Abstract
Following the interest expressed by KiloEx and the positive response from the community to have the Pyth oracle deployed on opBNB, this proposal is to implement a fee per price feed update of 0.000186 BNB (or about $0.09 at 27/05/24 price) in the Pyth smart contract.
Find the community discussion here: [CLOSED]Deploy Pyth’s pull oracle to opBNB - #21 by Sloth1890
Rationale
This deployment to opBNB enables all DeFi protocols, current and future, to use Pyth Data. This integration is also the first opportunity for the DAO to implement fees on a new deployment.
From the DAO perspective, KiloEx has constantly gathered over 3,000 daily active users on opBNB since the beginning of 2024 — KiloEx Trade
Even when assuming a single trade per user or 3,000 price update requests, daily revenue would be about 0.55 BNB ($350 / day at 27/05/24 price).
Description
This proposal upgrades the existing Pyth oracle contract on opBNB to increase the fees (Pyth Update Fee) collected for every feed updated from 0.000000000000000001 BNB to 0.000186 BNB.
Implementation Plan
Proposal id: HFScDYf98dMaHP9tzy1abT7GMqAUVD8YfVcgx32yvQZY
Verify the implementation following the steps below:
- The New Fee Value multiplied by 10 power the New Fee Expo equals to the agreed fee above