Guide for the Price Feed Council Election #3

Price Feed Council
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  1. 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. The second Price Feed Council election happened in October 2024 and replaced 3 of the 7 previously elected council members.

It is important to note that now the DAO needs to put into election 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, there are 5 council members with an equal tenure of 2 terms:

  • Giulio Alessio, Pyth Data Association
  • Lawrence Samantha — NOBI
  • Nicholas Diakomihalis — Douro Labs
  • Harnaik Kalirai, Douro Labs
  • Antoine Bellanger — SwissBorg

To determine whom from the above 5 council would be automatically re-elected for this 3rd council, we now check who received the most votes during the 2nd election process.

Of all, only Harnaik Kalirai participated in the 2nd Price Feed Council election and therefore is automatically re-elected for another tenure in the Price Feed Council.

He will join the 3 automatically re-elected council members:

  • Lawrence Samantha — NOBI
  • John Gu — Caladan
  • Nicolas Genechesi — XBTO
  1. How do submit my candidacy?

Election of the Pyth DAO councils are a two step process:

  1. One nominates himself/herself 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 Pythian Council:
    • …
    • …
    • …
  • Relevant Experience:
    • …
    • …
    • …

This first step must be done by Sunday 13th, April, 2025 11.59PM UTC at the latest.

  1. Upon start of the on-chain voting election (Monday 14th, April 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).
  • 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 Monday 14th, April 0:00 UTC — if the proposal is submitted prior to this date and time, your nomination will not be recognized.

  1. What is the Timeline for the council formation?
  • Forum Nomination: From now til Sunday 13th, April, 2025 11.59PM UTC
  • Onchain Nomination: From Monday 14th, April 0:00 UTC - start of voting on-chain
  • End of Voting: Sunday 20th, April, 11.59PM UTC
  • Pythian Council Approval: From Monday 21st, April, PYTH stakers will have to approve the elected Price Feed Council and budget request
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