Pyth Network, a blockchain oracle solution that aims to compete with Chainlink (LINK), has announced its plans for a new airdrop. This marks the second phase of its Retrospective Airdrop initiative, targeting over 160 decentralized applications (Dapps) that use Pyth Network’s critical data.
The initial airdrop plan, launched in November 2023, was the largest cross-chain airdrop ever. So far, over 51,000 users have claimed more than 163 million PYTH tokens, which accounts for 65% of the total airdrop.
In the first phase, the airdrop program distributed PYTH Tokens to DeFi participants who interacted with Pyth-powered applications across various chains, including Ethereum, Cosmos, and Solana. Additionally, active members of the Pythian community also received allocations.
The significance of this second round of the airdrop goes beyond token distribution. It demonstrates Pyth Network’s commitment to building a thriving community of users, developers, and enthusiasts. Currently, Pyth Network has 151 dApps distributed across more than 35 chains, with a total value locked (TVL) of $2.5 billion.
By distributing PYTH tokens to active participants in the DeFi ecosystem, Pyth Network aims to solidify its position as a key player in the blockchain oracle space. The initiative aims to reward those who contribute to and utilize the decentralized applications powered by Pyth’s data, promoting a more inclusive and participatory network.
The announcement has sparked a surge of interest in PYTH staking. In the last 30 days, Pyth Network has seen 109,614 unique staking participants, with $509.15 million worth of PYTH tokens currently staked.
This increase in staking activity reflects the community’s positive response to Pyth Network’s airdrop and other initiatives, indicating a bullish outlook on the network’s value and utility.
Traders and analysts are optimistic about Pyth Network’s potential to expand its reach and utility in the DeFi sector, which could drive the demand for PYTH tokens. Currently, PYTH’s price is hovering around $0.4943, just 10% below its all-time high of $0.55 on November 24, 2023.
Analysts have mixed predictions for the trajectory of the PYTH token in 2024. Some experts foresee the price potentially reaching between $0.9273 and $1.134, driven by positive sentiment and adoption of Pyth Network’s offerings. Others take a more cautious stance, suggesting the price could dip as low as $0.2037.
However, considering the parabolic rise of Chainlink (LINK), investors can expect to see PYTH follow a similar path. If Pyth Network can replicate Chainlink’s journey and expand, the PYTH price is likely to surge.