back01 Nov 20235 min read
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Pyth Retrospective Airdrop: Phase 1 - DeFi Participants

Today marks the unveiling of the Pyth Network Retrospective Airdrop. This airdrop is a cross-chain program and an expression of deep appreciation for the dedicated community of the Pyth oracle ecosystem.

Pyth Network community members who have contributed to the oracle network, applications across 27 blockchains that use Pyth data, and the individual users of those applications are all eligible for this airdrop program.

Readers can check their eligibility and allocated PYTH Token amounts by using this airdrop check webpage and connecting their wallet(s).

Please note that, as of November 1, 2023, the date when eligible participants can claim their airdrop allocations has not been announced. You can follow the official Pyth Network social channels to stay updated.

This is the largest cross-chain, usage-oriented airdrop program we know of in Web3 and DeFi. Over 90,000 wallets will be eligible to receive PYTH Tokens based on their on-chain activity across 27 blockchains and over 200 decentralized applications.

This blog post will provide information about the airdrop program, as well as the eligibility criteria for receiving an allocation. More details will be announced on how eligible individuals and dApps using Pyth data can claim their allocations.

Update: November 1, 2023: A small patch for the UI for EVM wallets was added. Please feel free to re-connect your EVM wallets again to check eligibility.

Update: November 15, 2023: The snapshot for on-chain activity by DeFi users of dApps using Pyth Network was revised for greater inclusivity. An additional ~55M PYTH has been added to the overall airdrop, bringing the total and final allocation to approximately 255M PYTH Tokens.

Update: November 16, 2023: The Claim Process for the Pyth Network Retrospective Airdrop will open on Monday, Nov 20 and remain open to eligible participants until Feb 20, 2024, at 6 PM UTC. Stay tuned for more details on launch timing and claim instructions.

About the Airdrop

The purpose of the Pyth Network Retrospective Airdrop Program is to stimulate participation in on-chain governance and bring the Pyth Network to a permissionless, decentralized, and self-sustainable mainnet state.

As discussed in the PYTH Tokenomics blog post, the general purpose of token-led governance is enabling the wider community to help shape the protocol’s development. You can learn more about the high-level scope of Pyth Governance in the Pyth Network Whitepaper 2.0.

The PYTH Tokens allocated for this airdrop are from the “Community and Launch” category. Up to 6% of the total supply (600 million PYTH Tokens) are available to eligible participants, including 100,000,000 PYTH Tokens for dApps, ~255,000,000 PYTH Tokens for on-chain activity by DeFi participants, and 10,000,000 PYTH Tokens for active community members.

The PYTH Token is in the Solana Program Library (SPL) standard, meaning it is native to the Solana blockchain.

Eligibility Criteria

Eligibility for the Pyth Network Retrospective Airdrop Program is based on contributions to the Pyth Network ecosystem and usage of the Pyth oracle.

You may be eligible for an airdrop allocation if you have participated in one of the following ways:

The airdrop program is backwards-looking and the snapshots for on-chain and social activity have already been completed.

Readers can check their eligibility using this airdrop check webpage and connecting their wallet(s).

Rest assured that there will be future opportunities to participate in the network. The contributions by the community are sincerely appreciated. You can learn more about the Pyth Network community here.

Eligibility Criteria Breakdown

DeFi Participants—You may be eligible for an airdrop allocation if you performed on-chain activities on dApps that use Pyth Network data in the following blockchain ecosystems:

Community Members—You may be eligible for an airdrop allocation if you hold any of these official Discord roles, hold any of these official Pyth Network NFTs, or have outperformed as a member of the Pyth Network Ambassador Program.

Note: a global snapshot has been completed. Transferring Pyth Network NFTs or gaining new official Discord roles will not make new wallets eligible.

Decentralized Apps Using Pyth Data—Details on how decentralized application teams and DAOs can check their allocation amounts will be announced in due course.

Airdrop Claiming Details

As of November 1, 2023, there have been no announcements on how eligible individuals or dApps can claim their airdrop allocation. Further updates will come through official Pyth Network social channels. If you have any questions, you can visit the official Pyth Network Discord and Telegram.

Determining Eligibility Criteria

Users of decentralized apps on Pyth-supported blockchains are eligible for an allocation based on their on-chain activity. Their interactions with dApps on the blockchain were analyzed, and allocation amounts were assigned as follows:

All wallets that interacted on-chain with the Pyth Network’s price feeds were analyzed. After anti-Sybil techniques were applied and blacklisted wallets were removed, the remaining wallets were ranked by number of interactions within each chain.

Each chain was split into three buckets of similar sizes, and similarly indexed buckets across the chains were combined to yield three overall buckets of users. The total allocation was split across these buckets as follows: 55% to the top third, 30% to the middle third, and 15% to the final third.

You can read more about the calculations for both on-chain interactions and community activities in the Airdrop Eligibility and Distribution blog post.

Safety Notice

Readers are strongly advised to exercise caution and be wary of potential scams. Always ensure that any webpages related to the Pyth Network that you visit have the domain. Similarly, please verify that any Pyth Network social media channels you visit are listed in the official community hub. Pyth Network community moderators will never message you first or ask you for personal information. You can learn more about the airdrop program from the Pyth Network Retrospective Airdrop page.

We can’t wait to hear what you think! Feel free to join the Pyth Discord and Telegram, and follow Pyth on X. You can also learn more about Pyth here. You can find bug bounty details for Pyth here.

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