DeFi
Pyth Network Launches “Express Relay” to Solve the Electric Vehicle Problem
Pyth Network, an oracle network for real-time market data, has introduced Express Relay to provide a solution to the Miner Extractable Value (MEV) problem.
The launch of Express Relay on mainnet brings priority auctions to the ecosystem, enabling a more self-sovereign decentralized finance (DeFi) marketplace.
As a solution to MEV, the new product removes the extractive role of miners and contributes to the faster deployment of new protocols. In the meantime, it will aggregate valuable opportunities across DeFi for researchers, Pyth announcement THURSDAY.
It’s time to take back control and eliminate MEV.
Introducing: Express Relay — Priority Auctions for a More Self-Sovereign DeFi 🔮
Remove the extractive role of miners, deploy protocols faster, and gain instant access to a network of leading researchers.
Learn more: pic.twitter.com/y2NtH9t0ZP
— Pyth Network 🔮 (@PythNetwork) July 11, 2024
Solving the problem of motorized electric vehicles
Miner Extractable Value (MEV) is the profit miners or validators extract through actions such as reorganizing, including, or excluding transactions from a block. This scenario means that DeFi protocols and users experience costs and inefficiencies.
Express Relay addresses these issues by driving innovation in the DeFi landscape by directly connecting DeFi protocols and established researcher networks. This introduces the aspect of priority auctions, where researchers compete for priority operations like liquidations.
Protocols can benefit from priority auctions by spending more on key operations, including setting liquidation rewards. The resulting efficiency will also allow protocols to pass on cost savings to stakeholders.
The Express Relay stack consists of on-chain smart contracts as well as a secure off-chain auction system. With this, the solution enables interactions between DeFi protocols, researchers, relayers, and the Pyth DAO.
What protocols are integrated into Express Relay?
Pyth Network has launched Express Relay on its mainnet following a recent vote by the Pyth DAO. The product is also live on EVM mainnets and integrated with multiple protocols across the lending, perpetual futures, and derivatives markets.
In total, the protocols represent over $1 billion in total value locked (TVL) across 11 chains. These include Synthetix, ZeroLend, Synonym Finance, Fulcrom Finance, Jax Finance, and Vela Exchange.
Express Relay has also integrated a network of researchers that include institutional players in the field of decentralized finance. These are Flowdesk, AurosWintermute, Caladan, Flow Traders and Swaap Finance.