The Solana Name Service (SNS) team has been working on a new smart contract to administer and issue subdomains to allow .sol owners to create User-based Identity Systems (UIS). We would like to work with Pyth’s community to be the first to use this UIS. The smart contract is currently undergoing an audit by Halborn and is expected to be completed within the next 2/3 weeks.
Minting Pyth subdomains will cost a specific amount of PYTH tokens and these proceeds will be collected by the Pyth DAO Treasury. It will be up to the Pyth community to discuss and decide the desire to partake in such an initiative and if yes, the pricing of the Pyth subdomains.
Rationale
SNS allows users to get a unique and human-readable username (e.g. pyth.sol) instead of a public key. As of today, over 240,000 amount of .sol domains have been registered, 146,000+ have been traded at least once and there are currently over 107,000 wallets holding at least 1 .sol domain.
The Pyth Network community is among the strongest and largest within DeFi (especially within Solana). With the launch of SNS Pyth subdomains (e.g. zarpithya.pyth.sol), the Pyth DAO is in a prime position to:
Create its own User-base Identity Systems that are composable within the entire Solana DeFi Ecosystem
Offer a community-binding product
Generate revenue from the sales proceeds of .pyth subdomains for the DAO
The SNS Treasury will receive 10% of each registration.
Proposed Plan and Feasibility
The Pyth DAO needs to decide on the pricing of the subdomains. Pricing is based on the length of the subdomains, for example, the price schedule could be as follows:
# of characters
Cost in $PYTH
1
1000 PYTH
2
750 PYTH
3
500 PYTH
4
100 PYTH
5+
10 PYTH
There are no major technical lifts required on the Pyth DAO side since everything has been built by the SNS team and that minting will happen on sns.id. The Pyth DAO, however, would need to decide on the following parameters:
Price schedule (see above)
Authority address: used to change parameters of the subdomain registrar e.g change the price schedule
Fee vault: address used to receive the registration proceeds
Questions or uncertainties
How should domains be priced?
How often will the DAO review pricing and on which criteria?
I have been using my .sol addresses constantly and has made my web3 and DeFi use so much easier. Having a .pyth is a great idea which will bring closer all Pythians
Thanks for bringing this point up, I forgot to mention it in the initial post. There is a 10% fee on each registration that would go to the SNS Treasury.
I have amended the original post to clarify this point
If a domain is worth 100 PYTH then there is a 10/90 split, 90 PYTH go to the Pyth DAO treasury and 10 PYTH go to the SNS Treasury. It’s a standard flat rate that applies to all registrations.
I guess you don’t “need” anything! But if you would like a .Pyth domain, or anyone else for that matter, it may be a possibility if the governance allows!
The benefit of having a Pyth subdomain is that it inherits all the integrations and benefits of the .sol ecosystem, thanks to vertical integration. Additionally, Pyth subdomains offer a distinct namespace that doesn’t conflict with .sol, allowing the Pyth DAO to establish its own rules and governance. Think of it like an “in-game” username or a unique identifier within the Pyth community.
Not sure “donate” is the right term but your derrp.pyth will let you share your address in a much more readable form than the usual sol address. I have use my .sol extensively for that purpose. Super convenient
Thank you so much for coming up to the Pyth DAO Forum and submit this great idea
I’m very appreciative of you / Bonfida sharing this new product launch with the Pyth Community.
I personally agree with you that this is a great opportunity for the Pyth DAO, both from the social/community perspective as well as the value accrual opportunity
Thus I’d be for pushing this idea towards a formal proposal state once it’s ready
Before doing so, indeed, i believe the community should reach consensus on pricing, frequency of pricing reviews as well as agree on the ‘owner’/authority of such protocol
1st I like a lot @derrp’s proposal for when to review pricing
The subdomains being denominated in $PYTH, it makes sense to adapt pricing based on that and the thresholds suggested by Derrp seem great to me
Maybe the addition I’d suggest to this pricing schedule is that the price has to remain over the threshold for more than 1 week to prompt the need for a repricing of the subdomains
Pricing wise (as suggested by Bonfida here), I like this progressive pricing:
the shorter the name the more expensive
the PYTH numbers for each length category are OK with me ; most will have spend 100 PYTH or less to get their subdomain forever
Last, about the subdomain authority — I would suggest granting this authority to the Pythian Council (Multisig) as it would be solution with the least overheard/work required to maintain this endeavour
If the Pyth DAO were to be the owner of such, any changes would have to go through an operational vote (requiring a 50% quorum and a majority of YES) which slow things down as well as require the creation of custom proposals
Very interesting! I’m the proud owner of frozenmind.sol and frozenmind.eth so I need the Pyth version.
My question is about the subdomain, would it be .pyth.sol or straight .pyth? Some previous message refers to .pyth and some includes the .sol.
The second one would be my favourite since Pyth to me is all chains not only Solana.
Pricing at current Pyth price seems fair and proposed triggers for pricing review by @Derrp are interesting. I agree we need to consider a certain period of time over $X before triggering a review to avoid too many pricing changes over time like suggested by @KemarTiti.
Would the team consider the integration or some of the Bonafida features on the Pyth.network website?
Also unsure if the Staking site is currently showing the .sol address but this could be integrated as part of this initiative.
But if you would like a .Pyth domain, or anyone else for that matter, it may be a possibility if the governance allows!