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Pyth Network, a leading provider of price oracles, has announced the second phase of its retroactive token airdrop, which will see PYTH tokens distributed to over 160 DeFi applications that utilize its data.
Launched in November, PYTH has doubled in the past month after bottoming in early January.
The project will distribute 100M PYTH – worth nearly $50M at the time of writing – to Web3 applications across a broad range of use cases, including decentralized exchanges, lending protocols, and analytics platforms.
Pyth primarily focuses on providing low-latency financial market data for trading applications.
It’s the second-largest oracle provider by number of protocols secured, with 151 compared to 364 for industry leader Chainlink.
DeFi protocols rely on oracles to deliver pricing data from off-chain trading venues like exchanges.
Users of eligible applications can expect the respective teams to release details about how they plan to utilize their PYTH allocations.
At the time of writing, PYTH was trading at $0.4871.
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