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The capitalization of the PYTH token rose above $420 million

The total market value of the Pyth Network token has surpassed $420 million following the PYTH retrospective cross-chain airdrop. The project distributed coins to 90,000 wallets.

At the time of writing, the token is trading around $0.35 after hitting a high of $0.51, according to CoinMarketCap.

PYTH recipients have 90 days to “brand” the coins for use in on-chain voting.

The total volume of the issue is 10 billion PYTH, of which 1.5 billion PYTH are already in circulation.

The Pyth Network oracle network receives price data from exchanges and institutional players, then sends it to smart contracts.

Largest oracle networks. Data: DeFi Llama.

The airdrop aims to encourage on-chain governance and the transition to a “permissionless, decentralized and self-sustaining mainnet.”

In September, the Optimism team distributed 19.4 million OP tokens to 31,870 addresses.

Source: Cryptocurrency

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