Guide for the Pythian Council Election #2

Pythian Council
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  1. What is the Pythian Council?

    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 upgrade of the ER program for each of the blockchain where ER is available
    • the assignment of the relayer function and monitoring of the performance of such assignment
    • the setting of the ER fee distribution

    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)

    The first-ever Pythian Council was elected in March 2024 and consists of 8 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 8 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 8 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 Pythian Council Election #1 were:

    Afif Bandak — Synthetix

    Marc Tillement — Pyth Data Association

    Robinson Burkey — Wormhole Foundation

    Guillermo Bescos — Douro Labs

    Thus, and unless they would publicly refuse this automatic reelection in the below discussion, they would be re-elected as members of the next Pythian Council.

  1. How to submit my candidacy?

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

  1. One nominates himself on the Pyth forum by creating a new topic under the Pythian 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 Wednesday 28th August 11.59PM UTC at the latest.

  1. Upon start of the on-chain voting election (Thursday 29 August 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 August 22nd, you would need 55,119.10 $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: [Pythian 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 29th August 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

  1. What is the Timeline for the council formation?
  • Forum Nomination: From now til Wednesday 28th August 11.59PM UTC
  • Onchain Nomination: From Thursday 29th August 0:00 UTC - start of voting on-chain
  • End of Voting: From Thursday 5th September, depending on the time of the onchain nominations
  • Pythian Council Ratification: From Monday 9th September, PYTH stakers will have to ratify the elected Pythian Council
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Keen to see where this goes!!! So glad this is in the hands of stakers… Decentralisation in action. Pyth Governance Forum users should take full advantage of this opportunity. 4 places available!!

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Best wishes to all of the nominees. Hope it goes well for all of you. Now let the campaigning begin!