[PASSED] CO-PIP-138: Reclaim Unused Pythnet Governance SOL

Proposals
1

Abstract

This Constitutional PIP proposes to:

  1. Authorize the cleanup and closure of obsolete Pythnet governance accounts holding unused SOL.

  2. Recover the associated SOL rent and return 881.2888 SOL to the Pyth DAO Treasury.

On-chain proposal: CO-PIP-138: Reclaim Unused Pythnet Governance SOL | Pyth Governance

Background

Since the creation of the Pyth DAO, Pythnet-based governance operations required Solana accounts and proposal accounts funded with SOL to cover account rent and transaction costs.

Following the Pythnet operational cutover on August 26, 2026, certain legacy governance accounts are no longer required for active operations. Those accounts continue to hold unused SOL rent that remains DAO property.

This PIP authorizes the cleanup and closure of eligible obsolete accounts and the recovery of their remaining SOL. The recovered 881.2888 SOL will be returned to the Pyth DAO Treasury.

This proposal is limited to the recovery of unused SOL and does not make any other governance, constitutional, operational, or personnel changes.

Rationale

1. Unused Pythnet governance accounts hold recoverable SOL

Historically, Pythnet governance operations required Solana accounts and proposal accounts funded with SOL to cover account rent and transaction costs. Following the Pythnet operational cutover on August 26, 2026, certain legacy accounts are no longer required for active operations but continue to hold refundable SOL rent.

The current estimated recoverable balance is 881.2888 SOL, subject to final on-chain verification and any transaction costs incurred during the cleanup.

2. The recovered SOL should be returned to the DAO Treasury

The SOL held in these accounts is DAO property and should be consolidated in the DAO Treasury rather than remain distributed across obsolete accounts.

The recovered SOL will be transferred to the native SOL address of the Pyth DAO Treasury: Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak

Implementation

1. Reclaim unused Price Feed Council and Pythnet governance SOL

This will reclaim the SOL held in obsolete Price Feed Council and Pythnet governance accounts.

  • Estimated recoverable amount: 881.2888
  • Destination treasury account: Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak

To reclaim the SOL, the mesh program, which hosts the Pythian Council and the Price Feed Council, will be upgraded to add permissionless delete_transaction and delete_instruction instructions that can only be called on Price Feed Council accounts and send the reclaimed funds to the Pyth DAO Treasury. As a side effect of this process, the history of proposals voted on by the Price Feed Council will be deleted from the on-chain state.

Code changes: https://github.com/pyth-network/mesh/compare/d208b7b...adf1959r

Verification:

  • Check that the program upgraded is the mesh program at SMPLVC8MxZ5Bf5EfF7PaMiTCxoBAcmkbM2vkrvMK8ho
  • To reproduce the build make sure you’re on an arm64 Mac with solana-cli 1.18.23 (src:e5d267d9; feat:4215500110, client:Agave):
    • git clone <``https://github.com/pyth-network/mesh.git>
    • cd mesh
    • git checkout add-delete-for-price-feed-council
    • cargo build-sbf
  • Make sure the upgrade buffer bytecode matches the local build (the two hashes printed by the command below should be equal):
solana program -u m dump G9giYz3Mxz6jQoipmQ1umNkPxYaZZ9Xb1wd8829upzCV /tmp/buffer.so && sha256sum /tmp/buffer.so target/deploy/mesh.so

On-chain proposal: CO-PIP-138: Reclaim Unused Pythnet Governance SOL | Pyth Governance

5 Likes
2

Great transparency! Thanks for the effort.
Is there any yield-generating staking planned for such SOL holdings?

3

Hey!

According to the existing DAO Treasury management/strategy, any non-PYTH holdings (SOL, ETH, USDC, etc), are used on a monthly basis to purchase PYTH tokens on the open market.

See here: [PASSED] OP-PIP-87: PYTH Token Phase 2 — $PYTH Strategic Reserve - #3 by KemarTiti

But note that there’s currently a proposal that slightly change the method: [ONGOING] OP-PIP-136: Pyth Strategic Reserve V2 - #2 by scp

1 Like