[PASSED] OP-PIP-38: Deploy Express Relay on Solana Mainnet

Proposals
1

Abstract

Following the deployment of Pyth’s Express Relay on EVM (initially on Mode, CO-PIP-3), this proposal is to deploy the SVM version of the contracts on Solana mainnet to allow DeFi applications on Solana to use Express Relay.

Rationale

  • DeFi activity on Solana is increasing
  • The deployment of Express Relay will provide an important primitive to improve the user experience on Solana
  • Pyth DAO will benefit from helping DeFi on Solana grow. the revenue generated from the deployment over time should be used to further the Pyth ecosystem

Description

Similar to how it current operates on Mode, DeFi protocols expose opportunities to Express Relay and Searchers compete over the opportunity through an auction system running off-chain.

  • Express Relay in Solana remains oracle agnostic. Searchers and Protocols can use separate oracles to measure health factors and price the opportunities
  • Pyth DAO to earn 47% of the revenue collected by the Express Relay protocol. Such revenue is defined as the bonus paid by the winning Searcher for each of the opportunities processed through Express Relay. 3% is allocated to infrastructure providers and 50% is allocated to the DeFi protocols using Express Relay, inline with the design goal for DeFi to recoup most of the value

Implementation Plan

  1. PC to deploy Express Relay contracts and assign ownership to the Pyth DAO: per/contracts/svm at main · pyth-network/per · GitHub
    Security Audit report: per/audit-reports/svm_audit.pdf at main · pyth-network/per · GitHub

    The contract ensures auction bids are distributed correctly between the different parties and provide the necessary interfaces for other solana programs to ensure correct permissioning.

  2. Technical deployment:

    • Deploy contracts on Solana mainnet with Pyth DAO as the sole admin of the express relay contract
    • Set the relayer via DAO proposal in the contract once the server is live on mainnet accepting new opportunities and conducting auctions
    • Conduct final tests with mainnet assets in small quantities to double check searchers and the relayer correct integration
    • Protocols upgrade to use express relay as their main entry point for processing opportunities

On-chain Proposal

3 Likes
2

Keeeeen!!

Solana DeFi is cooking!!!
Excited to see the integrations. Just quietly (or rather not-so-quietly) a Kamino maxi.

47% will be a great win: as Solana DeFi Summer 2.0 is already heating up.

3

gm gm

As a member of the Pythian Council, I fully support the proposal to make Pyth Express Relay available on Solana.

Solana’s activity has surged, positioning it as a strong competitor to Ethereum L1. Deploying a protocol like Pyth Express Relay on Solana is a strategic move that offers multiple benefits: (1) enhanced user experience, (2) increased value accrual for protocols leveraging Pyth Express Relay, and (3) significant value addition to the Pyth DAO.

Moreover, given Pyth’s larger footprint on Solana compared to EVM ecosystems, this deployment is likely to drive substantial activity. Pyth is already integrated into prominent Solana-based projects such as Kamino, Save, and mrngfi, which collectively manage $3 billion in total value locked (TVL).

Finally, the proposed fee and revenue split is consistent with the model established on Mode, and I am in favor of this structure. Allocating the majority of revenue to the protocol (50%) and the Pyth DAO (47%) aligns well with our shared goals and ensures robust support for ongoing development.

1 Like