The total market capitalization of the Pyth Network’s oracles token exceeded $420m after a retrospective cross-chain airdrop of PYTH. The project distributed the coins among 90,000 wallets.
At the time of writing, the token was trading around $0.35 after reaching a high of $0.51, according to CoinMarketCap.
Recipients of PYTH have 90 days to ‘claim’ the coins intended for use in on-chain governance votes.
The total supply stands at 10 billion PYTH, of which 1.5 billion PYTH are already in circulation.
The Pyth Network oracle network sources price data from exchanges and institutional players, and then feeds them into smart contracts.
The airdrop is intended to incentivise on-chain governance and the shift to ‘permissionless, decentralised and self-sustaining mainnet’.
Earlier, in September, the Optimism team distributed 19.4 million OP tokens across 31,870 addresses.