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Transformative Shift: COTI Leads the Future of Privacy with Ethereum Layer 2 Adoption

million, to fuel the holistic development of its ecosystem. This initiative is designed to support projects and developers who are aligned with COTI's mission of enhancing privacy, security, and scalability within the Ethereum ecosystem. The Ecosystem Growth Fund represents a significant investment in the future of blockchain technology and underscores COTI's dedication to fostering innovation and growth within the industry. Advancing Privacy with Garbling Circuits Technology COTI's transition to Ethereum Layer 2 signifies a strategic shift towards scalable privacy solutions within the blockchain space. The adoption of Garbling Circuits technology enhances the speed, efficiency, and security of COTI V2, positioning the firm as a pioneer in privacy-focused initiatives. Garbling Circuits technology opens doors to a wide range of applications, including privacy-preserving wallets, decentralized exchanges (DEXs), private AI training, governance mechanisms, and more. Part

Pyth's Token Airdrop: Successful Debut and Exciting Opportunities Await

for comment on the airdrop, but did not receive a response at the time of writing.

PYTH's Successful Debut

The much-anticipated token airdrop for Pyth, a decentralized finance (DeFi) oracles network built on the Solana blockchain, made a strong debut on Monday. The PYTH token quickly gained an initial market capitalization of $765 million, showcasing the high demand and excitement surrounding the project. However, the market capitalization settled down to approximately $457 million at the time of writing, according to data from CoinMarketCap.

Fluctuations in Price and Trading Volume

Upon its launch, PYTH started trading at $0.53, only to experience a significant drop to $0.28 within minutes. Since then, the token has stabilized at just above $0.30. Despite the price volatility, PYTH has seen impressive trading volume, surpassing $87 million since its launch.

Token Supply and Airdrop Details

PYTH's initial circulating supply consists of 1.5 billion tokens, with plans for steady growth to reach a total supply of 10 billion tokens. The token's roadmap outlines incremental increases in the token supply over the next three years, with the first increase scheduled in six months.

To reward early users, Pyth Network offered approximately 250 million tokens through the airdrop, equivalent to over $77 million worth of the crypto token. As of now, around 35,000 out of the 90,000 eligible wallets have claimed their token allotment. Eligible participants for the airdrop include users of decentralized apps (dApps) across 27 blockchains that rely on Pyth network data, holders of Pyth NFTs, and Pyth Discord community administrators. These participants have until February 18 to claim their free tokens.

Backpack's Involvement in the Airdrop

Backpack, a new crypto exchange led by FTX's former general counsel and created by the makers of the Solana-based NFT app "Mad Lads," also announced its participation in the PYTH token airdrop on Monday. The exchange revealed that it would airdrop PYTH tokens to all of its new users who staked SOL within the last two days. Through this program, Backpack has already airdropped PYTH to 74,000 wallets, including holders of NFTs from the Mad Lads collection on Solana.

No Comment from Backpack

Decrypt reached out to Backpack for comment on the airdrop, but no response was received at the time of writing.

In summary, Pyth's token airdrop enjoyed a successful debut, attracting significant market capitalization and trading volume. With a steadily growing token supply and ongoing participation from eligible users, Pyth aims to solidify its position in the DeFi space. Additionally, Backpack's involvement in the airdrop adds further momentum to the project, providing opportunities for new users and NFT holders on Solana.

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