Pyth Network Token Goes Live With $75M Airdrop For DeFi Users

Oracle provider Pyth Network has launched its highly anticipated PYTH token with a retroactive airdrop for community members and DeFi traders.

PYTH is trading at $0.32 at the time of writing, giving the Chainlink competitor a fully diluted valuation (FDV) north of $3B.

DeFi protocols rely on oracles to deliver pricing data from off-chain trading venues like exchanges. More broadly, oracles enable smart contracts to access any real-world data.

Pyth Network is the second-largest oracle provider by the number of protocols secured, with 120 compared to 361 for industry leader Chainlink. Chronicle and WINkLink secure more value but only operate in the Maker and Tron ecosystems, respectively.

Pyth primarily focuses on providing low-latency financial market data for trading applications, whereas Chainlink offers a broader range of feeds like the weather and sports results, for example.

Roughly half of the 250M PYTH tokens allocated to the airdrop have been claimed by over 38,000 wallets.