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KuCoin DeFi Observation: Can Keep3r continue YFI’s wealth-creating myth by becoming a worker on the chain?

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Can AC, known as "the myth of creating wealth in the currency circle", write the YFI price miracle for KP3R again?

Original Source: KuCoin

On October 30th, AC, the founder of YFI, launched his new work Keep3r Network. Although a rookie in the DeFi field, Keep3r did not continue the concept of finance, but instead played with infrastructure construction.

After all, with the rise of the DeFi track, various protocols on it are nested like Lego blocks, and the smart contract system is becoming more and more complex. The corresponding maintenance work is also increasing. Faced with the complicated maintenance work, Keep3r proposed an "outsourcing" solution.

KP3R's performance is really good with its popular founder and fresh concept. This has caused a glimmer of expectation in many people's hearts. Can AC, known as the "myth of creating wealth in the currency circle", write the YFI price miracle for KP3R again?

This issue of KuCoin DeFi observation will take you to understand the task crowdsourcing platform on the blockchain - Keep3r.

01 Keep3r has a good father

Keep3r was able to achieve such high expectations at the beginning of its launch, it is inseparable from its founder, who is also the founder of the well-known project yearn.finance (YFI) Andre Cronje (AC).

As a leader on the cusp of the blockchain industry, every move of AC with its own traffic will attract many fans and speculators. During the Keep3r testing period, AC did not release any information about the Keep3r project on Twitter and Medium. However, after he deployed the contract of the project’s test token KRP, speculators found the address of the project through his Github again, and deposited money in it. Instantly pulled up within a short period of 6 hours. According to Etherscan data, the total supply of KPR is more than 10,000 pieces. The price of KPR when it first launched on Uniswap was about 0.15 ETH, and later reached 1 KPR can be exchanged for 3.7 ETH, which is more than 23 times higher than when it was launched on Uniswap.

02 What exactly is the Keep3r Network with internet celebrity genes?

Keep3r Network is a Decentralized task crowdsourcing network. In the Keep3r network, there will be Keepers and Jobs. A Keeper is an external person or team that performs a job, and a Job is a smart contract that expects an external entity to perform an operation.

According to Andre Cronje, the current Keep3r core needs to solve the problem that smart contracts need external triggers. Some smart contracts require a transaction to be submitted by an external entity (bot, script, EOA) to trigger a response. Keep3r tries to solve this problem in a decentralized way. It builds a collaboration system to help these projects find Keeper to trigger external contracts to keep them running. From this perspective, Keep3r is not a project for ordinary users, it mainly serves dApp developers.

Simply speaking, we can think of it as a district Zhubajie crowdsourcing service platform in the blockchain world. Project parties can publish smart contract maintenance tasks (Jobs) on the platform, and individuals or teams (Keepers) can get paid for completing corresponding tasks. How does Keep3r organize the two in a decentralized way? The answer is simple. 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.

03 What is the value of KP3R?

The token of the Keep3r network is KP3R, which is not a hard payment medium in the Keep3r network. In Keep3r, 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 keeper: one is to pay ETH directly; the other is to pay tokens directly; the third is to pay keeper indirectly by providing liquidity.

The question is, if KP3R is not used as a hard payment token, how can it realize its own economic value?

First of all, KP3R is a deposit for Keeper to use the platform. Because the external triggering work of some contracts is related to financial risks, the Keeper who wants to perform these tasks must deposit the corresponding minimum amount of KP3R deposit; secondly, the Keep3r network governance is managed by the Keeper bound to the KP3R deposit; finally, KP3R captures transaction fees, and for any non-KP3R transaction (transaction paid for in ETH or tokens), the repository gets a 0.3% fee. Therefore, KP3R can be used for on-chain governance, as a deposit for obtaining high-risk tasks, and to capture transaction fees.

04 What benefits can Keep3r bring to DeFi?

For the project side, the Keep3r network platform was born to bring convenience to DeFi projects. Service outsourcing not only saves a large amount of project maintenance expenses, It also reduces the overhead of labor costs. All kinds of operation and maintenance services are carried out through the standardized process of Keep3r's suite, which makes the maintenance more standardized and systematic; reasonably designs the job, encourages the keeper to execute the job, and promotes the agreement to reach the optimal balance point, so as to maximize the benefits.

For Keeper, the Keep3r network platform is equivalent to providing users with a job opportunity. Registering on the Keep3r platform as a keeper can claim the task and pass the labor To earn commissions, Keeper builds its own toolbox through various peripheral kits provided by Keep3r, which can handle more jobs. Due to the complexity of some jobs, it is also very beneficial for many experienced Keepers to realize their knowledge and skills through this platform.

For the development of DeFi, if the DeFi world is regarded as a whole, Keep3r is more like a human resources market, recruiting more talents for DeFi projects , which provides a greater guarantee for the operation and maintenance of the underlying infrastructure of the entire DeFi ecosystem, and also provides a more mature maintenance suite for more DeFi projects later; if DeFi is regarded as a balance sheet, then the usefulness of Keep3r It is to make the flow of funds more efficient, thereby generating greater profits.

05 Is Keep3r worth the investment?

Although Keep3r has the traffic halo of AC, don’t forget Just after the great success of YFI, AC launched three consecutive projects in one breath, and these projects all had problems, which caused huge controversy in the community. For example, AC’s new project EMN was exploited by hackers due to contract loopholes, and 15 million US dollars in assets were stolen, which directly caused the price of EMN tokens to plummet. Although the idea of the Keep3r project itself is very novel, can Keep3r really solve the demand for human resources in the development of DeFi? Putting aside the recent hype, what is the intrinsic value of its project? These still need to wait for time to test, so it is recommended that investors reasonably evaluate the risks of the project and invest rationally!