In order to address the issue of Miner Extractable Value (MEV), Pyth Network, an oracle network for real-time market data, has created Express Relay.
The decentralized finance (DeFi) market can become more autonomous, by introducing priority auctions to the ecosystem with the mainnet launch of Express Relay,
With the new product, miners no longer have an extractive role in solving MEV, and new protocols can be implemented more quickly. As for searchers, Pyth said on Thursday that it will compile worthwhile opportunities across DeFi.
The profit miners or validators obtain by rearranging, adding, or removing transactions within a block is known as “Miner Extractable Value,” or MEV. This situation results in expenses and inefficiencies for DeFi protocols and users.
By directly connecting networks of seasoned searchers and DeFi protocols, Express Relay tackles these problems by encouraging innovation throughout the DeFi environment.
Priority activities such as liquidations present the concept of priority auctions. Setting liquidation incentives is one of the primary procedures protocols might spend extra money on when using priority auctions.
This will also increase protocols’ efficiency, benefiting stakeholders from cost reductions. The Express Relay stack comprises smart contracts running on the blockchain and a safe off-chain auction system.
This enables the DeFi protocols, searchers, relayers, and the Pyth DAO to communicate through the solution.
Which protocols have integrated Express Relay?
In response to a recent Pyth DAO vote, Pyth Network has placed the Express Relay on its mainnet. The product is also operational on EVM mainnets and integrated with other protocols in the derivatives, loans, and perpetual futures markets.
According to the regulations, the overall value locked (TVL) over 11 chains is more than $1 billion. Vela Exchange, Fulcrom Finance, Jax Finance, Synthetix, ZeroLend, and Synonym Finance are a few of them.
Express Relay has also incorporated a network of institutional participants in the decentralized finance arena. These include Swaap Finance, Flowdesk, Traders, Auros, Wintermute, and Caladan.
