🌎 Pyth Network Launches Express Relay to Combat MEV in DeFi

Pyth Network, a leading oracle network for real-time market data, has launched Express Relay to address the issue of Miner Extractable Value (MEV). This new feature aims to enhance the decentralized finance (DeFi) ecosystem by introducing priority auctions, thereby fostering a more self-sovereign market.

What is Express Relay?

Express Relay is designed to mitigate the MEV problem by removing the extractive role of miners. This new product enables faster rollout of DeFi protocols and aggregates valuable opportunities across the DeFi landscape for searchers.

“It’s time to take back control and eliminate MEV.”

Understanding Miner Extractable Value (MEV)

MEV refers to the profit miners or validators can extract by reordering, including, or excluding transactions from a block. This often results in additional costs and inefficiencies for DeFi protocols and users.

How Express Relay Tackles MEV

Express Relay addresses these issues by connecting DeFi protocols directly with networks of established searchers. This innovation introduces priority auctions, where searchers compete for priority operations like liquidations. Protocols can benefit by spending more on key operations, including setting liquidation rewards, thereby passing cost savings to stakeholders.

Components of Express Relay

The Express Relay stack includes on-chain smart contracts and a secure off-chain auction system. This setup facilitates interactions among DeFi protocols, searchers, relayers, and the Pyth DAO.

Protocols Integrating Express Relay

Following a recent Pyth DAO vote, Express Relay has been launched on Pyth Network’s mainnet and is live on EVM mainnets. It has been integrated with multiple protocols in the lending, perpetual futures, and derivatives markets, accounting for over $1 billion in total value locked (TVL) across 11 chains. These protocols include: