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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