Abstract
Following the deployment of Pyth’s Express Relay on EVM (initially on Mode, CO-PIP-3), this proposal is to deploy the SVM version of the contracts on Solana mainnet to allow DeFi applications on Solana to use Express Relay.
Rationale
- DeFi activity on Solana is increasing
- The deployment of Express Relay will provide an important primitive to improve the user experience on Solana
- Pyth DAO will benefit from helping DeFi on Solana grow. the revenue generated from the deployment over time should be used to further the Pyth ecosystem
Description
Similar to how it current operates on Mode, DeFi protocols expose opportunities to Express Relay and Searchers compete over the opportunity through an auction system running off-chain.
- Express Relay in Solana remains oracle agnostic. Searchers and Protocols can use separate oracles to measure health factors and price the opportunities
- Pyth DAO to earn 47% of the revenue collected by the Express Relay protocol. Such revenue is defined as the bonus paid by the winning Searcher for each of the opportunities processed through Express Relay. 3% is allocated to infrastructure providers and 50% is allocated to the DeFi protocols using Express Relay, inline with the design goal for DeFi to recoup most of the value
Implementation Plan
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PC to deploy Express Relay contracts and assign ownership to the Pyth DAO: per/contracts/svm at main · pyth-network/per · GitHub
Security Audit report: per/audit-reports/svm_audit.pdf at main · pyth-network/per · GitHubThe contract ensures auction bids are distributed correctly between the different parties and provide the necessary interfaces for other solana programs to ensure correct permissioning.
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Technical deployment:
- Deploy contracts on Solana mainnet with Pyth DAO as the sole admin of the express relay contract
- Set the relayer via DAO proposal in the contract once the server is live on mainnet accepting new opportunities and conducting auctions
- Conduct final tests with mainnet assets in small quantities to double check searchers and the relayer correct integration
- Protocols upgrade to use express relay as their main entry point for processing opportunities
On-chain Proposal
proposals.pyth.network
Pyth Network
Pyth is building a way to deliver a decentralized, cross-chain market of verifiable data from first-party sources to any smart contract, anywhere.