DAOrayaki Reserach |Keep3r : Decentralized Collaborative Services Network

DAOrayaki

10 min readJul 7, 2021

DAOrayaki DAO Research Grant：

Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71

Voting Result：DAO Committee Yes

Grant Amount：200 USDC

Category: Blockchain, Keeper, jobs, Yearn Finance

Contributor：黑白QB, DAOctor @Daorayaki

Chinese Version:https://daorayaki.org/keep3r-qu-zhong-xin-hua-xie-zuo-fu-wu-wang-luo/

Launch TIme: 2020，10，20

Token: KP3R (ERC20 $111.8091 2021–06–21)

Keep3r Network is a decentralized keeper network for projects that need external devops and for external teams to find keeper jobs.

Founder：Andre Cronje is Architect at Yearn.finance, Chief Crypto Code Reviewer at Crypto Briefing. Former Chair, Technology Council at Fantom Foundation, Technology Analyst at Lemniscap.

I Introduction

Keep3r has had some performances these days, which has attracted the attention of the encryption community. What is Keep3r? It is a new work by Andre Cronje. It is a decentralized Keeper task network. On the one hand, some smart contract projects require external entities to help solve devops tasks. On the other hand, some external entities (individuals or teams) can get paid by completing the corresponding tasks. Keep3r builds a decentralized task service network for this group of people.

Keeper refers to an external person or team that performs work. These tasks can be simple (such as invoking transactions) or complex (requiring off-chain logic). Keep3r is not a task service platform in the strict sense. Keep3r itself does not manage these tasks. It allows the project party (contract) to register tasks, and the keeper also needs to register, so that both parties can choose each other. In this process, the keeper sets up its devops and infrastructure, and can create rules (based on profitable transactions).

According to Andre Cronje, the current Keep3r core has to solve the problem of external triggering of smart contracts. Some contracts require external entities (robots, scripts, EOA) to submit transactions to trigger responses. Keep3r tries to solve this problem. It uses a decentralized way to build a collaborative system, trying to help these projects find keeper to trigger the contract externally and keep it running. From this perspective, Keep3r is not a project for ordinary users. It mainly serves dApp developers.

So, as a collaborative network between project parties and external entities, how does keep3r organize the two in a decentralized way? The project party needs to submit its contract to the Keep3r network. The contract will be reviewed and approved by the Keeper bound to the KP3R deposit. After that, the keeper can perform tasks on the market.

Tasks in Keep3r

In keep3r, the current task mainly refers to the smart contract expecting an external person to perform an operation. At the same time, the project party hopes that the execution of the keeper is well-intentioned, not malicious, especially the smart contract may involve financial risks.

In Keep3r, all systems that need external execution can become tasks. Keep3r does not define or limit the scope of tasks performed. It mainly provides an incentive mechanism between the keeper and the contract.

The current task is mainly that some contracts require external entities to submit transactions to trigger responses. For example, call update() on the oracle machine to update its basic value; call Harvest() on the aggregate mining protocol to implement the fund exchange strategy; call vote() on behalf of the user using the permission/approval mechanism on the governance contract; decentralized transactions Trigger limit orders when the medium price matches; trigger liquidation in the debt-based system; in layer2, the external system submits transactions in batches on behalf of users. Currently, each project is carried out independently in order to solve these problems. Such as Aave’s liquidation, Synthetix’s cache update, YFI’s mining, etc. This is also the main task that Andrew Cronje conceived when building Keep3r.

The tasks in Keep3r need to be registered. Currently, there are two ways to create tasks:

l Registration tasks through governance

Submit proposals through governance to register tasks. If governance is passed, no further measures are required.

l Register tasks through the contract interface

The user registers the task by calling addLiquidityToJob(address, uint) on the keep3r contract. Calling addLiquidityToJob(address, uint) will create a waiting governance vote. Through this address, users can submit new task applications every 14 days.

In addition, the task also has a security level. The project party chooses the Keeper according to its own security needs, such as the amount of the keeper’s deposit required, the completion of the task, the length of time to become the Keeper, and the amount of related tokens the keeper pledges. At the same time, for contracts that only need to be executed without risk, the default isKeeper(address) call can be used.

Keeper in Keep3r

Smart contracts will provide tasks, and the keeper can perform contract tasks. In order to become a keeper, you can call bond(unit) on the Keep3r contract. If the user does not have KP3R tokens, you can use bond(0) to join. There is a three-day delay for bonding, and Activate() can be called after three days.

Keep3r’s token economic mechanism

KP3R is the token of the Keep3r network, but it is not used as a rigid payment medium for transactions. Because in Keep3r, the project party can use ETH or project tokens to pay to the keeper. In order to motivate Keeper to complete tasks, the project party needs to reward Keeper. Currently, the project party can choose three ways to reward the keeper:

l Pay ETH directly

l Direct payment tokens

l Indirect payment to Keeper by providing liquidity

Of course, these tasks can also be rewarded with KP3R tokens. By becoming a liquidity provider, you can obtain Credit, and these credit lines can be used to obtain the corresponding amount of KP3R tokens. Keeper will be provided with (at most) gasUsed * fastGasPrice + premium% each time the task is executed, which will be deducted from the credit line of the project party (not deducted from liquidity). The project party can add and remove all liquidity at any time.

If KP3R is not used as a payment token, what use is it for?

l Margin

Because the external triggering work of some contracts is related to financial risks, the external keeper performing the triggering task needs a minimum margin to be qualified to perform the related tasks. And this deposit uses KP3R tokens. In other words, Keeper who wants to perform these tasks must deposit the corresponding minimum amount of KP3R deposit.

l Governance

Keep3r network governance is managed by Keeper bound with KP3R deposit.

l Capture transaction fees

Although transactions may not be paid through KP3R, all transactions still incur fees. For any non-KP3R transactions (transactions paid in ETH or tokens), the repository receives a 0.3% fee.

In summary, KP3R can be used for governance, can be used as a margin for obtaining high-risk tasks, and can capture transaction costs. In addition, liquidity providers can pay Keeper KP3R credits.

Governance

According to the design of Andre Cronje, the main tasks of Keep3r governance are:

l Add a liquidity pool that accepts task credit

l Approve/revoke tasks

l About dispute/reduction/resolution/withdrawal of Keeper

l KP3R bonus setting

Current Progress

The value of the repository is 9.8 million U.S. dollars, and the use and distribution of repository funds will be determined by governance.

l UniswapV2Oraclefeeds has enough data points available for Keep3rV1 Helper feeds

l Tasks currently under review: maintenance of Hegic Pool; liquidation of Aave; Synthetix (multiple tasks); Year (multiple tasks); liquidation of Cream Finance.

II Task market

What task requests will the agreement issue?

Before understanding the task request, we need to understand that we often see “smart contracts”. The “smart contract” stops after its logic execution is completed and needs to be triggered again to execute. That is to say, the so-called “smart contract” is not actually “smart” and cannot be executed automatically in many cases.

For example, after people participate in liquidity mining, after rewards are generated, these rewards will not automatically enter the user’s wallet address, but need to “claim”; in Year’s aggregate mining, after receiving mining token rewards, they need to be sold for exchange. In the process of mining, it has a strategy and a large amount of work needs to be triggered, and it needs to interact with smart contracts; the transaction of limit orders in Sushiswap also needs to meet the price requirements Trigger; after the option expires on hegic, it also needs to be triggered to unlock its locked funds and so on.

The system works with Keepers and Jobs.

Jobs are smart contracts needing an external action, and Keepers are individuals or teams that complete jobs.

Job creators can set conditions Keepers must meet in order to be eligible, including jobs completed, token holdings, age, or earned funds.

Jobs can either go through the governance process to be approved, or be included directly via adding liquidity to an approved pair, e.g. KP3R/ETH.

Jobs can pay Keepers in ETH, tokens, or via KP3R liquidity.

Andre recently announced that Keeper would be scaling with ChainLink, taking advantage of the protocol’s security and reliability.

There are a large number of tasks on the current smart contracts that need to be triggered to execute (triggering liquidation, calling oracles, unlocking pledges, etc.). This is why there are so many tasks (jobs).

The size of these jobs directly determines the upper limit of KP3R in the future. The core of how high KP3R can reach depends on the size of the jobs market. With the development of the DeFi protocol, KP3R will have more and more tasks, and its market size will also increase. However, it is still unclear how big it is.

What is Keep3rV1 (KP3R) Token?

Keep3rV1 (KP3R) Token is the native Crypto currency of the project called Keep3r Network. Keep3rV1 (KP3R) is produced as DeFi coin, the maximum supply and circulation supply is 200,991KP3R Coins.

Advantages and disadvantages of keeping bonded KP3R

Advantages of keeping bonded KP3R include:

l Higher bonds increase the types of Jobs Keepers can qualify to do;

l only bonded KP3R grants voting rights in governance;

l bonded KP3R cannot be exploited. This is in case a Job introduces an exploit.

Yet the disadvantage of keeping bonded KP3R is that you cannot immediately recoup ETH for Keeper transactions. Meaning that Keepers had to keep an unbond days amount of ETH as a float. A solution to this is MetaKeep3r.

Keeper

There are many tasks that need to be triggered in the task market of KP3R, but can these triggered tasks be completed by the DeFi protocol itself through automated robots? Why do we need keeper? This is also related to the pursuit of the DeFi protocol. Ultimately, DeFi wants to achieve its goal of decentralization. It needs not only automation, but also decentralized automation.

Keeper can help Yearn vault users trigger claims and trigger liquidation in the currency market. There are not only one keeper in this market, but there are many. This ensures that when one keeper does not pick up the task, other keeper can accept the task.

In order to become a Keeper, they need a pledge deposit to prevent the keeper from doing evil. Some tasks may require a minimum pledge amount. The pledge deposit uses KP3R, which also creates a demand for KP3R. If the Keeper commits evil, the KP3R pledged by it will be fined.

KP3R becomes the basic layer of DeFi

There are many basic layers in DeFi, such as the oracle field, and KP3R is also a basic layer. It does not serve a specific DeFi protocol, but serves the entire DeFi field.

Of course, from a lower-level perspective, KP3R can have the service of an oracle, which can help the agreement solve the problem of price feeding. At this time, the node of the oracle becomes the Keeper that performs the task.

KP3R data

KP3R as a pledge deposit

With more and more DeFi protocols that need to trigger services, there is more and more demand for KP3R, because if you want to become a Keeper, if you want to earn fees in the job market, you first need to pledge KP3R.

The pledged KP3R deposit has a 14-day withdrawal period to ensure that Keeper will not do evil.

Provide liquidity for KP3R

The DeFi agreement party that publishes the task needs to pay a fee. The payment method can be tokens, ETH, or by providing liquidity for KP3R. For example, in Uniswap or Sushiswap, users can obtain credits by providing liquidity for KP3R/ETH, and use these credits to generate KP3R payment to the Keeper who performs the task.

Currently, there are 4802 tokens on Uniswap that provide liquidity for KP3R, accounting for approximately 2.39% of the total KP3R.

Agreement fee

When the task is paid in ETH or tokens, KP3R will charge a fee of 0.03%.

III Contact Information

Offical Website: https://www.coingecko.com/en/coins/keep3rv1/

Github: https://github.com/keep3r-network

Twitter：https://twitter.com/AndreCronjeTech

coinmarketcap: https://coinmarketcap.com/currencies/keep3rv1/

Coingecko: https://www.coingecko.com/en/coins/keep3rv1/

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