Abstract
Following this request from @chop, a Community Council member, to secure funding for upcoming activities and council stipends, I propose extending the budget allocation to include the two existing governance councils within the Pyth DAO: the Pythian Council and the Price Feed Council.
This proposal requests allocating 415,000 PYTH tokens to compensate the next 15 elected council members for their upcoming six-month tenure (April 25 – September 25):
- 100,000 PYTH for the next Pythian Council (8 members)
- 315,000 PYTH for the next Price Feed Council (7 members)
Payments to future elected council members would performed at the end of each councils term (when being replaced by the future elected council).
Rationale
The Pythian Council and Price Feed Council play a critical role in executing governance functions delegated by the Pyth DAO. Until now, councilors have not been compensated for their work, but this should change.
Being a councilor requires both time and expertise to assess the value of proposals (e.g., whether a change improves the Pyth Network) and review the on-chain implementation of proposed upgrades.
Providing stipends will:
- Compensate councilors fairly for their contributions.
- Enhance participation and commitment by making the role more attractive.
Description
Pythian Council
The Pythian Council consists of 8 members elected for a six-month term. Their responsibilities include:
- Upgrading the oracle program.
- Setting data request fees per blockchain.
- Managing other protocol and network fees.
Each councilor contributes ~1 hour per week, totaling 25 hours over six months.
Compensation Proposal:
- 500 PYTH per hour (equivalent to $50-$75 at current rates).
- Total: 100,000 PYTH per term (500 PYTH × 25 hours × 8 members).
- Councilors must vote on >33% of OP-PIPs to be eligible.
- Stipend per councilor: 12,500 PYTH (paid at the end of tenure).
Price Feed Council
The Price Feed Council consists of 7 members elected for a six-month term. Their responsibilities include:
- Managing the list of available price feeds.
- Selecting data publishers.
- Setting the minimum number of publishers per price feed.
Each councilor contributes ~30 minutes per day, totaling 90 hours over six months.
Compensation Proposal:
- 500 PYTH per hour (equivalent to $50-$75 at current rates).
- Total: 315,000 PYTH per term (500 PYTH × 90 hours × 7 members).
- Councilors must vote on >33% of OP-PIPs to be eligible.
- Stipend per councilor: 45,000 PYTH (paid at the end of tenure).
Implementation Plan
- Gather feedback from the Pyth community and current councilors on the proposed stipends.
- Budget approval would be bundled with the onchain vote for the Council Election Approval
- Stipend disbursement would be performed as the future (4th) councils get approved onchain