Pyth governance is the layer that decides everything the protocol itself doesn't decide automatically: which feeds to list, which publishers to include, what slashing parameters to use, where treasury funds go, how the Constitution is amended. It runs through a Discourse forum (forum.pyth.network), a typed proposal system (PIPs), and three councils with separate mandates.
The proposal system
- PIP — standard Pyth Improvement Proposal. The vehicle for changes within a council's mandate.
- OP-PIP — Operational PIP. Routine work (parameter tweaks, publisher onboarding) that a council can ratify without a DAO-wide vote.
- EXC-PIP — Exceptional PIP. Changes outside any council's standing mandate (Constitution amendments, treasury reallocations). Requires a stake-weighted DAO vote.
The three councils
Each council has a distinct mandate set by the Constitution. The Constitution is also the canonical source for council sizes, multisig thresholds, and election rules — check it for current values rather than relying on the summary below.
- Pythian Council — oracle parameters and the publisher set
- Price Feed Council — feed listing and curation
- Community Council — community spend: grants, incentives, and growth programs
How to follow it on Pythscan
/governance mirrors the Discourse forum: every section, every topic, with reply counts and last-activity timestamps. /councils has the encyclopedia entry for each council with current members and cycle history.