On October 28th, a random article on Keep3r Network appeared out of nowhere. The article was written by Andre Cronje, founder of yEarn.Finance ($YFI). Andre Cronje if you don’t know is pretty much one of the founding fathers of the DeFi network. The YFI system has been at the forefront of the DeFi explosion; the platform is also the cause for the continuous development of multiple other DeFi projects.
The Keep3r Network is another test of Andre Cronje, it is a part of his plan to launch the product first and then do the necessary testing later on. Despite this risky approach to his products, many users still continue to jump on the bandwagon looking for a quick short-term profit. Right after the launch of KP3R, the prices went up at a rate of $1 USD per minute. News spread around the community and more people decided to join in on the hype.
What is the Keep3r Network?
Keep3r Network is a decentralized keeper network for projects needing external devops and for external teams to find keeper jobs. To put it simply, it is a network for “job matching”. The system connects those looking for Jobs to “Keepers”, people who complete the Job. In order to ensure the smooth operation, the platform contains many incentive mechanisms for all parties. Moreover, the network is made for contracts to register as Jobs for Keepers, Keepers will then register for available Jobs. So the platform requires individual Keepers to set their devops and infrastructure to create their own rules based on transactions they deem profitable.
Having talked briefly about the platform, what are Keepers? Keeper is the term to describe an external person or team that executes a job. So this can be as simple as calling a transaction or complex enough to require extensive off-chain logic. Some of the tasks are simple manual tasks but can be tedious since it needs to be done regularly. An example of this can be collecting harvests from yield farming, with Keepers, all this can be done by someone else.
So, what are some jobs and tasks that can be done? In the Keep3r Network, anyone can add a Job for someone to do. Jobs are smart contract calls that ask an external entity to perform an action. Therefore, to do a job you must register and provide relevant information including job name, address, etc. The entire process is completed on-chain allowing everyone to confirm when a task is completed.
So is there a token on the Keep3r Network?
The Keep3r Network has its own native currency known as $KP3R. By having more $KP3R, it means that your reputation would be higher in the ecosystem. Those who complete tasks in the Keep3r Network receive rewards in the form of $KPR. This is the equivalent to spending gas on a transaction, and the amount will be dependent on the complexity of the Job. If you have more $KPR tokens, you can also take on higher-end jobs as your reputation in the network will also be higher. It is also important to note that bonded $KPR can be slashed if you are a malicious actor. By default, the $KPR is bonded, but you can also unbond it to make it into a normal $KPR.
Well what difference does it make for bonding and unbonding $KPR?
By keeping a bonded $KPR, you can have an increase in the Jobs that Keepers can do, voting rights, and bonded $KPR cannot be exploited. Well of course, by keeping a bonded $KPR there also comes with disadvantages. So this includes the fact that you cannot immediately recoup ETH for Keeper transactions. This would mean that Keepers have to hold onto an unbond amount of ETH for a couple of days as a float.
Cool! I want to become a Keeper, where do I start?
The complete details for the network can be found here: https://docs.keep3r.network/ .
- To start, you need to register as a Keep3r. The first step you need to complete is connect your Metamask wallet.
- Once that is done, you can create a bond by clicking “add”, and you input your amount of $KPR (Note: you do not need to have any $KPR to start). You then need to confirm by clicking “add” again.
- Within 3 days, you should be able to activate your Keeper
If you wish to not become a Keeper you can unbond to deactivate. After waiting for 14 days, you will be unbonded and you can withdraw any bonded assets.
What if I want to perform Jobs?
All the available Jobs for the network will be available on the main page as shown below. You can click on the Jobs to find out more details about it. The newest update of the network also allows you to use OpenZeppelin Defender, a wrapper for smart contract developers to automate maintenance tasks like calling functions to manage protocols on the contracts. This is extremely helpful for developers as they would not need to do this manually like before. Moreover, the underlying layer written by the OpenZeppelin team will also bring further stability to the DeFi ecosystem since it is a security audit firm.
How do I register for a Job?
There are two ways for you to register for a Job. One is through governance and the other can be done through the contract interface. The easiest method of registering for a job is through governance. You can simply submit a Governance proposal that includes the relevant contract as a Job. They require no additional information if the proposal passes. The other method to register is through the contract interface. This method is relatively more complicated as it requires calling the add liquidity to Job function on the Keep3r contract. Note you must not have any current active jobs associated with your account when registering for a job, and you can only create a Job through this address every 14 days.
I’ve completed my Job, how do I collect my credits?
After completing your job, if you don’t want to worry about calculating your payment, you can let the system calculate the amount needed to be given to you. You will then receive your payment directly in the form of KPR, ETH or with tokens.
What is Governance like on the platform?
The design of KPR governance is to provide low overhead and not to be protocol intensive. The focus is to just simply review and approve jobs, and if necessary mitigate disputes and blacklist keepers. Only the bonded Keepers can participate in governance. Once users have bonded $KPR, they will then be given the ability to delegate votes to themselves or another party. Moreover the core function of Governance is to manage Jobs and sometimes manage Keepers. So managing jobs include approving and reviewing them and managing Keepers include lodging disputes, slashing, revoking access, and resolving disputes.
Ultimately, with the success that YFI has had, it will be interesting to see what Andre Cronje has planned for the Keep3r Network. If you would like to learn more about the platform, feel free to check out the network down below!