Governance • November 1, 2023, 9:43AM EDT
Published 1 minute earlier on
- Pyth Network unveiled a retrospective cross-chain airdrop, targeting over 75,000 wallets across 27 blockchains and more than 200 dapps.
- The airdrop aims to reward community members, DeFi participants and dapp users to enhance on-chain governance.
Pyth Network unveiled a retrospective cross-chain token airdrop program for community members who have contributed to the oracle network. Over 200 dapps across 27 blockchains using Pyth data and the users of those applications are eligible for the airdrop — some 75,000 wallets.
Those blockchain ecosystems include Ethereum, Avalanche, Arbitrum, Base, Optimism, Polygon, zkSync, Aptos, Sui, Cosmos and Solana. Community members with certain official Discord roles for the project are also eligible, as are holders of official Pyth Network NFTs.
The airdrop is an "expression of deep appreciation for the dedicated Pyth Network stakeholder community," Pyth Network posted on X, ensuring that a wide range of contributors, from developers to end-users, are recognized for their role in the network's growth. "This is the largest cross-chain, usage-oriented airdrop program we know of in web3 and DeFi," it added.
Snapshots for on-chain and social activity are already complete, though a date for when eligible participants can claim their allocations is yet to be announced. However, users can check their eligibility and PYTH token allocation via its airdrop check site, the Pyth team stated in a blog post. The site is not available to residents of certain countries, including the U.S. and the UK.
PYTH tokens are native to the Solana blockchain, and airdrop tokens are allocated from Pyth's "Community and Launch" category with up to 6% of the total supply (600 million PYTH) available to eligible participants. This includes 100 million PYTH for dapps, 200 million PYTH for on-chain activity by DeFi participants and 10 million PYTH for "active" community members.
The purpose of the airdrop is to stimulate participation in on-chain governance and transition the Pyth Network toward a permissionless, decentralized and self-sustainable mainnet, according to the team. By involving the community in governance, the network aims to become more resilient and user-driven.
Further details on how eligible individuals, DAOs and dapps using Pyth data can claim their allocations will be announced in due course, Pyth said, also advising users to be aware of potential scams.
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