Paiz Network presents the MEV-Fighting Express Relay Tool

PiT Network, a provider of real-time market intelligence for blockchain applications, today officially launched Express Relay, its latest product on the mainnet, at the PiT Agora 2024 summit in Brussels.

This tool provides a decentralized approach to solving the continuous problem of mining value (MEV) during liquid processing. It also assists in other transactions, improving market efficiency in decentralized finance (DeFi) platforms.

Fast Relay: Paiz Network's answer to MAV

MEV typically refers to the way in which miners or validators capture a significant portion of the value from miners' DeFi protocol transactions on the blockchain. This competitive environment encourages buyers to bid even harder for bargain prices. Thus enabling DeFi protocols to increase their verification reward incentives.

Express Relay changes this variable. It allows the prospector to execute the transaction at the most competitive bidding, effectively bypassing the miners.

In addition, it integrates liquidity and other important Defi transaction opportunities across multiple protocols and blockchains. This facilitates access to these opportunities without individual negotiation and integration.

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Additionally, protocols can save resources by reducing the role of miners. These savings can be used for more efficient operations or passed on to consumers.

Pyth Network's new Express Relay tool connects DeFi protocols to a network of experienced bidders for critical transactions through direct protocol-controlled auctions. Following the principles of decentralization, both Diffie protocols and detectors can integrate with Express Relay without permission by adding a few lines of code. This collaboration includes well-known brokers such as Flow Traders, Wintermute, Auros, Flowdesk, Caladan, Tokka Labs and Swaap Finance.

Michael Lee, Global Head of Digital Assets at Flow Traders, shared his enthusiasm for the new tool. He pointed out that the express relay allowed market makers to provide deep liquidity in difficult times.

“As we seek to collaborate with our ecosystem partners, we aim to take an active role in advancing our mission to create more efficient markets. So we are very happy to be a part of this new initiative and further showcase our relationship with Paiz,” he said.

In addition, protocols such as Synthetix, Zerolend, Ionic, Synonym, Keom, Jax Finance, Vela Exchange and Fulcrom Finance have started to integrate with Express Relay to deal with the effects of MEV. Collectively, these applications represent approximately $1 billion in total value locked in 11 blockchains.

The launch of this tool had a positive impact on the price of the platform's home token PYTH. It rose from an intraday low of $0.297077 to $0.306840, a gain of nearly 3.3%. However, at the time of writing, PYTH is trading at $0.303718.

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This announcement follows Paiz Network's recent strategic partnership with Ondo Finance to launch a USDY/USD price feed across 65 blockchain ecosystems. The partnership provides real-time data for Ondo's flagship stablecoin, USDY.