Decentralized finance (DeFi) users will receive an airdrop from pricing oracles network Pyth next week with 255 million tokens set to be issued to 90,000 wallets.
Pyth network competes with the likes of Chainlink. It will work by gathering first-party pricing data from exchanges, trading firms and institutions before relaying that data to smart contracts or clients.
The network's native token PYTH will initially have a circulating supply of 1.5 billion, with 85% of the total supply being locked between six and 42 months.
Users can claim the token on Nov. 20 at 14:00 UTC. The claim process will stay open for 90 days.
Eligible recipients of the airdrop are those who interacted with decentralized apps that use Pyth data or active community members who interacted with the network's social media channels.
Chainlink currently dominates the price oracle sector, boasting a 45% market share with $14.7 billion in total value secured (TVS), according to DefiLlama. Pyth by comparison has $1.57 billion TVS across 120 protocols.
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Pyth uses primary sources, as opposed to Chainlink, which uses aggregators like CoinMarketCap, according to a Pyth blog post.
Several exchanges including OKX and and HTX have announced that they will be listing PYTH with trading set to begin on Nov. 20.
Edited by Stephen Alpher.
