What is Keep3r, the new project of YFI founder Andre?

Original title: What is Keep3r? "

Original source: Blue Fox Notes

Keep3r these days There are some performances that have 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 for completing corresponding tasks. Keep3r builds a decentralized task service network for this group of people.

Keepers are external people or teams that perform work. These tasks can be simple (like 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 be registered, so that both parties can choose each other. In the 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 needs to solve the intelligence The contract requires an externally triggered problem. Some contracts require a transaction to be submitted by an external entity (bot, script, EOA) to trigger a response. Keep3r tries to solve this problem. It builds a collaborative system in a decentralized way, trying to help these projects find a keeper to trigger the contract externally so as to keep it running. From this perspective, Keep3r is not a project for ordinary users, it mainly serves dApp developers.

Then, as a collaboration network between project parties and external entities, keep3r How are the two organized in a decentralized way? The project party needs to submit its contract to the Keep3r network, and 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 The task of , mainly refers to that the smart contract wants external personnel to perform a certain operation. At the same time, the project side hopes that the execution of the keeper is benign rather than malicious, especially because smart contracts may involve financial risks.

In Keep3r, any system that requires external execution can be a task . Keep3r does not define or limit the scope of execution tasks, 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 so that Trigger a response. For example, call update() on the oracle to update its base value; call Harvest() on the aggregate mining protocol to implement a fund swap strategy; call vote() on the governance contract using a permission/approval mechanism on behalf of the user; decentralized transactions Limit orders are triggered when prices match in middle; liquidations are triggered in debt-based systems; transactions are submitted in batches by external systems on behalf of users in layer2, etc. Currently, each project is working independently to address these issues. Such as Aave liquidation, Synthetix cache update, YFI mining, etc. This is also the task that Andrew Cronje mainly envisioned when building Keep3r.

Tasks in Keep3r need to be registered, currently you can create tasks By two means:

*registration tasks via governance

Submit a proposal through governance to register the task, if the governance is passed, no further measure.

*Register tasks through the contract interface

Users register tasks by calling addLiquidityToJob(address,uint) on the keep3r contract. Calling addLiquidityToJob(address, uint) will create a pending governance vote. Users can submit new task applications every 14 days through this address.

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 deposit required for the Keeper, the completion of the task, the length of time to be a Keeper, and the amount of related tokens pledged by the Keeper. 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

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The smart contract will provide tasks, and the keeper can execute the contract tasks. In order to become a keeper, bond(unit) can be called on the Keep3r contract, and if the user does not have KP3R tokens, bond(0) can be used to join. There is a three-day time delay for bonding, after which Activate() can be called.

 

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 the keeper. In order to motivate the Keeper to complete the task, the project party needs to reward the Keeper. At present, the project party can choose three ways to reward the keeper:

*directly Pay ETH

*Pay tokens directly

*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, which can be used to obtain the corresponding amount of KP3R tokens. Keepers are provided with (at most) gasUsed * fastGasPrice + premium% each time a task is executed, which will be deducted from the project's credit limit (not deducted from liquidity). The project party can add and remove all liquidity at any time.

If KP3R is not a payment token, then what is it usefulness?

*Margin

Because the external trigger work of some contracts is related to financial risks, the external keeper that executes the trigger task needs a minimum margin to have Qualified to perform related tasks. And this margin uses KP3R tokens. That is, Keepers who want to perform these tasks must deposit the corresponding minimum amount of KP3R deposit.

*Governance

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

*Capture transaction fees

Although transactions may not be paid through KP3R, all transactions will still generate fees. For any non-KP3R transactions ( ETH or token-paid transactions), the repository gets a 0.3% fee.

To sum up, KP3R can be used for governance and Margin for high-risk tasks to capture transaction fees. In addition, liquidity providers can pay Keeper with KP3R credits.

Governance

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

*Add a liquidity pool that accepts task credit

*Approve/Revoke Task

*About dispute/reduction/resolution/revocation of Keeper

* KP3R bonus setting

Current progress

*The repository is valued at $9.8 million, and governance votes will determine the use and distribution of repository funds

*Earned $384,197 in last 24 hours

*UniswapV2Oracle feeds have enough data points for Keep3rV1 Helper feeds

*Tasks currently under review: Hegic Pool maintenance; Aave liquidation; Synthetix (multiple missions); Yearn (multiple missions); Cream Finance liquidation.

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