Pyth Network is a decentralized oracle network that provides high-fidelity data for various blockchains and applications.
Pyth Network has recently announced a retrospective airdrop program to reward its past community members and DeFi participants who have used or supported the network. This is a rare opportunity to get your hands on some PYTH tokens, the native token of the Pyth Network, which can be used for governance and staking.
In this article, we will explain everything you need to know about the Pyth Airdrop, including its launch date, eligibility criteria, and steps to claim your share.
What is the Pyth Airdrop?
The Pyth Airdrop is a cross-chain program that will distribute up to 6% of the total supply of PYTH tokens (600 million) to eligible participants. The airdrop is retrospective, meaning only individuals who contributed in the past will be able to claim tokens. The airdrop is divided into three categories:
1. dApps: 100 million PYTH tokens will be allocated to over 200 decentralized applications across 27 blockchains that use Pyth data. The allocation will be based on the usage and integration of Pyth data by each dApp.
2. DeFi participants: 255 million PYTH tokens will be allocated to over 90,000 wallets that have interacted with dApps that use Pyth data. The allocation will be based on the frequency and value of the transactions made by each wallet.
3. Community members: 10 million PYTH tokens will be allocated to active community members who have contributed to the Pyth ecosystem, culture, and community. This includes holders of Pyth NFTs, special roles in the Discord server, and other criteria.
The PYTH token is in the Solana Program Library (SPL) standard, meaning it is native to the Solana blockchain. Therefore, you will need a Solana wallet to receive and claim your PYTH tokens.
When is the Pyth Airdrop Launching?
The Pyth Airdrop is was launch on Monday, November 20, 2023, and will remain open until may 18, 2024. This means you will have three months to claim your PYTH tokens once the airdrop goes live. The exact timing and instructions for the claim process will be announced on the official Pyth Network social channels, so make sure to follow them to stay updated.
How to Check Your Eligibility for the Pyth Airdrop?
You can check your eligibility and allocated PYTH token amounts by using the airdrop check webpage and connecting your wallets. You will need to connect all the wallets that you have used to interact with dApps that use Pyth data, as well as your Discord account if you have a special role in the Pyth server.
The webpage will display your token allocation per connected wallet or account. You can also see the breakdown of your eligibility criteria and the details of the dApps that you have used.
To be eligible for the airdrop, community members must have demonstrated substantial engagement with decentralized applications (dApp) using Pyth data, actively participated in the community, or possessed Pyth NFTs. Only thos. who engaged in the Pyth ecosystem before the snapshot date of September 1, 2023, qualify for the airdrop.
How to Claim Your PYTH Tokens from the Pyth Airdrop? Steps to Claim the Pyth Airdrop
Step 1.
Once the airdrop goes live, you will be able to claim your PYTH tokens by following these steps:
1. Visit the airdrop claim webpage and review your airdrop eligibility by connecting your wallets and Discord account. https://pyth.network/airdrop
2. Connect your Solana wallet if you have not done so already. The webpage will help you create a new wallet if you don’t have one. The wallet you connect in this step will receive your PYTH token allocation.
3. Click the corresponding “sign” button for each wallet or account. Your wallet (s) will ask if you wish to sign the transaction. Confirm by clicking “sign” in your wallet’s pop-up window.
4. You will receive your PYTH token allocation in your connected Solana wallet. You can share your experience and participate in Pyth Governance.
5. You can repeat the claim process for different wallets or accounts if you have more than one.
Step 2.
The Pyth Airdrop claim period extends from November 20, 2023, to February 18, 2024. Sufficient time remains within this timeframe for you to gather your tokens and benefit from being a prominent Pyth community member. Follow the provided steps to claim your Pyth airdrop.
- Navigate to the Pyth Airdrop Portal: Head over to the Pyth Airdrop website at https://pyth.network/airdrop.
- Establish Wallet Connection: Seamlessly connect your eligible wallets, such as MetaMask, WalletConnect, or Ledger, to the Pyth Airdrop platform.
- Verify Airdrop Allocation: Carefully review your allocated airdrop amount to ensure accuracy and transparency.
- Claim Your Tokens: With a click of the “Claim” button, your PYTH tokens will be effortlessly transferred to your wallet.
The Valuation of the Pyth Network Airdrop
As per the PYTH Tokenomics, the PYTH Tokens allocated for this airdrop are sourced from the “Community and Launch” category, with eligible participants potentially receiving a share of up to 6% of the total supply (600 million PYTH Tokens).
This distribution is earmarked for dApps, on-chain activities within DeFi, and actively involved community members.
Conclusion
The Pyth Airdrop is a generous and inclusive program that aims to reward the past supporters and users of the Pyth Network. If you are eligible for the airdrop, don’t miss this chance to claim your share of the PYTH tokens, which can give you access to the governance and staking features of the Pyth Network.
Make sure to check your eligibility and follow the claim instructions once the airdrop launches. For more information, you can visit the Pyth Network website read the blog post, or join the Discord server.
