Author: Max
Editor: Xiaozhi
Today, this article continues to talk about the topic of getting rich through airdrops. The protagonist is Pyth, a potential project that has just been listed on Binance Spot!
At present, the first airdrop project zeroland has distributed benefits to Pyth stakers and won a good jackpot. It is expected that there will be waves of big profits in 2024!
Pyth is a decentralized financial market data oracle that provides real-time and accurate financial market price information for DeFi applications by integrating data from major global exchanges and market makers.
We can think of Pyth as a decentralized market data platform. Unlike traditional oracles that rely on nodes to collect data from public sources, Pyth stands out by incentivizing the original owners of financial data to contribute it directly to the blockchain.
This unique “first-party” data model future-proofs Pyth for the ever-expanding world of DeFi. The network’s data providers, comprised of global exchanges, trading companies and market makers, are the true creators and owners of the data they contribute.
The Pyth network is mainly composed of three parts: data provider, Python protocol, and data users.
The leader in the oracle track is link. Its data refresh frequency ranges from a few minutes to a few hours, while the Python data refresh interval is 300-400 milliseconds. The advantages of this low-latency and high-frequency update are very obvious, especially in high-frequency applications. under volatile conditions.
Initially, Pyth Network was built based on the Solana public chain, and later migrated to its own Pythnet blockchain based on Solana technology. It covers data on multiple asset classes such as cryptocurrencies, stocks, and foreign exchange, and provides key support for various DeFi applications.
In terms of team background, the core team of Pyth Network is composed of many OGs.
Mike Cahill, one of the founders, was a former executive of Jump Trading and DRW and has extensive experience in the financial market. Another founder, Jayant Krishnamurthy, has worked at Goldman Sachs and Amazon Web Services and was responsible for the development of complex systems. Core developer Ciaran Cronin comes from Chorus One and has participated in the development of Cosmos. The team lineup is very luxurious.
Pyth completed strategic financing on December 5 last year. The amount of financing is unknown. Well-known Castle Island Ventures, Multicoin Capital, Wintermute Ventures, Distributed Global, etc. participated in the investment.
The total supply of Pyth tokens is 10 billion, with 15% initially released, which is currently 1.5 billion. The current circulating market value is US$612 million, ranking 77th, and the pledge rate reaches 30%. Next, on 2024/05/20, more than 2.1 billion coins will be unlocked, accounting for 21.3% of the total.
Based on TVS and the number of supported protocols, Python is already the second-largest protocol in the oracle sector. Chronicle is basically MakerDAO’s stand-alone oracle, and WINkLink serves Tron. Therefore, Python, which represents the strength of Wall Street, still has great potential.
After introducing the basic situation of Pyth, what opportunities do we have to profit from it?
Tia's earlier airdrop feast should have taught everyone a good lesson. Simply staking can actually reap so much profit from other project tokens, so the newly-included Pyth also has a good chance.
The steps to participate are very simple. Deposit PYTH into the phantom wallet, then go to https://staking.pyth.network to stake, and then vote every week.
However, it should be noted here that there is a saying that the pledged amount needs to be in the top 20% of the queue to be eligible to receive airdrops.
According to the official website, there are currently more than 140,000 addresses pledged. Calculated, a single wallet is required to pledge more than 2,000 tokens, and the cost is more than 1,000 U. This will have a certain threshold for small retail investors.
In the context of the bull market, it is easy for this kind of gold hairpin currency to take off!
The strong market control of PYTH is very serious. It has reached above 0.4U many times before, and the price was quickly brought down. On February 2, Binance announced the launch of the PYTH spot trading pair, and the price soared and exceeded 0.54 US dollars (it did not break through the historical high 0.65 US dollars), it is likely to have become a stage high!
In order to cooperate with the first large-amount unlocking in May, the dealers are likely to prevent the price from soaring too high in the early stage, wash the market to concentrate chips, wait until the unlocking is approaching, then pull the market, and ship after the unlocking. We might as well wait and see whether the script will go like this.
Finally, this article has compiled a list of projects with potential airdrops to PYTH stakers:
Kamino、Drift Protocol、Monad (evm/acc)、Zeta Markets、marginfi、cega、Parcl、Blast、Flash.Trade、Paradex、Pontem Lumio、Polynomial Protocol
P.S This article does not constitute investment advice!
