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Pyth Airdrop: Ethereum, Solana, and Aptos Set to Benefit from New Platform Launch – Here’s How to Check Eligibility

DeFi oracle network Pyth has unveiled plans for its airdrop campaign, wherein approximately 255 million PYTH tokens will be distributed among its users and community members. The campaign is scheduled to kick off on November 20 at 2:00 pm UTC, with a 90-day window for users to claim their airdropped tokens, ending on February 18, 2024.

Over 90,000 wallets are deemed eligible to participate in this campaign. This includes users of decentralized applications (dapps) relying on Pyth network data across 27 blockchains, such as Ethereum, Solana, Aptos, Polygon, Arbitrum, Avalanche, and Optimism. Additionally, holders of Pyth NFTs and administrators on the Pyth Network Discord are also included in the eligible participants.

Pyth has introduced an eligibility check page, allowing DeFi users to verify their potential eligibility and determine the amount of PYTH tokens they may receive through the airdrop.

However, it’s crucial to be aware of certain legal restrictions. Residents of the United States, the United Kingdom, North Korea, Ukraine, Cuba, Syria, Iran, Yemen, South Sudan, the Democratic Republic of the Congo, and eight other nations and territories will be automatically ineligible to participate.

The native token of Pyth, PYTH, is set to have an initial circulating supply of 1.5 billion tokens, as per the network’s statement. An additional 8.5 billion PYTH tokens will be gradually unlocked over a span of six to 42 months following the platform’s launch.

Oracle Networks Play a Crucial Role in Connecting Blockchains

DeFi oracle networks, including platforms like Pyth, play a pivotal role in bridging blockchains with real-world data sources. They facilitate the execution of smart contracts based on external events and data, thereby automating a variety of processes. Examples include ordering products when inventory levels decrease, executing agreements based on stock and commodity prices, and monitoring carbon emissions for taxation purposes.

The integration of oracle networks is crucial for connecting the crypto market with traditional financial markets and implementing smart contracts in traditional business operations.

However, it’s important to acknowledge that oracle networks can also be susceptible to exploitation. Ensuring the security and reliability of the data provided by these networks is a key consideration in the broader context of decentralized finance. Vulnerabilities or inaccuracies in the data could potentially lead to undesirable outcomes when smart contracts are executed based on that information. As the DeFi space evolves, addressing and mitigating these risks becomes a critical aspect of ensuring the robustness of decentralized financial applications.

The vulnerability of oracle networks was highlighted in the past when a hacker manipulated the oracle-reported price of the MNGO token, resulting in a significant $100 million loss for the decentralized exchange Mango Markets.

Despite such risks, Pyth has managed to carve a niche for itself and currently holds the position of the fourth-largest oracle network in terms of total value secured, according to DeFi Llama. Pyth faces competition from Chainlink, a prominent decentralized oracle network that plays a key role in ensuring that smart contracts have access to reliable real-world data.

It’s noteworthy that in August, Bloomberg reported that a substantial group of team members from Jump Crypto had left to establish Douro Labs, where they are actively involved in the development of the Pyth network. This move indicates a growing interest and talent shift within the blockchain and DeFi space.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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