Keep3r Network
Disclaimer: Keep3r Network is NOT currently live, any contracts or tokens related to the Keep3r Network are for auditing purposes only. Keep3r Network release will be communicated after all audits have been disclosed.
Problem Statement: The more complex a system of smart contracts become, the more upkeep it requires. It requires an external entity (bot, script, EOA) to submit a transaction to trigger a response. Some examples;
- Calling update() on an Oracle to update its underlying value
- Calling harvest() on strategies to rotate funds
- Calling vote() on behalf of a user with the permit/approve scheme
- Triggering a limit order when the price is matched
- Triggering liquidations in debt based systems
At some point, most systems, need external interaction. As we move more to layer 2 solutions, this includes users signing transactions offline, and external systems batch submitting transactions on behalf of users.
Currently, each project is individually addressing this problem, Aave liquidations, Synthetix cache updates, Yearn harvests, Uniquote oracle updates, and more.
Solution: Keep3r Network is designed as a decentralized coordination ecosystem for projects to find Keepers that will help with their upkeep.
Projects wishing Keepers to perform duties simply need to submit their contract to Keep3r Network, once reviewed and approved by a bonded Keeper, Keepers can begin fulfilling the required work.
Projects have 3 options for rewarding Keepers;
- Directly pay Keepers in ETH (OPEX)
- Directly pay Keepers in a token (OPEX)
- Indirectly pay Keepers by providing liquidity (CAPEX)
Jobs can define their level of security required, they can filter based on the following;
- Keeper bonded stake
- Keeper jobs completed
- Keeper age
- Keeper token stake (for example SNX > 100)
For calls that have no risk and simply need to be executed you can use the default isKeeper(address) call.
Keep3r Token (KPR)
Disclaimer: The KPR token is NOT live yet.
The system does not require interaction with the KPR token to use. If you simply wish to find Keepers and pay for them with ETH, or your projects native token, you can. These are direct expenses and can not be recouped.
Certain jobs may carry financial risk, as such, they may only be executed by Keepers that have a minimum financial bond. This bond is registered in KPR. Keepers that wish to perform these jobs need to have the minimum bond as specified by the job.
Governance is managed by bonded Keepers.
Jobs can reward Keepers in KPR, to do so they become liquidity providers, providing liquidity assigns the job a credit line based on the amount of liquidity provided. (liquidity pools are added via Governance)
Each job execution will provide the calling Keeper with (a maximum of) gasUsed * fastGasPrice + premium %, this is deducted from the credit line (but not your liquidity).
At any time the full liquidity can be removed (this will reduce your jobs credit). This allows job providers to recoup their full funds.
Direct payments incur a fee, this fee is accrued to KPR token holders.
Summary
- Bond KPR to perform high risk jobs
- Use KPR to manage Governance
- KPR accrues direct payment fees
- Liquidity providers can pay Keepers with KPR credit
There is no raise, there is no sale, there is no distribution, the supply starts at 0, to earn these tokens you need to register as a Keeper and perform work. On launch there will be a list of available jobs as defined by the project currently collaborating on Keep3r Network.
Governance
Governance is designed to have a low overhead, it is only used for the following functions;
- Adding liquidity pools accepted for job credit
- Approving / Revoking Jobs
- Disputing / Slashing / Resolving / Revoking Keepers
- Set KPR reward premium
The goal is not to create a time sync for Keepers, instead they should be focused around upkeep work.
Closing
The audits, website, and token will all be pre-announced, the only source of information currently is the documentation website found at docs.keep3r.network, there is no telegram, there is no discord, there is no twitter.
I would like to thank the Yearn, Aave, and Maker communities for all their input and feedback during the design process. And a special thanks to Synthetix for their invaluable feedback. We recorded our scoping session, have a watch if you are interested in how these things are conceptualized;
Finding out more
If you are a project that has jobs looking for Keepers, or you are a Keeper wishing to find out more, please feel free to contact me on telegram @andrecronje
