- What is the Price Feed Council?
As defined in the adopted Pyth DAO Constitution, the Price Feed Council is made of 7 members who are signers of the Price Feed Multisig Wallet. The Price Feed Multisig Wallet has powers to perform actions that are delegated to it by the Pyth DAO.
The Operational PIPs delegated to the Price Feed Council involve:
- the management of the list of price feeds available through Pyth
- the selection of publishers and the setting of the minimum number of such publishers per price feed
The execution of such actions by the Price Feed Council requires 5-of-8 approval (with one of the default multisig holders being the Operations Wallet itself)
The first-ever Price Feed Council was elected in March 2024 and consists of 7 elected members that you can find here. It is important to note that now the DAO needs to put into election only 4 members of its cohort of 7 members.
The 4 members to remain are selected given the following cascading criteria (the Election Criteria):
- the shorter tenure till the date of the election;
- in the case of equal tenure, the member with the higher amount of votes in the last election;
- in the case of equal tenure and equal amounts of votes, the member with the higher count of multisig participations
In the current scenario, all 7 members have an equal tenure ; thus we rely on the second criteria to tie break the councilors.
The 4 council members with the most vote during the Price Feed Council Election #1 were:
Giulio Alessio — Pyth Data Association
Lawrence Samantha — NOBI
Nicholas Diakomihalis — Douro Labs
Antoine Bellanger — SwissBorg
Thus, and unless they would publicly refuse this automatic reelection in the below discussion, they would be re-elected as members of the next Price Feed Council.
- How to submit my candidacy?
Election of the Pyth DAO councils are a two step process:
- One nominates himself on the Pyth forum by creating a new topic under the Price Feed Council segment — nomination must be following the template below:
- Topic Title: [Candidate name, Protocol/Team]
- Wallet address (SPL/Solana):
- Describe how you will custody your private key (hardware wallet, MPC provider such as Fireblocks, etc):
- Name of Candidate
- Full Name:
- Twitter handle:
- Discord handle:
- Github handle:
- Current Role / Ecosystem
- Title:
- Company name (if applicable) or Protocol:
- Main Location
- Continent:
- Motivations to participate in the Price Feed Council:
- …
- …
- …
- Relevant Experience:
- …
- …
- …
This first step must be done by Wednesday 9th October 11.59PM UTC at the latest.
- Upon start of the on-chain voting election (Thursday 10th October 0:00 UTC), you must submit a proposal on Realms to formalize your candidacy — be sure to follow the steps below:
- Go to: Realms
- Connect your wallet (that has the staked PYTH tokens). As of October 2nd, you would need 29,750 $PYTH tokens (or .5 basis points of the current Votable Tokens) staked to submit your proposal
- Click on “New proposal”
- Fill in the “Title” section with the following: [Price Feed Council Election] Name - Protocol
- Fill in the “Description” section by copy-pasting the url of your candidacy post on the Pyth Forum
- IMPORTANT: In the “Wallet” section, select 8f866…8R5rh, this identifies this proposal as an election proposal
- Click on “Add proposal” and sign with your wallet Please refer to this video for a step by step demonstration.
This seconds step must be done only from Thursday 9th October 00.00AM UTC — if the proposal is submitted prior to this date and time, your nomination will not be recognized by given the epoch boundaries.
- What is the Timeline for the council formation?
- Forum Nomination: From now til Wednesday 9th October 11.59PM UTC
- Onchain Nomination: From Thursday 10th October 0:00 UTC - start of voting on-chain
- End of Voting: Thursday 17th October at 0:00 UTC
- Price Feed Council Ratification: From Monday 20th October, PYTH stakers will have to ratify the elected Price Feed Council
