PYTH is a Solana native token used as the utility token of the Pyth Network, a decentralized oracle that disseminates real-time financial market data across various blockchains. ^[1]

Overview

On November 20, 2023, the PYTH token launched with a $468 million market cap, following their airdrop. The PYTH Token is also used as a governance token, allowing token holders to participate in governance votes, and enabling shareholders to control the direction of the Pyth Network. ^[2][3]

Airdrop

On November 1, 2023, The Pyth Network unveiled their airdrop program, the "Pyth Network Retrospective Airdrop", aimed to reward supporters and community members who have contributed to their oracle network. Following the announcement, a snapshot for increased inclusivity passed on November 15, 2023, leading to an additional 55 million PYTH to be part of the airdrop. On November 20, 2023, the airdrop was opened, and eligible participants became able to claim their PYTH until February 18, 2024. At the time of the airdrop, the Pyth Network reached a Total Value Secured (TVS) of $1.5 billion across 120 protocols, positioning them as the fourth-largest pricing oracle. ^[3][4][5]

Eligibility

Individuals stand eligible for participation in the Pyth Airdrop under the following conditions:^[5][6]

1. App Interaction: Users who have engaged with applications utilizing Pyth data on any supported blockchain, such as Solana, Aptos, Sui, Cosmos, and the EVM ecosystem.
2. NFT Ownership: Those who have received and currently hold Pyth Non-Fungible Tokens (NFTs) obtained through official Pyth community activities.
3. Discord Community Roles: Individuals who have been assigned special community roles within the official Pyth Discord server.

Funding

In December 2023, the Pyth Data Association conducted a fundraising round, with contributions from industry entities such as Castle Island Ventures, Multicoin Capital, and Wintermute Ventures. The Pyth Data Association allocated PYTH tokens to the fundraising contributors, empowering them to potentially influence the platform's development. The fundraising round aimed to expand the Pyth community and enhance the network through increased access to capital, governance participation, protocol improvements, and strategic guidance. ^[8]

Token Distribution

The PYTH token has a total token supply of 10,000,000,000 (10B) PYTH Tokens and the distribution is structured to align with the strategic goals of the Pyth Network, fostering growth, supporting development, and rewarding contributions to the ecosystem. ^[7]

Initial Circulating Supply and Lockup Schedule

The initial circulating supply, as of November 2023, comprises 1,500,000,000 (15%) PYTH Tokens. The remaining 85% is subject to a lockup schedule, with unlock periods occurring at 6, 18, 30, and 42 months following the initial token launch. ^[7]

Vesting Schedule

PYTH Lockup Schedule

Ecosystem Growth (52% — 5,200,000,000 PYTH)

The "Ecosystem Growth" allocation, constituting 52% of the total token supply, is dedicated to contributors, including developers, educators, researchers, strategic contributors, and early publishers. This allocation supports initiatives such as research projects, developer incentives, and public education programs. As of now, 13% (700M) of the 5.2B PYTH Tokens are unlocked, while the remaining 4.5B follows the unlock schedule. ^[7]

Publisher Rewards (22% — 2,200,000,000 PYTH)

Reserved for Pyth Network data providers, known as "publishers," this allocation of PYTH Tokens aims to incentivize the publication of accurate and timely price data. Approximately 2% (50M) of the 2.2B PYTH Tokens are currently unlocked, with the remaining 2.15B subject to the specified lockup schedule. These rewards are distributed to publishers upon unlocking. ^[7]

Protocol Development (10% — 1,000,000,000 PYTH)

This portion is allocated to contributors focused on building oracle tooling, products, and infrastructure for the Pyth Network's decentralized data services. Currently, 15% (150M) of the 1B PYTH Tokens are unlocked, with the remaining 850M subject to the specified unlock schedule. ^[7]

Private Sales (10% — 1,000,000,000 PYTH)

Representing historical funding rounds, this allocation is dedicated to strategic contributors providing advisory and infrastructure support. The entire 1B PYTH Tokens in this category are subject to the unlock schedule described above. ^[7]

Community and Launch (6% — 600,000,000 PYTH)

Reserved for the initial launch phase and related activities, this allocation includes portions for DeFi participants, protocols, DAOs, and other launch initiatives. The entire 600M PYTH Tokens in this allocation are unlocked from day one. ^[7]