TL;DR
- Pyth Network launches Express Relay to reduce MEV in DeFi and return millions to dApps.
- The tool connects DeFi protocols with search engines, excluding miners.
- Major industry players have already integrated this solution.
Pyth Network has launched Express Relay, a revolutionary tool aimed at mitigating miner-mined value (MEV) in decentralized finance (DeFi) transactions.
This innovation seeks to reduce operating costs for DeFi protocols and improve efficiency and transparency in the market.
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, roll out protocols faster, and instantly access a network of top searchers.
Learn more: pic.twitter.com/y2NtH9t0ZP
— Pyth Network 🔮 (@PythNetwork) July 11, 2024
Express Relay directly connects DeFi protocols to a network of finders through an auction system, removing expensive miners from the process and allowing for more aggressive competition between finders for transaction opportunities.
This tool has been rapidly adopted by key industry players including Flow Traders, Wintermute, Synthetix, and Zerolend, among others.
Configuring Express Relay not only reduces operational costs, but also speeds up integration for new protocols and simplifies processes for existing ones.
Additionally, permissionless integration allows any DeFi protocol or search engine to participate, facilitating entry into a pre-established and optimized system.
Tim Wu, Head of DeFi at Wintermute, highlighted that “Express Relay is a natural progression of Pyth Network‘s oracle production.
It ambitiously serves to reduce value extraction by intermediaries and improve the efficiency of settlement execution, effectively addressing this form of MEV.”
The tool not only reduces costs, but also ensures a more equitable distribution of value between DeFi seekers and protocols, which in turn benefits end users.
The launch of Express Relay has been approved by the Pyth Network DAO, which voted in favor of its deployment on the mainnet, underscoring the alignment of community interests with the needs of increasingly sophisticated DeFi projects.
With Express Relay, DeFi protocols can preserve mined value and leverage a pre-integrated finder network for faster deployment.
Search engines, for their part, have access to valuable transaction opportunities without the need to develop custom code for each protocol interface.
Pyth Network Express Relay Adoption and Benefits
Express Relay is operational on EVM mainnets and supported by a robust network of DeFi browsers and protocols.
Onboarded users include prominent lending, perpetual futures, and derivatives protocols representing $1 trillion in total value locked (TVL) across 11 chains.
Express Relay’s network of seekers includes leading institutional and decentralized on-chain participants such as Auros Global, Caladan, Flow Traders, Flowdesk, Swaap Finance, Tokka Labs, and Wintermute.
This integration is permissionless for DeFi protocols and search engines, allowing anyone to participate by simply adding a few lines of code.
According to Michael Lie, Global Head of Digital Assets at Flow Traders, “With the introduction of Pyth Express Relay, a new protocol is accessible to enable efficient and seamless execution of settlements.”
This underlines the tool’s ability to improve market liquidity and transaction efficiency.
Pyth Network’s Express Relay promises to be a transformative tool in the DeFi ecosystem, facilitating more equitable and efficient transactions, and offering significant savings for protocols and their users.
This solution not only optimizes operational efficiency but also strengthens the ability of DeFi protocols to provide a more robust and cost-effective experience to their end users.
