Nov 16, 2023 Alexander Chelpanov

What do you need to know about the Pyth Network Airdrop?

Pyth Network, an emerging player in the ever-evolving landscape of Decentralized Finance (DeFi), specializes in delivering real-time market data for cryptocurrencies, equities, foreign exchange (FX), and commodities to more than 40 blockchains. It leverages contributions from over 90 major market participants, including renowned entities like Jane Street, CBOE, Binance, OKX, and Bybit, to fuel its network with rich, diverse, and reliable data feeds​​.

Given this backdrop, the Pyth Network Airdrop emerges as a significant event on the horizon. It's not just a token distribution but a testament to the network's commitment to fostering a community-centric, inclusive, and robust DeFi ecosystem. This guide delves into the details of the airdrop, outlining its purpose, eligibility criteria, claiming process, and the broader impact on the Pyth community and the DeFi space at large.

What is the Pyth Network Retrospective Airdrop?

The Pyth Network Retrospective Airdrop is a monumental cross-chain program designed to reward the network's vibrant community. This program uniquely acknowledges the contributions of individuals and applications across 27 blockchains that have utilized Pyth data. With over 90,000 wallets set to receive PYTH Tokens, this initiative stands as one of the largest of its kind in the Web3 and DeFi realms, embodying a usage-oriented ethos.

Eligibility for the Airdrop

The eligibility criteria for this airdrop are diverse, catering to a wide range of participants within the Pyth ecosystem. Users who have interacted with dApps utilizing Pyth data, and active community members holding specific roles or NFTs, are in line to receive airdrops. The program is retrospective, meaning that the snapshots for on-chain and social activities have already been taken.

The Claim Process

Mark your calendars! The claim process for the airdrop begins on November 20, 2023, and remains open until February 18, 2024. This provides a generous window for eligible participants to claim their share. Detailed instructions on the claiming process will be disseminated through official Pyth Network channels, ensuring a smooth and transparent procedure.

PYTH Token Allocation

The PYTH Tokens for the airdrop come from the “Community and Launch” fund, making up to 6% of the total PYTH supply available. The allocation is segmented into different categories, ensuring a fair distribution among dApps, DeFi participants, and active community members. Notably, the PYTH Token adheres to the Solana Program Library (SPL) standard, highlighting its integration within the Solana blockchain ecosystem.

Airdrop Calculation Methodology

The allocation process for the airdrop is meticulously designed. Wallets interacting with Pyth’s price feeds were analyzed, and after implementing anti-Sybil measures and excluding blacklisted wallets, they were ranked and divided into three categories. These categories were then used to distribute the total allocation in a tiered manner, ensuring a balanced and equitable distribution. For the impatient ones, Pyth Network has created a dashboard allowing them to check for eligibility. 

Safety and Security

In the wake of this announcement, it's crucial to remain vigilant against potential scams. Always ensure that you're interacting with official Pyth Network websites and social media channels. The Pyth Network team emphasizes that they will never solicit personal information via unsolicited messages.

Author:

Alexander Chelpanov

Last updated: Nov 16, 2023

Recent news:

Video Tutorials