Keep Network Dev Updates: Issue #10

Final T Proposal “RC0” has passed in Keep and Nucypher, KEEP token was listed for trading in Coinbase PRO and Binance.

Hey everyone! Welcome to another Keep Network DEV Updates, a recap of all things related to the development of the Keep Network.

What is Keep Network? Keep is Ethereum’s first private computer, able to store and compute data hidden even from itself.

What’s new in Keep Network

• We had a joint Zoom community call with NuCypher on 06/03/2021. The call was to discuss the KEANU rc0 proposal with the community and to chart the path forward from here — Follow up here.
• The vote for the merge token proposal opened in both Keep and NuCypher communities on 06/04/2021, remained open for 7 days, The options were — 1. rc0 T proposal — 2. I prefer a different proposal — 3. No option/back to the drawing board — Read it here.
• We had another community Lunch and Learn chat on Keep Network Discord server last week Wednesday, June 9th — Access our Discord.
• The team behind Boar Network has created some powerful tools for Keep Stakers: The new tools help monitor connected peers as well as the ETH an operator has available to handle transaction fees — Read more.
• Brady Dale wrote an article in Coindesk breaking down the just-approved merger of Ethereum protocols Nu Cypher and Keep Network — Read the article here.
• Inbound transfers for KEEP are now available in Coinbase, in the regions where trading is supported. Trading began on 6/17 if liquidity conditions are met — Read the official announcement.
• After Coinbase listing, Binance listed KEEP with BTC, BNB, BUSD, and USDT pairs — For more detail, check out Binance’s announcement here.
• The RC0 proposal snapshot vote concluded last week Friday, and the network upgrade has passed, moving forward with approximately 93% of individual Keep stakers voting for the initiative and 78% of staked KEEP supporting the measure. — Check it out.
• Here’s a useful primer on the key details of the RC0 Proposal:

Rc0 Proposal has been approved in both Keep and Nu Cypher Communities.

KEANU is the codename for the unprecedented collaborative endeavor between Keep Network and NuCypher to undertake the first decentralized on-chain network upgrade combining two protocols.

The RC0 token proposal snapshot vote concluded last week Friday, and the network upgrade has passed, moving forward with approximately 93% of individual Keep stakers voting for the initiative and 78% of staked KEEP supporting the measure.

Below are the details about the T Token implementation:

• Passive holders, liquidity providers and stakers will have the opportunity to participate in the upgraded network.
• Each existing network, Keep and Nucypher, will have the same share — The same amount of tokens in the new network.
• The amount of tokens received per KEEP/NU that is wrapped depends on the token factor. The token factor is determined according to each current total supply.
• Current token prices and market cap are NOT considered in token factors due to various reasons: Really complex implementation; Price fluctuations are constant; Finally, they are too susceptible to manipulations.

Development Updates

It is possible to verify by the pull requests in the Coverage Pool repository that a lot of exciting progress is happening in the development of the coverage pool, We’re in the path of making tBTC finally ready for v1.5, thus paving the way for v.2 in the following months.

Governance improvements #105

The Pull Request 105 in the Coverage Pool Repo (Depends on Pull Request #100, and makes reference to Issue #89) introduces the possibility of the governance alter withdrawal parameters (delay and timeout) but in such a way that if underwriters do not agree with the change, they have a chance to withdraw their positions before the change takes effect.

Additionally, it changes the risk manager approval governance delay to use the same value as the asset pool. This delay is enough for all underwriters to withdraw their positions in case they do not agree with the change. From the coverage pool perspective, all changes that could negatively affect underwriter’s positions should be protected by a governance delay.

Simplified withdrawal flow #100

The Pull Request 100 in the Coverage Pool Repo (Also makes reference to Issue #89) introduces a withdrawal flow that has been simplified into a more user-friendly form. It takes 14 days at minimum for the underwriter to withdraw their collateral and rewards. After 14 days from initiating the withdrawal, the underwriter has 2 days to complete the withdrawal. After 2 days, the withdrawal timeout elapses and the underwriter has to initiate the withdrawal again and wait for the entire withdrawal delay one more time.

Validate chain ID for every permit call #92

The Pull Request 92 in the Coverage Pool Repo (Closes the Issue #61) implements the function UnderwriterToken.permit which allows an asset holder to move tokens on behalf of another user by using a signature. The lack of chain ID verification on every signature could enable an attacker to withdraw rewards multiple times on behalf of someone else if the chain was forked with a different chain ID. To address this problem, chain ID and DOMAIN_SEPARATOR constructed for the given chain ID are cached and chain ID is validated for every permit call.

Ongoing Discussions

Join us at the next Keep Lunch and Learn on Wednesday in the Community Voice section of Discord to discuss v1.5 in more detail. Chris Battenfield will be there to talk about all things coverage pools and answer any questions you have.

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Did I Miss Something?

If I missed an important event and you think it should be added here, just contact me (EvandroSaturnino#9833) directly through Discord on the Keep Network server!