Pyth Network – a popular blockchain oracle provider – has announced plans for a “retrospective token airdrop” to community members who have contributed to its network.
The airdrop will distribute 6% of the total supply of the network’s governance token, PYTH, to eligible participants. That could include anyone from a “DeFi Participant,” to a “Community Member,” to any decentralized applications using Pyth’s data for its smart contracts.
According to Pyth, this airdrop will mark “the largest cross-chain, usage-oriented airdrop program,” in Web3 and DeFi. Over 75,000 wallets and 200 dapps across 27 different blockchains will be eligible for participation, based on backward-looking snapshots of on-chain and social activity surrounding the network.
“The program is an expression of deep appreciation for the dedicated Pyth Network stakeholder community,” wrote Pyth to X on Wednesday. “We remain committed to fostering a thriving oracle ecosystem.”
As an oracle data service, Pyth provides price-feed data for crypto, equities, and FX across numerous blockchains with help from over 85 data providers. This provides critical infrastructure for blockchain applications, such as decentralized exchanges, which depend on reliable and up-to-date price data from the outside world.
According to its tokenomics page, PYTH tokens provide holders with governance powers to vote on decisions like the size of update fees, the reward distribution method for data publishers, approving software updates for on-chain programs across blockchains, and other things.
How PYTH Will Be Distributed
There is still no official date for when eligible airdrop recipients can receive their tokens, though users can check their eligibility on the airdrop page today, alongside expected payouts.
At present, 100 million PYTH tokens will be reserved for dApps using Pyth, while 200 million will go to DeFi participants on Ethereum, Solana, Arbitrum, Base, and other chains.
Another 10 million PYTH will go to “community members,” including those holding Pyth NFTs, members of the Pyth Ambassador program, and official Discord members.
“Details on how decentralized application teams and DAOs can check their allocation amounts will be announced in due course,” wrote Pyth. “We strongly advise readers to take precautions and be wary of potential scams.”
Back in August, Bloomberg reported that a large group of team members at Jump Crypto had jumped ship to start Douro Labs, where they now help develop the Pyth network.
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