Pyth Network's PYTH token made a remarkable entry into the market, debuting with a valuation of approximately $468 million. This follows an airdrop to 90,000 wallets, marking a significant event in the crypto space. Trading around $0.32, with a peak of $0.51, the PYTH token's introduction has been one of the most anticipated airdrops of the year, reminiscent of the Celestia TIA's 230% value increase since last month.
Eligible recipients have 90 days to claim their PYTH tokens, intended for on-chain governance votes. The token's initial circulating supply is 1.5 billion, with the majority of the total supply locked for six to 42 months, indicating a strategic approach to its market entry and long-term value stabilization.
The Pyth Network, holding $1.5 billion in total value secured (TVS) across 120 protocols, now stands as the fourth-largest pricing oracle network. It collects first-party pricing data from exchanges and institutional traders for smart contract applications. The launch of its permissionless mainnet heralds a new era of token-led governance, allowing ecosystem participants to engage actively in Pyth Governance by staking their PYTH Tokens.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
