PYTH Airdrop Sparks Substantial Growth in Vital Solana Metrics

Pyth’s Thrilling Airdrop on Solana Sparks a Whirlwind

Trading volume soars, fees hit records, and new token accounts surge as PYTH announces an airdrop of around 250 million tokens on the Solana network.

PYTH Airdrop on Solana

On 20th November, Pyth, a decentralized finance (DeFi) oracle network, initiated an airdrop for its PYTH token, built on the Solana blockchain.

According to CoinMarketCap, the self-reported circulating supply of the PYTH token was around 1.5 billion, with a total supply of 10 billion. Approximately 250 million tokens were allocated for the airdrop, garnering attention and interest in the Solana network.

Volume and Fees Surge on Solana

An analysis of the volume chart on DefiLlama revealed a recent rise in Solana’s trading activity. On 20th November, coinciding with the airdrop announcement, the volume rose to around $392 million. Over the last 24 hours, the volume has continued to rise, surpassing $490 million.

Additionally, the network’s fees have increased in the past few days. On 20th November, the total fees reached over $130,000, marking the highest point in the year. As of this writing, fees in the last 24 hours have remained high, totaling around $123,000.

This notable increase in volume and fees is attributed to the PYTH token airdrop.

New Token Addresses Surge as Network Remains Stable

AMBCrypto’s examination of Solscan showed a notable impact on the new token chart. The number of new token accounts observed a substantial increase, rising from the peak of 391,000 over the past three months to over 593,000 on 20th November.

The number of active wallets reached the second-highest point in the last three months, surpassing 438,000 as of the latest data.

Furthermore, a review of Solana’s uptime status revealed consistent stability over the past three months, extending the period without significant downtimes and reducing concerns associated with the network’s performance.

As of this writing, Solana is experiencing a 5% increase in its value, trading at around $54.5.