Introduction
The Pyth Network has initiated a retrospective airdrop program, marking a significant moment in its journey towards fostering a decentralized and self-sustainable ecosystem. This cross-chain program is a gesture of gratitude towards the community, encompassing contributors to the oracle network, users of applications across 27 blockchains that utilize Pyth data, and the developers of these applications.
Scope and Eligibility
With over 75,000 wallets set to be eligible, this program stands out as one of the largest cross-chain, usage-oriented airdrop initiatives in the realms of Web3 and DeFi. The eligibility spans across a diverse range of participants, including DeFi participants, community members, and decentralized applications using Pyth data.
Blockchain ecosystems include Cosmos, Ethereum, Solana, Avalanche, Arbitrum, Base, Optimism, Polygon
Specific to Cosmos, the airdrop covers Evmos, Injective, Neutron, Osmosis, and Sei users.
Allocation and Purpose
The PYTH Tokens for this airdrop come from the “Community and Launch” category, accounting for up to 6% of the total supply, which translates to 600 million PYTH Tokens. The allocation is distributed among various segments, including 100,000,000 PYTH Tokens for decentralized applications, 200,000,000 PYTH Tokens for on-chain activity by DeFi participants, and 10,000,000 PYTH Tokens for active community members. The PYTH Token follows the Solana Program Library (SPL) standard, making it native to the Solana blockchain.
The overarching goal of this airdrop is to stimulate participation in on-chain governance and propel the Pyth Network towards a decentralized and autonomous state.
Checking Eligibility and Claiming Tokens
Participants can verify their eligibility and view their allocated PYTH Token amounts through the airdrop check webpage. It is crucial to note that the snapshots for on-chain and social activity have already been taken, and the date for claiming the airdrop allocations is yet to be announced. Participants are encouraged to stay tuned to the official Pyth Network social channels for updates.
Conclusion
The Pyth Network’s retrospective airdrop program is a strategic move to acknowledge the contributions of its community and encourage active participation in the network’s governance. By doing so, Pyth Network is laying down the foundation for a future where the protocol is shaped and governed by its community, ensuring a decentralized and vibrant ecosystem.
