protocol operations, typically for transactions, asset valuation, and on-chain settlement,”
Pyth Network announced in a new blog post.
The Pyth Airdrop’s Significance
This second round of the Pyth airdrop is not just a token giveaway. It represents Pyth Network’s commitment to fostering a vibrant community of users, developers, and enthusiasts.
While writing, Pyth Network has 151 dApps distributed across +35 chains with a total value locked (TVL) of $2.5 billion.
By distributing PYTH tokens to active participants in the decentralized finance (DeFi) ecosystem, Pyth Network aims to reinforce its position as a key player in the blockchain oracle space.
The initiative aims to reward those who contribute to and utilize the decentralized applications powered by Pyth’s data, ensuring a more inclusive and participatory network.
Surge in PYTH Staking
The announcement has preceded a surge in interest for PYTH staking. In the last 30 days, Pyth Network has registered 109,614 unique staking participants. Most of this activity occurred ten days after news of the previous airdrop.
According to DeFiLlama, PYTH tokens worth $509.15 million, or 69.13% of its market cap, are currently staked.
This spike in staking activity underscores the community’s robust response to Pyth Network’s airdrop and other initiatives, signifying a bullish outlook on the network’s value and utility.
PYTH Price Today
There is a prominent optimistic view among traders and analysts that Pyth Network will continue to expand its reach and utility in the DeFi sector. This surge in utility will thereby enhance the demand for PYTH tokens.
PYTH’s price hovers at $0.4943, just 10% below its all-time high of $0.55 on Nov. 24, 2023.
Analysts are offering a mixed bag of predictions for the PYTH token’s trajectory in 2024. On the bullish side, some experts foresee the token’s price potentially climbing to between $0.9273 and $1.134. This forecast is driven by continued positive sentiment and adoption of the Pyth Network’s offerings.
Conversely, a more cautious stance from some quarters suggests the price could dip as low as $0.2037.
However, looking at the parabolic rise of Chainlink (LINK), a major player in the sector, investors can expect to see PYTH repeat the run. In May 2021, LINK price reached an all-time high of $52.7. It currently trades at around $20. If Pyth Network can replicate the journey and expand, the PYTH Price will surge.
