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Decentralized Finance (DeFi) oracles network Pyth finally launched its most-anticipated mainnet along with the PYTH token on Monday. PYTH, a Solana-based crypto asset, saw its market capitalization surge to $765 million a few hours after going live. However, the figure has dropped to $453 million at press time, according to CoinGecko’s data.
PYTH started trading at $0.537 before its value dropped to $0.307 on Tuesday morning. Over the last 24 hours, the token has recorded a trading volume worth $87 million. Its circulating supply stands at 1.5 billion tokens. Data on the PYTH’s roadmap shows that the crypto asset’s total supply is capped at 10 billion. Moreover, new tokens are expected to be added to the circulating supply six months from now. By 2027, all the PYTH tokens should be in circulation.
Of the 1.5 billion PYTH tokens in circulation, 250 million were issued by Pyth Network to early users through an airdrop. Based on the PYTH’s current price, the airdropped tokens have a combined value of $77 million.
According to data on the Dune platform, over 90,000 crypto wallets were airdropped PYTH, but only 35,000 have claimed the free tokens so far. Those eligible for the PYTH airdrop, including Pyth NFT holders, Pyth Discord admins, and users of decentralized applications built on blockchains that utilize Pyth network data, are expected to claim their tokens before February 18.
Pyth Network wasn’t the only one rewarding users with PYTH yesterday. Newly launched cryptocurrency exchange Backpack, which is managed by FTX’s ex-general counsel Can Sun, announced that it would distribute free PYTH to all new users who staked Solana over the past two days.
More than 74,000 users have already received their tokens since the Backpack’s announcement. The exchange’s founder, Tristan Yver, said on X yesterday that Mad Lads NFT holders were also eligible for PYTH airdrop.
Following the PYTH launch, Pyth Network will now be governed by the token holders. To participate in the governance process, holders will be required to stake their PYTH.
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