Keep Network Dev Updates: Issue #11

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

  • On June 28th 11am EST, Figment’s Staking Hub hosted Doug from Keep and Maclane from Nu Cypher to chat about the KEANU merger, and what that will mean moving forward — Catch it up.
  • We had a community call in the Discord voice channel on June 30th. We had Liz and Chris from the team to demo the coverage pool UI/UX. — Read the announcement here.
  • Keep Network team wrote a blog post about how has the KEEP token recently become more accessible — Greater access to the KEEP work token pushes forward the goal of ecosystem-wide decentralized private computation — Read the post here.
  • Keep latest blog post looks at the website update, the input from the community that made it possible, and takes a peek into the behind the scenes design process — Check out
  • Keep and Nu Cypher have opened up a new forum to host the combined communities. This is the first step toward consolidating our community spaces to move forward together — Access it here.
  • The first post in the new forum is the DAO proposal for the upgraded Threshold Network which is now open for discussion. — Let us know what you think!
  • Some of our community members wrote an excellent blog post that describes the network upgrade from a community perspective — Check it out here!
  • Unit Protocol introduces KEEP token as a new collateral asset in their protocol — Mint $USDP with http://unit.xyz , swap via https://curve.fi/usdp

Threshold Network DAO Proposal v1 Overview

Keep and NuCypher are projects driven by the community and this will continue with the updated network. This proposal is a first iteration of the governance system for the updated network. Our new Threshold network will offer the best that the Keep and NuCypher networks offer at the present time.

As our communities continue to merge, we’ll need a single community DAO to govern the new network.

Below are some details about the T network DAO proposal:

  • The DAO will be implemented using two instances of GovernorBravo and a separate multisig council.
  • T holders will be able to add proposals on-chain, delegate votes, and execute proposals.
  • The token holder DAO will manage the treasury, and be the owner of the T token contract.
  • The token holder DAO will have the power to deploy the treasury, and mint additional T tokens.
  • The staker DAO will have two major modifications over GovernorBravo as deployed today:
  1. Voting will be based on staking weight
  2. StakerDAO upgrades can be vetoed by the token holder DAO.

Development Updates

It is possible to verify by the pull requests in the tBTC V2 repository that a lot of exciting progress is happening in the development of the new tBTC protocol.

Vending Machine: TBTC v1 to TBTC v2 #9

The Pull Request 9 in the tBTC V2 Repo implements a transition of the vending machine of the tBTC v1 to v2, acting as a bridge between TBTC v1 and TBTC v2 token, allowing to mint TBTC v2 before the system is ready and fully operational without sacrificing any security guarantees and decentralization of the project.

The initial strategy implemented in this PR assumes all TBTC v1 token holders are able to mint TBTC v2 in 1:1 ratio. Separately, we work on solutions to incentivize the migration (Opened issue #7)

Allow TBTC contract owner to recover misfunded tokens #4

The Pull Request #4 in the tBTC v2 Repo implements the possibility of recovering misfunded tokens by the governance. We observed such cases of misfunds for tBTC v1 so to become more user-friendly, we are giving rescue tools to tBTC v2 governance.

In practice, recovery functions will have to be proxied through the vending machine because the vending machine will be the owner of TBTC token contract.

Yearn Finance integration (Still opened issue #7)

This issue describes the work which should be done to integrate with Yearn Finance. The target is to have a Yearn vault, similar to the existing Curve tBTC Pool yVault (crvTBTC) created for tBTC v1, it will be used as a solution for incentivizing the migration to tBTC v2.

Ongoing Discussions

A community-driven open call is being made through Discord on the open voice channel weekly on Thursday at 3pm EST to discuss general topics related to the Threshold Network.

We are inviting all interested parties to participate so that we can enrich the discussion and help the project to grow even more.

Sign up for the Keep Network Official Newsletter!

Looking to keep up with Keep Network news? Don’t forget to sign up for the official newsletter here.

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!

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