Keep3r Network Review

What is Keep3r Network?

The Keep3r Network is an Ethereum-built decentralized platform that helps dApps projects and blockchain developers find external resources with the technical expertise to perform various tasks. These tasks vary in complexity and can be as simple as sending a transaction or collecting harvests or as complex as requiring some extensive off-chain logic.

The network can be seen as a decentralized marketplace, where projects and developers can submit particular tasks that need to be completed and executors can offer their blockchain-related services in exchange for a reward in the form of the system’s native token KP3R.

The goal of the Keep3r Network is to provide the smooth operation of crypto projects through automation of some of the critical manual operations along with an incentive mechanism for all the actors involved. 

The Keep3r Network uses its native KP3R token as the means of payment for task executors and as the collateral to guarantee the proper execution of work. 

How does Keep3r Network work?

There are two main participants in the Keep3r ecosystem, namely Jobs and Keepers. A Job is a smart contract created by a party who seeks external support to perform a task, while Keepers are simply any entities willing to get this job done. It can be individuals, organizations, groups, or even bots. 

Before starting submitting tasks, Jobs need to be registered and posted on the Keep3r network along with the relevant technical details. There are several ways to pay Keepers for their work; it could be either in the token of Jobs owners' protocol, via any other ERC20 token, or in credits, which can be received by providing liquidity into credit mining. Keep3r Network fees incur 0.3% from any payments made in ERC20 tokens or Jobs owners' protocol tokens. 

Credit mining requires users to provide liquidity into K3PR-wETH liquidity pool in exchange for kLP tokens, which are staked to receive KP3R credits. As soon as kLPs are added to a job, the job starts immediately mining new KP3R credits that can be collected by the keepers as a reward once they are done with the assignment. The obtained credits can only be used to pay for job works within the network and cannot be withdrawn. 

To become a Keeper and start receiving Jobs, users have to register with the Keep3r Network by bonding K3PR tokens, which will require a three-day period of activation. Users can also register without bonding their tokens, however, jobs with larger financial rewards might require bonding in order to be considered eligible for an assignment. In this case, the bonded tokens serve as a guarantee that the work will be executed in a proper manner and can be unbounded at any time, this will require 14 days before the withdrawal can be made. Once the job is completed, the Keeper receives their rewards. The reward is proportional to the gas fees spent by the keeper plus the premium which depends on the complexity of the job. 

Both Jobs and Keepers that are detected to have malicious behavior on the network will get their kLP tokens, credits, or bonded assets slashed and seized by the governance of the network.

How to use the Keep3r Network?

Before proceeding with Keep3r Network app, users first need to connect a wallet. Keep3r Network wallet support includes Metamask, Wallet connect, and Metawallet. 

The main page of the Kee3r Network dApp is divided into two parts, where the “Liquidities” part on the left is the place to register for Jobs and the “Profile” on the right for Keepers. 

Adding a job to the network is permissionless, users will just need to fill in the address in the “Add Job” field. The sender of the "Add Job" transaction will be the owner of the job. In order to have the job in the public registry, a pull request must be submitted to the Job Registry repository following the requirements described there. A detailed guide on how to set up the Job function can be found here.

To receive credits, it is required to get kLP tokens first. For that end, the user needs to click on the “Mint” button located on the left side of the main page of the Kee3r dApp and then enter the desired number of tokens in two fields. kLP tokens will be returned when the user no longer needs to provide credit for a contract. 

To qualify as the Kee3r Network Keeper, users need to set up the coding, which is available here. 

As the next step, users need to register a bond on the main page of the app, by clicking the “Bond” button and depositing their K3PR tokens. Users may register a bond without any investments; however certain jobs might require a minimum amount of funds. After the bonding period of three days, the “activate bonds” button will appear. Once activated, users may choose the Jobs from the Network jobs list. It is up to the Keepers to set up their DevOps infrastructure and create their own rules.

The K3PR token

KP3R is the native governance token of the Keep3r Network. Keepers who have completed tasks are rewarded with KP3R. The more tokens there are on the Keeper’s balance, the more credible is their reputation, making them eligible for more complicated jobs. 

KP3R has no maximum supply as new KP3R are constantly minted to fund the Keepers’ tasks. KP3R holders can also participate in the protocol’s governance and take part in disputes mitigation, reviewing jobs, managing protocol parameters, blacklisting Keepers and Jobs owners with bad intentions, deciding on how the reserve funds will be used, and so forth.

KPR3R tokens can also be used to take part in the liquidity mining programs via Curve Finance, Uniswap, Yearn Finance, Lido Finance, Mean Finance, Sushiswap, and Mushroom Finance.

Keep3r Network KP3R tokens staking is also possible on fixedforex.fi for a period of up to four years. The stakers receive vKP3R in the amount linear to the duration of the lockup period. This will entitle its holders to receive 1% of job fees, 1% of future emission, 50% of the upcoming Keep3r V3 liquidity incentives, Fixed Forex minting, and reserve fees (appr. 30k/week), and a proportionate percentage of liquidity mining fees.

Is Keep3r Network safe?

Keep3r Network was founded by Andre Cronje on 28th October 2020 and announced on his Medium blog. Andre Cronje is a prominent figure in the crypto world as he is the founder of another well-known DeFi project Yearn finance. 

Keep3r Network protects its users from front-running attacks and other bot-based attacks through Eden Network, which is a transaction ordering protocol for Ethereum, it provides a fair and transparent rule set to order transactions within a block. This partnership also provides priority block inclusion and transaction privacy for Keep3r Network users. 

Another protection mechanism that is deployed by the network is its partnership with Chainlink. In the future, existing Keepers who have proven to be reliable performers can become Chainlink node operators in order to upgrade their roles as Keepers.

Keep3r Network is still in the beta stage and therefore the Keep3r Network warns that the platform should be used at one’s own risk.  

Partners

Keep3r Network's strategic partner is Fixed Forex, which allows users to have shared access to liquidity incentives and protocol revenue.

Keep3r Network has made several strategic partnerships with other DeFi projects, like Alchemix, Unit protocols, Hegic, Synthetix, and Alphafinance.io, which use Keep3r keepers to automate some of their key smart contract functions.

What’s next?

Keep3r Network plDeFi plans to expand on Fantom and Optimism and launch Keep3r V3 as well as integrate more DeFi protocols and develop a broader ecosystem of the network.

Links

https://docs.keep3r.network/

https://gov.yearn.finance/c/projects/keep3r/20