The Pyth network, a decentralized finance (DeFi) oracles network, has revealed its plans to initiate an airdrop of around 255 million PYTH tokens to its users and community members. This distribution is scheduled to commence in a mere four days, as stated by the network on Thursday.
According to Pyth, the airdrop opening on November 20 at 2:00 pm UTC will allow more than 90,000 wallets to acquire #PYTH tokens. According to the network, those that utilize decentralized applications (dapps) that depend on Pyth network data from a total of 27 blockchains, including as Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism, may potentially qualify for a token allocation. It is probable that administrators of the Pyth Network Discord and those who possess Pyth Non-Fungible Tokens (NFTs) will also be eligible to receive a distribution.
The airdrop will continue to be accessible from November 20 until February 18. DeFi participants have the ability to assess their probable qualification for the airdrop and determine the quantity of PYTH tokens they are slated to obtain by visiting the airdrop verification page of the network.
By default, Pyth users in various countries will be disqualified from participating in the event owing to legal considerations that need to be addressed. PYTH tokens are not eligible for inhabitants of the United States and the United Kingdom, as well as citizens of North Korea, Ukraine, Cuba, Syria, Iran, Yemen, South Sudan, the Democratic Republic of the Congo, and several other states and territories.
According to the network, the native token of Pyth will possess an initial circulation supply of 1.5 billion. Between six and 42 months following launch, a further 8.5 billion PYTH tokens will become accessible.
Decentralized Finance (DeFi) oracle networks, such as Pyth, provide a connection between blockchains and external data sources, enabling DeFi smart contracts to operate by utilizing inputs and outputs derived from real-world events and data. Smart contracts have the capability to facilitate several functions, such as automatically initiating product orders in the event of inventory depletion, executing agreements contingent upon stock and commodity prices, or monitoring carbon emissions and imposing taxes on companies that surpass certain thresholds. Oracle networks play a pivotal role in facilitating the increasing convergence of the cryptocurrency market and conventional financial markets, alongside the use of smart contracts in regular corporate operations.
An individual with clandestine intentions engaged in hacking activities. The provided image is sourced from Shutterstock.
The Solana DeFi Trading Platform is a financial technology platform that operates on the Solana blockchain network. It facilitates decentralized finance (DeFi) trading activities, allowing users to engage in various financial transactions like as Mango Markets Incurs a $100 Million Loss Due to Cybersecurity Breach
Mango Markets had a significant financial loss of $100 million as a result of an attack, marking the second DeFi breach involving such a substantial amount within the span of a week. On Tuesday evening, Mango Markets sent a tweet indicating that an individual with unauthorized access was successful in depleting money from Mango by using an oracle price manipulation. Just last Thursday, a sum of $100 million was illicitly acquired from the Binance Smart Chain, constituting an incident involving the misappropriation of funds from yet another decentralized finance (DeFi) system. As to the findings of OtterSec, a blockchain auditing platform, the perpetrator engaged in a temporary manipulation of their collateral's value, thereafter availing loans from the Mango treasury.
According to DeFi Llama, Pyth is ranked as the fourth-largest oracle network in terms of total value secured. In comparison, Pyth's major rival, Chainlink, has a significantly higher value secured, about nine times more, and holds a dominant market share of 45%, whilst Pyth's market share is at 4.83%
