Pyth Network, a provider of real-time market data for onchain applications, has launched Express Relay on mainnet, showcased by Douro Labs and Pyth Data Association at EthCC in Brussels on Thursday.
Express Relay works by connecting DeFi protocols to a network of searchers through protocol-controlled auctions for valuable transactions like liquidations. It claims to enable protocols to eliminate MEV, significantly reducing the cost of critical operations such as liquidation rewards , the team explained in a statement shared with The Block.
Express Relay aggregates liquidation and other DeFi transaction opportunities across multiple protocols and blockchains for searchers, eliminating the time and costs of negotiating and integrating with individual protocols to gain access to such opportunities, the team added.