[PASSED] CO-PIP-139: Retirement of the Price Feed Council and Constitution Update

Proposals
1

Abstract

This Constitutional Pyth Improvement Proposal (CO-PIP-139) retires the Price Feed Council and removes obsolete Pythnet-era governance machinery from the Pyth DAO Constitution. It retains Oracle Integrity Staking (OIS) only as a legacy, unstake-only definition and removes its active governance authorities.

The Price Feed Council was established to manage the list of price feeds available through Pyth, select publishers, and set minimum publisher requirements. Pythnet has now been sunset, and Pyth Pro (formerly Pyth Lazer) is operated and administered by Douro Labs under the Pyth Pro governance framework. The Price Feed Council is therefore no longer required as a DAO council.

CO-PIP-139 will:

  1. retire the Price Feed Council permanently;
  2. remove the Price Feed Council’s constitutional authority, election process, multisig definition, and Operations Wallet reference;
  3. remove the remaining Pythnet and PGAS definitions and delegated authorities, remove active OIS governance authorities, and mark OIS as legacy and unstake-only; and
  4. adopt the edited Constitution available in Github (PR: Update pyth-dao-constitution.md by KemarTiti · Pull Request #578 · pyth-network/governance · GitHub ) as the authoritative Constitution of the Pyth DAO.

Any proposal concerning that council members stipend will be submitted separately as an Operational PIP after CO-PIP-139 has passed.

Realms proposal: CO-PIP-139: Retirement of the Price Feed Council and Constitution Update | Pyth Governance

Rationale

The Price Feed Council is no longer required

The Price Feed Council was created for a Pythnet-era operating model. Its constitutional responsibilities were:

  • managing the list of price feeds available through Pyth; and
  • selecting publishers and setting the minimum number of publishers per price feed.

Pythnet has now been sunset. Pyth Pro is the active off-chain data service and is operated and administered by Douro Labs under the Pyth Pro governance framework. Maintaining a council with authority over the former Pythnet price-feed and publisher-management functions would leave the Constitution describing an authority that no longer corresponds to the live system.

The Constitution should no longer preserve deprecated Pythnet and OIS

The Constitution still contains definitions and delegated responsibilities for the Pythnet Appchain, PGAS, and Oracle Integrity Staking (OIS). These provisions describe network and data-integrity functions that were tied to Pythnet and are no longer part of the live Pyth DAO operating model.

OIS rewards have ended, and OIS staking and slashing for Pythnet data are no longer active following the Pythnet sunset. Governance staking for PYTH holders is separate and remains unaffected. CO-PIP-139 removes the obsolete OIS governance authorities while retaining the OIS definition solely as a legacy, unstake-only reference. The edited Constitution also updates the Pyth Lazer terminology so that it describes the current Pyth Pro operating model operated on behalf of the Pyth DAO by the entity appointed from time to time by the Pyth DAO through a Constitutional PIP.

Proposed constitutional changes

The suggested Constitution makes the following changes:

1. Retire the Price Feed Council

The suggested version removes:

  • the Price Feed Multisig Wallet definition;
  • the Price Feed Council’s Operations Wallet from the Operations Wallets definition;
  • the Price Feed Council election from the list of DAO-voted Operational PIPs;
  • the Price Feed Council’s delegated authority over feeds and publishers; and
  • the complete Price Feed Council composition, election, replacement, and participation section.

The remaining council sections are renumbered so that the Community Council becomes section 2. The Constitution will describe two councils: the Pythian Council and the Community Council.

2. Remove Pythnet-era and OIS terminology and authority

The suggested version removes:

  • the PGAS definition;
  • the Pythnet Appchain definition; and
  • the Pythian Council’s delegated responsibilities for PGAS allocation and delegation to validators, OIS pool capacity, OIS delegation fees, and OIS slashing parameters.

The OIS definition is retained and updated to identify OIS as a legacy Pythnet staking mechanism in unstake-only mode.

The Pyth Lazer, Pyth Pro, and Pyth Data Marketplace operator definitions are updated to refer to the entity appointed from time to time by the Pyth DAO through a Constitutional PIP, rather than naming a specific entity.

The Pyth Lazer definition is updated to describe the production of Pyth Pro data operated on behalf of the Pyth DAO by the appointed entity under the Pyth Pro Governance section of the Constitution.

3. Preserve live governance

The amendment does not change:

  • the Pythian Council or its multisig;
  • the Community Council or its multisig;
  • the Pyth DAO Treasury;
  • Pyth Pro governance, revenue distribution, payment terms, or reporting;
  • Pyth Data Marketplace governance;
  • Pyth Entropy or Express Relay provisions; or
  • governance staking and DAO voting functionality; or
  • the general PIP process, voting thresholds, or Constitutional PIP requirements.

Implementation plan

Realms proposal: CO-PIP-139: Retirement of the Price Feed Council and Constitution Update | Pyth Governance

Upon passage of CO-PIP-139:

  1. The Pyth DAO governance repository will be merged with this PR: Update pyth-dao-constitution.md by KemarTiti · Pull Request #578 · pyth-network/governance · GitHub .
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