The recent initiative by Pyth, involving an airdrop of approximately 250 million PYTH tokens, had a significant impact on the Solana blockchain, leading to a substantial increase in trading volume.
The airdrop, conducted on November 20th, caught the attention of the crypto community. The total circulating supply of PYTH tokens, according to CoinMarketCap, is around 1.5 billion, with a total supply of 10 billion. Approximately 250 million of these were allocated for the airdrop.
One of the most notable effects was the surge in trading volume on the Solana network. DefiLlama data shows that the volume reached around $392 million on the day of the airdrop announcement, and in the subsequent 24 hours, it continued to rise, surpassing $490 million. This level of activity is notably higher than observed in previous months.
Network fees also experienced a substantial increase. On November 20th, total fees surpassed $130,000, marking a yearly peak. Although they remained elevated in the following 24 hours, around $123,000, these figures signify a significant shift in the network’s dynamics, suggesting increased user participation.
Solana Demonstrates Network Strength
The impact extended to the creation of new token addresses on the Solana network. Solscan revealed an increase in the number of new token addresses, exceeding 593,000 on the day of the airdrop, compared to the previous peak of around 391,000 in the last three months. Additionally, the number of active wallets reached the second-highest point in the last three months, surpassing 438,000.
Despite these changes, the stability of the Solana network remained constant, according to the analysis of uptime. This period without significant downtimes further contributes to consolidating Solana’s position in the blockchain, demonstrating its ability to handle sudden increases in activity.
In terms of prices, Solana (SOL) experienced a slight decline today, reaching approximately $54.5 at the time of writing, reflecting a 0.7% reduction in its value. Additionally, the market capitalization of SOL also dropped by 0.7%, standing at almost $23.2 billion, while its 24-hour volume decreased by 1.6%, reaching $2.11 billion.
