Keep Network Dev Updates: Issue #7

Hard-merge Proposal of Keep and Nu Cypher Protocols, and Snapshot About Reduction of KEEP Staking Emissions.

Hello everyone! Another weekly Keep Network DEV Update is out: A weekly 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.

This Week in Keep Network

• A new KIP was proposed by Matt Luongo, CEO of @keep_project to make, nothing less than the first on-chain protocol hard merge between Keep Network and Nu Cypher — Catch up here.
• Keep Network and NuCypher team held two community calls about the hard merge proposal, the Nu Cypther call was recorded and the link of the recorded video will be made available soon — Check it here.
• A snapshot was put for signalling vote about the proposal to reduce KEEP staking emissions until 9 PM EST on March 12th. — You can check the results here.
• A new version (1.7.1) of the Keep ECDSA mainnet client was released on March 11th, this release is a hotfix for EIP155 support in the client — Read more about the release.
• An article was written by Brady Dale for Coindesk explaining ‘Codename Keanu’, the hard-merge proposal for the Keep Network and Nu Cypher protocols — Read it here.
• Last week, Keep Network was proudly listed by CryptoDiffer as one top 15 DeFi projects by total value locked/Market Cap — Catch this post here.
• Token dashboard version 1.10.2 was released on Mainnet in keep-core repository improving the user experience with the liquidity rewards notification — Read more.
• Keep liquidity rewards have been topped-up. The distribution this week is — 25K KEEP to Uniswap TBTC/ETH pool — 170K KEEP to Uniswap KEEP/ETH pool — 250K KEEP to Saddle — Read it here.

Keep Network and Nu Cypher hard-merge proposal

With the consent of the stakers and community governance multisig, the Keep team is proposing a hard merge with the NuCypher protocol, to form an extended network in a 50/50 on-chain collaboration between both communities, Follow some aspects to be considered about the merge:

• Once tBTC v2 is deployed to the combined network, the number of candidate stakers can be as many as 2200 at launch.
• A DAO will be established to govern this contract, making sure the participation of both NU and KEEP remains weighted to 50/50.
• This entails combining the two protocols and staking networks as well as development efforts, allowing both communities to rally behind a new network inheriting the best aspects of each.
• Both teams will proceed to launch a new staking contract that supports both NU and KEEP as work tokens.
• Although both dev teams will remain independent, Keep and Nu Cypher teams will be all focused on a single protocol.
• As the first on-chain hard merge, it has the potential to positively define how collaboration in our space works going forward while providing material benefits to both projects and establishing the combined network as the leading BTC-ETH bridge.

Keep Governance Vote Results

The Keep Network governance passed two proposals that were accepted and voted by the community and signed by the multi-sigs. After the approval of both KIP, the team already implemented the changes to the network, a very important step towards the decentralization of the project.

Both proposals came about due to the need to increase the collateral range between $ETH and $BTC on the network deposits for minting $tBTC, so that the deposits bonded by signers do not become undercollateralized easily.

The approved KIPs were:

1. The Threshold for Courtesy Call was decreased from 125% to 115%;
2. The initial Collateralization Ratio was increased from 150% to 200%.

Development Updates

Client 1.7.1 Mainnet Release

Client: 1.7.1 (Mainnet) was released in keep-ecdsa repository on March 11th, This release is a hotfix for EIP155 support in the client. It also updates the default max gas price and improves parameters of public key and signature submission monitoring loops to optimize gas expenditure in certain cases.

Note that the client version can be updated without any config changes.

v1.7.1 is the latest release of Keep ECDSA client, which primarily drives ECDSA keeps. The client changes since v1.7.0 are:

• Transactions are signed according to EIP155. go-ethereum v1.10.0 has switched to denying non-EIP155 signatures by default. (#725)
• Increased default max gas price to 1000 Gwei. The teamhave recently observed an average gas price on Ethereum mainnet to peak even to 625 Gwei. Some operators had to update their configurations because 500 Gwei default max gas price was not enough. (#728)
• Public key and signature submission retries are now less aggressive. The previous parameters could lead to increased gas expenditure, especially in cases when the max gas price was too low and original transactions were not getting mined for a long time. (#730)

Token Dashboard: 1.10.2 Mainnet Release

Token Dashboard: 1.10.2 (Mainnet) was released in keep-core repository on March 8th, v 1.10.2 is the latest release of the KEEP token dashboard. This release improves the experience with liquidity rewards notifications and fixes swap links to the ETH<>KEEP pairs for Balancer and Uniswap (#2351).

Follow below some changes regarding the liquidity notifications released with the new dashboard version (#2346):

• Extending the time when liquidity rewards are checked from 7 minutes to 15 minutes;
• Merging notification from each pair into one (see how it looks like on the screenshot below);
• Adding new property in redux state for keeping data related to the notification type;
• Not displaying another notification when it’s already displayed — instead the team just add a pair name to the content of it (unless it’s also present in the currently displayed message);

Additional fixes:

• Change pair name in the notification eg. KEEP_TBTC -> KEEP+TBTC;

Ongoing Discussions

For this Weekly Dev Update I’m highlighting the meeting calls that the Keep Network and Nu Cypher teams made to answer questions from both communities about the hard-merge proposal between Keep and Nu cypher protocols.

A link from the last meeting call, which was recorded, will soon be shared by the Nu Cypher team in their Discord — Stay Tuned.

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!