tl;dr
Pyth Network launched its Express Relay tool at the Pyth Agora 2024 summit in Brussels, aiming to address Miner Extractable Value (MEV) issues in decentralized finance (DeFi) platforms. Express Relay allows for decentralized transaction processing and aggregation of valuable opportunities across mul...
Pyth Network Launches Express Relay at Pyth Agora 2024 Summit Pyth Network Launches Express Relay at Pyth Agora 2024 Summit, Addressing Miner Extractable Value in DeFi Platforms
Pyth Network launched its Express Relay tool at the Pyth Agora 2024 summit in Brussels, aiming to address Miner Extractable Value (MEV) issues in decentralized finance (DeFi) platforms. Express Relay allows for decentralized transaction processing and aggregation of valuable opportunities across multiple protocols and blockchains. The tool has garnered support from notable industry players and has positively impacted the price of PYTH, the platform's native token. Additionally, Pyth Network recently partnered with Ondo Finance to provide real-time data for Ondo's flagship yield stablecoin, USDY, across 65 blockchain ecosystems.
Express Relay by Pyth Network transforms MEV dynamics, connects DeFi protocols with experienced searchers, and integrates with notable protocols and searchers. Pyth Network's Express Relay positively impacts PYTH token price, following a strategic partnership with Ondo Finance for USDY/USD price feed across 65 blockchain ecosystems.
Pyth Network, a prominent Solana-based provider of real-time market data for blockchain applications, officially launched its latest product, Express Relay, on the mainnet at today’s inaugural Pyth Agora 2024 summit in Brussels. This tool provides a decentralized approach to addressing the ongoing problem of Miner Extractable Value (MEV) during liquidation processing. It also aids in other transactions, which Improves market efficiency within decentralized finance (DeFi ) platforms.
Express Relay: Pyth Network’s Answer to MEV
MEV traditionally refers to the way miners or validators capture a significant portion of the value from searchers’ DeFi protocol transactions through tips for blockspace. This competitive environment encourages searchers to bid more aggressively for transaction value, enabling DeFi protocols to increase their liquidation reward incentives. Express Relay transforms this dynamic. It allows the searcher with the most competitive bid to execute the transaction, effectively bypassing miners. Moreover, it aggregates liquidation and other valuable DeFi transaction opportunities across multiple protocols and blockchains, streamlining access to these opportunities without individual negotiations and integrations.
Furthermore, it can mitigate miners’ extractive role and allow protocols to save resources, which can be used for more productive activities or given back to users. Pyth Network’s new Express Relay tool connects DeFi protocols directly with a network of experienced searchers through protocol-controlled auctions for crucial transactions like liquidations. In keeping with the principles of decentralization, both DeFi protocols and searchers can integrate with Express Relay permissionlessly by simply adding a few lines of code. Notable searchers such as Flow Traders, Wintermute, Auros, Flowdesk, Caladan, Tokka Labs, and Swaap Finance have already begun integrating with Express Relay to combat the impacts of MEV. This collaboration includes protocols like Synthetix, Zerolend, Ionic, Synonym, Keom, Jax Finance, Vela Exchange, and Fulcrom Finance, representing approximately $1 billion in total locked value across 11 blockchains.
PYTH Price Performance
The launch of the Express Relay tool had a positive impact on the price of the platform’s native token, PYTH, increasing from an intraday low of $0.297077 to $0.306840, marking a nearly 3.3% surge. However, at the time of writing, PYTH is trading at $0.303718.
This announcement follows Pyth Network’s recent strategic partnership with Ondo Finance to launch the USDY/USD price feed across 65 blockchain ecosystems, providing real-time data for Ondo’s flagship yield stablecoin, USDY.
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