Delegate Proposal - Douro Labs

Jito Delegate Proposal

Identity and Background

Gm. I am posting this delegate proposal on behalf of the Douro Labs team. Douro Labs is a core contributor to the Pyth Network, the largest first-party oracle specialized for decentralized financial applications.

Douro Labs was formed by long-time Pyth Network contributors in July 2023, and employs nearly 20 individuals who have previously worked at firms such as Goldman Sachs, Jump Crypto, BNP Paribas, Amazon Web Services, and Chorus One. Douro Labs focuses on contributing along with other data providers in building core protocol infrastructure to expand the Pyth Network’s suite of decentralized data services.

The Pyth Network is the largest first-party oracle for financial data worldwide. It supports over 400 real-time price feeds across major asset classes, including digital assets, equities, ETFs, FX, and commodities. The network includes some of the world’s largest exchanges, market makers, and financial services providers, who contribute their proprietary price data on-chain for aggregation and distribution to smart contract applications. Currently, Pyth price feeds secure over $2 billion in Total Value Locked (TVL) and power more than $20 billion in monthly trading volume across 50+ blockchains, including Solana and others.

Douro Labs’ Contribution to the Jito and Solana Ecosystem:

Pyth network was launched on Solana-mainnet in 2021 and has since become the leading oracle solution. Virtually the entire DeFi ecosystem on Solana-mainnet relies on Pyth price feeds. In Q4 2022, Pyth introduced Pythnet, the first-ever instance of a Solana Permissioned Environment (SPE) using the Solana stack. This allowed Pyth to expand cross-chain and provide its low-latency decentralized oracle solution to DeFi applications across different blockchains.

Pyth remains dedicated to the Solana ecosystem, with the Pyth DAO Governance and the PYTH token utilizing Solana’s robust security model and high throughput infrastructure. Additionally, the Pyth community received 250 million PYTH tokens as part of a retrospective airdrop, attracting users from 27 different blockchains to claim their PYTH tokens on Solana.

Pyth Network incorporates Orca and Raydium as data providers, enabling the integration of Solana on-chain data into Pyth. This facilitates the broader utilization of native price feeds within the ecosystem. Pyth contributors collaborated to launch an oracle feed for JitoSOL/USD, demonstrating a comprehensive understanding of liquidity dynamics. The JitoSOL price feed was activated on September 15th, 2023, and is currently accessible on Solana-mainnet and more than 50 other blockchains.

Furthermore, on December 7th, the JTO token was launched. Douro Labs collaborated with other contributors to bring the JTO/USD feed live within the first 2 hours of listing. It is now available on Solana-mainnet and over 50 other blockchains. Currently, Pyth supports price feeds for SOL, stSOL, JitoSOL, bSOL, mSOL, ScnSOL, MNDE, BONK, ORCA, RAY, and other tokens.

Candidate Views

Our priority is to always prioritize security and decentralization over short-term objectives. We believe that yield and decentralization are not mutually exclusive. Creating a safer and better ecosystem will automatically result in a more reliable ecosystem, which in turn will attract more user activity to Solana. Ultimately, this will lead to organic and sustainable returns for the ecosystem.

Jito has demonstrated a long-term commitment to the Solana ecosystem, which has proven to be fruitful in the past. We fully align with this vision. DAO grants should focus on developer tooling, bug bounties, or public goods that either address critical issues for Jito or demonstrate a similar long-term commitment to the Solana ecosystem. We believe that the broader Solana community is well-informed and capable of making the right decisions. Therefore, we have faith in a public governance forum for healthy discussions.

Our intention and focus as a delegate is to provide essential guidance and support to a fellow partner in the Solana ecosystem. We believe that our unique position as a key infrastructure provider to Solana DeFi, along with our experience operating the first-ever SPE, allows us to bring valuable expertise and viewpoints to further the growth of both Jito and Solana.

Solana delegation address: BsshfCiFJAQbzJBxbohHrv1vo7w7TUyQ9JKSCrVMM1Bt


Missed out on a key fact which was brought to my attention:
The above proposal is by Abhi Bansal, Head of Partnerships at Douro Labs, and core contributor to Pyth Network. On twitter, you can find me at @abwrld_