About the Pythian Council

Pythian Council
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The Pythian Council is in charge of approving oracle program updates or changes to the data request fees.

As defined in the adopted Pyth DAO Constitution, the Pythian Council is made of 8 members who are signers of the Pythian Multisig Wallet.

The Pythian Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO.

The Operational PIPs delegated to the Pythian Council involve:

  • the upgrade of the oracle program
  • the upgrade of the verification program for each of the blockchains where Pyth data is accessible
  • the setting of data request fees per blockchain, as well as other protocol or network fees
  • the management of PGAS allocation and delegation to validators

The execution of such actions by the Pythian Council requires 7-of-9 approval (with one of the default multisig holders being the Operations Wallet itself)

19 Likes
[PASSED] OP-PIP-125: Cross-Chain Fee Repatriation Framework
[PASSED] OP-PIP-128: Pyth Core Sunset — Fee Zeroing & Balance Repatriation
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Pythian Council Ops Multisig

In addition to the main Pythian Multisig, OP-PIP-87 established a dedicated Pythian Council Ops Multisig for treasury operations:

Address: GAdn7TZhszf5KTfwNRx3A2nP6KCRFEWucZubgdEqbJA2

Purpose: Execute PYTH token purchases on behalf of the DAO Treasury. The DAO transfers funds (SOL/USDC) to this multisig, the Pythian Council executes swaps to PYTH following OP-PIP-87 guidelines (≤5% slippage), and purchased PYTH tokens are returned to the DAO Treasury.

Threshold: 5-of-8

This operational multisig allows the Council to act as the executing arm for treasury management without requiring per-transaction governance votes, while maintaining full transparency through post-execution reporting.