Overview

Pye’s trading platform is a purpose-built, low-velocity exchange that providers stakers of different timeframes a venue to buy and sell validator stake. Its design resembles an OTC venue rather than a high-frequency AMM, favoring large clip sizes, thin spreads, and minimal price impact.

UI/UX shown for illustrative purposes may not reflect final product.

Motivation

Every validator has a unique cost of production and is subject to different risks.

Factors like fee structure, reward commission, validator uptime, geo-location, infrastructure provider (eg. AWS), node client (eg. Jito) can all impact the price and value of validator stake. There is currently no way rate and trade validator stake in a risk-sensitive market that accounts for the inherent risks of each validator operator.

By concentrating validator stake in a single venue, Pye reduces coordination costs and lets price discovery reveal the fair term premium for each validator and maturity.

Status

Our trading platform is in active R&D, built on Manifest.Trade’s order-book protocol, and schedule. for an Early Access launch in Summer 2025.

To learn more about Pye' Early Access program and launch join our Discord.