- 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 consisted of 8 elected members that you can find here. The second Pythian Council was elected in September 2024, where 4 council members were replaced as specified by the Constitution, which can be found 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, there are 6 council members that have an equal tenure of 2 terms: Afif Bandak, Marc Tillement, Robinson Burkey, Guillermo Bescos, Jayant Krishnamurthy, and Nope ; while Ivo Galic and y2kappa have 1 term.
Thus, Ivo Galic and y2kappa, are automatically re-appointed as Pythian Council member unless they decide to opt out to continue as councillors.
The last 2 members, automatically re-elected to the Pythian council, are thus to be determined based upon the amount of votes received during the 2nd Pythian Council Election.
It is important to note that neither Afif Bandak, Marc Tillement, Guillermo Bescos nor Robinson Burkey participated in the 2nd Pythian Council election as they were automatically re-elected from the 1st election. Thus the two council members with the highest vote during the 2nd Pythian Council Election are:
And will join:
- How to submit my candidacy?
Election of the Pyth DAO councils are a two step process:
- One nominates himself/herself 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 Sunday 30th, March, 2025 11.59PM UTC at the latest.
- Upon start of the on-chain voting election (Monday 31st, March 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: [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 Monday 31st, March 0:00 UTC — if the proposal is submitted prior to this date and time, your nomination will not be recognized.
- What is the Timeline for the council formation?
- Forum Nomination: From now til Sunday 30th, March, 2025 11.59PM UTC
- Onchain Nomination: From Monday 31st, March 0:00 UTC - start of voting on-chain
- End of Voting: Sunday 6th, April, 11.59PM UTC
- Pythian Council Approval: From Monday 7th, April, PYTH stakers will have to approve the elected Pythian Council and budget