Keep3rV1

What is Keep3rV1?

The Keep3r Network functions as a decentralized platform catering to projects seeking external devops assistance and providing a space for external teams to discover available keeper opportunities.

Keepers, in this context, denote external addresses responsible for executing specific jobs. These tasks can range from simple transaction calls to intricate processes involving extensive off-chain logic. The primary focus of the Keep3r Network is not to directly manage these jobs but rather to enable contracts to enlist as jobs for keepers, allowing keepers to register their availability to perform these tasks. Individual keepers have the autonomy to establish their DevOps, infrastructure, and formulate rules based on their criteria for profitable transactions.

In the Keep3r Network, a Job refers to a smart contract that seeks the services of an external entity to carry out a particular action. The expectation is that these actions are performed in good faith, without malicious intent. To facilitate this, contracts register as jobs, and keepers can then execute these contracts, with the Keep3r ecosystem serving as a mediator in case of disputes.

Credits serve as the compensation mechanism for keepers for their undertaken tasks. Jobs can either augment credits by providing tokens or generate credits over time through a mining process tied to staking liquidity.

Keepers Details

Keepers, which encompass bots, scripts, other contracts, or externally owned accounts (EOA), are entities responsible for triggering various events. These events range from submitting signed transactions on behalf of third parties to executing transactions at specific times or performing more intricate functions. Execution of these functions results in rewards, either in tokens or the native system token, KP3R.

For certain jobs, keepers may need to meet specific criteria, such as possessing a minimum amount of bonded tokens, earning a minimum amount of fees, or having a certain tenure within the system. At its simplest, jobs only require keepers to be registered in the system.

A disputed keeper may face scrutiny if suspicious activity is detected. Keepers are expected to exhibit good behavior, refraining from engaging in malicious activities or sandwiching jobs. If a dispute arises, the keeper loses the ability to bond or activate new assets, and withdrawal of unbonded assets is restricted.

Governance Design

Keep3r Governance is intentionally designed with minimal overhead, avoiding excessive protocol demands. The primary responsibilities of governance include overseeing slashers and disputers, managing protocol parameters, overseeing approved liquidities, and force-minting credits for jobs. The main emphasis, however, is on reviewing jobs, with a secondary focus on addressing disputes or blacklisting keepers only when absolutely necessary.

kLP Token

Keep3r Liquidity Provider Tokens, known as kLP, are tokens specific to the protocol, minted for users contributing liquidity to the network's liquidity pools managed by pair managers. Jobs within the system can bond kLP, generating periodic KP3R credits for compensation to keepers completing those jobs, as detailed in Credit Mining.

Keep3rV2 employs a factory responsible for creating wrapper contracts that manage the associated token pairs. These wrappers, or pair managers, constitute the accepted liquidity pools, facilitating the exchange of users' liquidity provision for kLP tokens. Users can burn these kLP tokens to recover their provided liquidity.

Pair manager contracts follow a naming convention, with names like "Keep3rLP - token0/token1" (e.g., Keep3rLP - KP3R/WETH) and symbols like "kLP - token0/token1" (e.g., kLP - KP3R/WETH).

To contribute liquidity, users must grant approval to their selected pair manager contract to spend ERC20 tokens and then call the mint function. This function adds liquidity to the underlying token pair, calculates the corresponding kLP tokens for the user based on their provided liquidity, and mints them to the chosen address. Generated fees from the provided liquidity go to governance as compensation for the protocol.

Keep3rV1 Team Background

Andre Cronje, a blockchain engineer and application developer, founded Keep3rV1. He gained prominence with the launch of the DeFi project yearn.finance and the remarkable growth of its governance token, YFI, which surged 1,300 times in value within its initial two months in 2020.

Prior to founding Keep3rV1, Cronje held the position of Head of Innovation and Technology at the Fusion Foundation, the organization behind the Fusion protocol. In this role, he led initiatives related to decentralized applications, technology partnerships, and implementations. Cronje has also worked as the Chief Code Reviewer and Contributor at Crypto Briefing, Head of Technology at fintech firm Freedom, and Head of Technology at Shoprite Group. His experience extends to blockchain technology development roles at BitDiem, Cryptocurve, and Lemniscap.

Project Development

In 2023, Keep3r made significant advancements with the following key upgrades:

• Multi-chain Support: The network now supports multi-chain functionality.
• User Interface (UI) Update: Our website underwent a comprehensive UI update for a more user-friendly experience.
• Cross-chain Communication: Achieved through Connext's data bridging, facilitating communication across different blockchain networks.
• Cross-chain Oracles: Implemented to maintain high-precision Time-Weighted Average Price (TWAP) oracles across multiple chains.
• Enhanced Keeper Profitability: Keepers now enjoy increased profitability through a rewards upgrade.
• Audit by MixBytes: The network underwent a thorough audit conducted by MixBytes for security assurance.
• Documentation and Template Updates: The Keep3r Network documentation, script templates, and smart contract utilities were updated, simplifying the onboarding process for Job creators and keepers.
• Dune Dashboard Launch: Introduced a new Dune dashboard to track KP3R token supply, Protocol Owned Liquidity (POL), and fee generation, providing enhanced visibility into network metrics.

Keep3rV1 Price Analysis

As of November 24 2024 Keep3rV1 has a marketcap of $12M. This is {{percentagefromath}} from its all time high of $1.99553K. In terms of its tokenomics, there's a total supply of 513K with 100% currently outstanding. Keep in mind Keep3rV1 has a fully diluted value of $12M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.