The airdrop move came from Pyth Network, the largest first-party financial oracle solution. Pyth is preparing to make a big entrance into the market. The altcoin project will distribute 255 million tokens to the network’s 90,000 wallets next week. With this significant airdrop, Pyth marks a pivotal moment. This move positions Pyth as a formidable competitor in the DeFi sector, especially against established players like Chainlink.
Altcoin gave good news: Massive token airdrop is coming!
Pyth’s strategy is based on leveraging first-party pricing data obtained directly from exchanges, trading firms, and institutions. This information is then seamlessly transferred to smart contracts or clients, a method that conflicts with Chainlink’s reliance on aggregators like CoinMarketCap. Native to the Pyth network, the PYTH token will see an initial circulating supply of 1.5 billion. Additionally, 85% of the total supply will be locked for a period ranging from 6 to 42 months.
Users will have the opportunity to claim their shares from the airdrop on November 20 at 17:00 CET. The window to claim these tokens will remain open for 90 days. Additionally, eligible buyers will have enough time to participate in the altcoin project’s airdrop. Those eligible for the airdrop include users who interact with decentralized applications using Pyth data and active community members who interact with the network’s social media channels.
Pyth Network in the competitive crypto environment
This airdrop is taking place in a competitive market environment. As DefiLlama reported, altcoin Chainlink currently has a 45% market share. Additionally, it has a total secured value (TVS) of $14.7 billion. With this value, Chainlink dominates the price oracle sector. In comparison, Pyth has a TVS of $1.57 billion across 120 protocols. However, the launch of the PYTH token and its upcoming listing on exchanges such as OKX and HTX, which is scheduled to begin trading on November 20, could significantly reshape the market dynamics.
Pyth Network’s upcoming airdrop isn’t just a big deal for buyers. This event is also a very important moment in the DeFi altcoin space. It signifies a challenge to existing norms. It also heralds the entry of a new player in the DeFi market ready to offer an alternative approach to data collection. As you follow on Kriptokoin.com, token airdrop events are important for the competition of the projects. For this reason, Pyth Network also uses this tactic to stand out from its strong competitors.
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