Acryptoinvest.news: Pyth Network presented the second phase of its retrospective token distribution program for 167 decentralized applications using the Oracle network.
Suitable decentralized applications are those that rely on Pyth price data for protocol operations, including transactions, asset pricing, and on-chain settlements. Around 100 million PYTH governance tokens, worth approximately $47 million, will be distributed to decentralized applications.
“We are honored to work closely with so many passionate developers pushing the boundaries of decentralized finance and Web3 capital markets,” Pyth Network said in a blog post.
Dapps receiving allocations include Synthetix, Mango Markets, Bonfida, Helium and PancakeSwap, covering DeFi use cases such as DEX, borrowing and lending, structured products, stablecoins and data analytics. Eligible decentralized applications will announce their individual distribution and token plans separately, Pyth explained in its post. However, the date when projects will receive their tokens has not yet been announced.
Some dapps have already completed the application process and may have started receiving tokens or will start receiving tokens soon, with their distribution pending legal review as every dapp must undergo KYC, according to the source.
Acryptoinvest.news: Suitable decentralized applications. Image: Pyth Network.
“This is an important moment for the decentralized application community that relies on low-latency Pyth data,” said Michael Cahill, CEO of Douro Labs, a core Pyth contributor.. “More than 160 apps are eligible to receive PYTH governance tokens based, among other things, on the depth of their integration with the Pyth oracle.”
Retrospective of the first phase of Pyth
In November, Pyth Network unveiled the first phase of its retrospective token airdrop, targeting over 75,000 wallets based on their on-chain activity across 27 blockchains and over 200 decentralized applications.
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 to participate, as well as owners of official Pyth Network NFTs.
The snapshot of the first phase of the airdrop was later revised for a “more inclusive” distribution, with an additional 55 million PYTH tokens added to the distribution, bringing the total to approximately PYTH 255 million, and eligibility was expanded to over 90,000 wallets.
According to Pyth, the claims process began on November 20, and so far 163 million PYTH – 64% of the total Airdrop – have been claimed by more than 51,000 users. Claims will be open to eligible participants until February 18th.
According to the team, the goal of the airdrop is to encourage participation in chain governance and move the Pyth network to a permissionless, decentralized, and self-sustaining network.
PYTH tokens are native to the Solana blockchain, and both phases of the token airdrop fall under the Pyth “Community and Launch” category, with up to 6% of the total supply – 600 million PYTH – available to eligible participants. This includes 100 million PYTH allocated to decentralized applications, 255 million PYTH for DeFi participant activity on the network, and 10 million PYTH for active community members.
PYTH has gained more than 45% since the launch of the token on November 20 last year. PYTH is currently trading at $0.47.