# Establish a Process for new Price Feeds

Ideas Bank
1

Dear Pyth DAO Members,

The Price Feed Council has historically managed the evaluation and approval of new assets for support based on criteria such as projected demand from downstream applications and the feasibility of sourcing sufficient data publishers to ensure operational stability.

To optimize this process and enhance transparency, as a representative of the Price Feed Council, I am proposing an open submission model. This would allow any interested party—whether a council member, community member, or project representative—to submit requests for the integration of new Pyth price feeds.

To facilitate the review and approval of your request, we (the Price Feed Council) strongly suggest everyone to follow the guidelines below. Your request will then be assessed by Pyth DAO members and the Price Feed Council to determine its feasibility and potential impact. Kindly include the following sections:

1. Abstract

This section provides a comprehensive overview of the project or asset for which you are requesting a price feed. It should cover:

  • Project Overview: Present a detailed description of your project. Explain how your project operates, its market position, and its potential impact on the industry. Highlight any unique features or innovations that set your project apart from others.
  • History and Development: Offer a chronological account of your project’s development, from its inception to the present. Include key milestones, significant achievements, and technological advancements that have contributed to its growth. This context will help evaluate the project’s stability and growth trajectory.
  • Achievements and Accolades: Enumerate notable achievements, such as awards, recognitions, or significant funding rounds. Mention any strategic partnerships or collaborations that have bolstered your project’s credibility and reach. Demonstrating past successes can provide assurance of your project’s viability.
  • Partnerships: Detail any strategic partnerships, integrations, or collaborations with other organizations or projects.

2. Rationale

This section should justify the need for the requested oracle feed by addressing the following:

  • Volume and Listing Venues: Provide detailed metrics on the asset’s trading volume and its presence across trading venues. The Price Feed Council typically seeks assets with:
    • Trading Volume: Daily trading volume of 3-5 million USD over the past 30 days.
    • Listing Venues: Support from at least 3 trading venues (both decentralized exchanges (DEXs) and centralized exchanges (CEXs)), each with a minimum of 3 distinct liquidity pools.
    • Volume Concentration: At least 70% of the total daily trading volume should be in USD (or USD equivalent) to reduce cross-currency risk. We will use wstETH - stETH as an example where wstETH has 70% or more of stETH trading volume.
    • Accepted sources include, but not limited to: Coingecko, Coinmarketcap
  • Use Cases: Explain how the oracle feed will be used within your project or ecosystem. Detail specific use cases, such as its role in lending protocols, perpetual contracts, options trading, or other financial instruments.
  • Protocols and Applications: List any specific protocols or applications that have expressed interest in or are planning to utilize the oracle feed. Describe their function and relevance to your project, and outline how they will leverage the feed’s data. Provide evidence of interest or commitment from these entities if available.
  • Verticals: If specific protocols are not yet identified, describe the broader industry verticals that will benefit from the feed. For example, detail how the feed could enhance DeFi platforms, trading systems, or other financial services. Justify why these verticals are significant and how the oracle feed will fill existing gaps or enhance functionalities.

3. Proposed Plan

Outline your plan for the oracle feed integration, including:

  • Monetary Compensation: Define any financial compensation or incentives you are offering to the Pyth DAO for the integration and maintenance of the oracle feed. This might include a one-time payment, ongoing fees, performance-based rewards, or other forms of financial support. Be specific about the structure and timing of these compensations.
  • Usage and Demand: Provide detailed projections or data on the anticipated usage of the feed. Explain how various protocols or applications will utilize the feed and the expected volume of transactions or queries. This information will help assess the feed’s potential value and relevance.
  • Additional Benefits: Highlight any additional benefits that the oracle feed will bring to the Pyth Network. This could include improved data accuracy, broader market coverage, enhanced functionality for existing protocols, or any other unique advantages that distinguish your feed from others.

4. References

Provide relevant contact information and links for further investigation:

  • Social Media Profiles: Include links to your project’s official social media channels (e.g., Telegram, Discord, Twitter) where DAO members can follow updates and engage with your community.
  • Official Website: Provide the URL to your project’s official website for more comprehensive information about your project and its activities.
  • Other Resources: Share any additional resources that could be useful for understanding your project and the need for the oracle feed. This might include whitepapers, technical documentation, or previous press releases.

I look forward to the inputs and thoughts from the DAO community members.

4 Likes
2

I love this!!!

I look forward to submissions and will be reading with great interest!!! This marks an extraordinary opportunity to decentalise further with inputs from concerned stakeholders.

Personally I believe scaling first is the correct way forward, to secure market share. My wish is for Pyth to be here for the long term and be the most reliable, accepted, decentralised, transparent oracle and service provider ever.

A lot of work is required to get this right. And a lot of work has gone into even preparing this scaffolding framework for submission. Thanks to all involved thus far, and for those working at it now!!

1 Like
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i have seen some project representatives ask about Pyth Price Feeds for their token in discord,
and with this even community members likes us can see and also join in the discussions!
We also have the frontrow seats to seeing the approvals of new price feeds in action!

Question,

  1. Once implemented, will the submissions be done here in the Forum? i assume there will be a new Category for the submissions?
  2. What will be the timeline for submissions before they can be approved? is there like a window it will be open before approval/disapproval? for example, a submission will remain open for a week and after that it should be decided whether its approved or not.
  3. Kinda related to 2, for TGE, where Pyth usually ships the price feed within hours after TGE, does this mean they should submit requests way earlier than TGE so they can have the feed ready after TGE?
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4

What process has the Price Feed Council historically used to launch a new price feed? I understand some assessment and evaluation is involved. But on the surface, it seems like a fairly quick process since I remember some price feeds that were launched within hours of TGE (e.g. Wormhole token).

If this new process is established, would the Price Feed Council be subject to the same process and requirements? I ask because I believe there is value in giving the Price Feed Council a certain degree of autonomy and flexibility, and therefore stay nimble and responsive. This is somewhat related to the concerns that @bats4 and @Derrp alluded to.

But if this is a matter of the Price Feed Council needing “ideas” for new price feeds, then that would be another discussion altogether.

3 Likes