READ FIRST: About Pyth Improvement Proposals (PIPs)

Proposals
1

Pyth Improvement Proposals

PIPs are the primary methods to introduce, discuss and implement changes to the Pyth DAO Constitution, governance and operations.

PIP Types

Each PIP must be labeled as Constitutional PIPs or Operational PIPs as described in more detail below:

  • Constitutional PIPs are voted on by the Pyth DAO and they involve:

    • the upgrade of the Governance, Staking or Multisig programs
    • the amendment of this Constitution
    • the creation of Pyth DAO councils and sub-committees

  • Operational PIPs that are either voted on by the Pyth DAO or delegated to one of the two Councils.

    • Operational PIPs that are voted on by the Pyth DAO: - the election of members of the Pythian Council - the election of members of the Price Feed Council - the management of the Pyth DAO Treasury - the exceptional removal and replacement of a council member
    • 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
    • Operational PIPs delegated to the Price Feed Council involve: - the management of the list of price feeds available through Pyth - the selection of publishers and the setting of the minimum number of such publishers per price feed

PIP Process

No PIP may be in violation of any of terms of the Operating Agreement of Pyth DAO LLC, or any applicable laws (including, in particular, sanctions-related regulations).

The end-to-end process length is 7 days.

  1. Proposal Submission

A PIP is submitted through a structured process via the Pyth DAO Discourse, marking the initiation of the formal review process. Each PIP needs to include:

  • Title - summary of your idea
  • Abstract - that summarizes the PIP
  • Rationale - that explains why the Pyth community should implement the PIP and how it aligns with community’s mission and values
  • Key Terms - technical and/or commercial associated with the PIP
  • Implementation Plan - steps envisioned to implement the PIP, including resources needed for each step and timelines. The implementation plan may include binding on-chain actions that will automatically execute when the PIP passes.

If you would like further support or community feedback on your proposal idea before creating a formal PIP, you can take your idea to the Ideas Bank.

The requirements for formally advancing a proposal to the on-chain governance program are:

  • For a proposal voted on by the Pyth DAO, the proposer needs to hold at least 0.25% of the current Votable Tokens.
  • For a proposal voted on by a council, a member of such council needs to propose it.
  1. DAO Voting on formal PIP (7 days)

The Pyth DAO is able to vote directly on-chain on the submitted PIP for 7 days. The PIP passes if the following condition is met:

  • in the case of a Constitutional PIP, > 67% of all Votable Tokens have been cast “in favor”; or
  • in the case of an Operational PIP that is voted on by the Pyth DAO, > 50% of all Votable Tokens have been cast “in favor”
  1. Implementation

The PIP is then fully executed and implemented. Any on-chain actions in the implementation plan will execute automatically in this step. The Pyth DAO LLC, council members and other service providers of the Pyth DAO LLC will take any necessary off-chain actions to implement PIPs which have passed.

66 Likes