Cryptopedia

®

Your trusted source for all things crypto.

Subscribe

Keep3r Network (KP3R): A Decentralized Task Marketplace

Keep3r Network is a decentralized marketplace where developers can propose and perform blockchain-based tasks in exchange for crypto.

Keep3r Network (KP3R)- A Task Marketplace for Blockchains and dApps (DeFi)

Summary

The Keep3r Network is a decentralized task-based network that connects decentralized application (dApp) teams and blockchain developers with outside talent that can execute these tasks. The project is intended to streamline and simplify the workload of crypto projects with task automation needs while financially compensating the task executors with crypto. The Keep3r Network uses its KP3R token for payment and as a way for task providers and task completers to collateralize job contracts.

Issues With Automation in Smart Contracts and dApps

Smart contracts and decentralized applications (dApps) have myriad use cases within decentralized finance (DeFi) and beyond. Many of these applications require an external trigger or executor to finalize certain tasks — they aren’t completely autonomous. These tasks are often assigned to bots that automate software processes. These bots are sometimes referred to as “keepers” or “executors.”  These keepers — along with oracles, analytics, and many other software components — are part of the blockchain middleware stack. Together, they make up an important pillar of the decentralized ecosystem, allowing users to more easily use dApps while freeing up the dApp developers to focus on a product’s core offerings.

What Is the Keep3r Network?

The Keep3r Network was designed to allow projects and developers to submit tasks that can be executed by a keeper. You can think of it as a decentralized marketplace for computation tasks. The Keep3r Network isn’t intended for the majority of ordinary crypto users, but is instead meant to solve a pain point for dApp developers who need to automate processes and benefit from outside help.

Here’s how it works: Those seeking the services of a keeper register a job that they need completed. The keeper is the external team or person who executes the task; these tasks tend to vary in complexity and difficulty. Once a task is completed, the keeper is financially rewarded via KP3R tokens — which are the ERC-20 digital assets utilized throughout the Keep3r Network.

The Keep3r Network was founded by Andre Cronje, who also founded the popular DeFi yield-farming project Yearn.Finance. While fundamentally a jobs marketplace, it’s helpful to think of Keep3r Network as a smart contract for technical jobs. While it is still considered to be in beta testing as of Jan. 2022, Keep3r Network has seen considerable usage and market cap growth since its release in October of 2020. Launched without an Initial Coin Offering (ICO), new KP3R tokens for the network are created when collateral is locked into liquidity provider Uniswap. Concurrently, both task proposers and executors may need to submit collateral in the form of KP3R in order to utilize the network.

How to Use Keep3r Network

Keep3r manages the registration of projects and keepers, but does not actively manage its marketplace and the jobs tasked. This element is managed by Keep3r’s platform governance mechanisms. The jobs available on Keep3r range in complexity, and include tasks like executing a transaction, harvesting a liquidity vault, or liquidating an undercollateralized position. Some jobs require more technical expertise, including complex off-chain logic and processes. To use the network, you must go to the Keep3r website and sync to it via MetaMask.

Registering a Job on Keep3r Network

On Keep3r Network, a “job” is a smart contract created by a party who wants an outside entity to execute the proposal in good faith. To register a job, all you have to do is submit a proposal via Keep3r’s governance process, which, if approved, completes the job registration process. The other way to register a job is to add collateral to an approved K3PR-based liquidity pair on the platform. This allows you to automatically register a job via a Keep3r contract. Each job has a set reward of KP3R to be given to the keeper of the contract.

Being the Keeper for a Job on Keep3r Network

For certain low-risk jobs, a keeper can simply choose a job and execute it. However, for jobs with larger financial implications, the keeper must deposit collateral as a bond using the network’s KP3R tokens in order to be considered for the task. This must be deposited into vested KP3R (vKP3R). Once your task is completed, you are compensated for associated gas fees plus an additional premium. This bonus KP3R amount varies based on demand and complexity as it is job-dependent.

Governance of the Keep3r Crypto Protocol

Keep3r crypto protocol governance is designed to be simple and to require minimal overhead and oversight. It is currently used for four purposes:

  1. Approving and rejecting jobs

  2. Dispute resolution, including: slashing KP3R bonds and removing keepers

  3. Adding liquidity pool options

  4. Resetting the KP3R reward premium

Keep3r Network’s KP3R Crypto Asset and Tokenomics

KP3R was released on Uniswap. It launched without a pre-mine or ICO. KP3R is minted by supplying collateral to Uniswap. While there is no max supply, all KP3R tokens must be crypto-collateralized. In this way, the supply has the ability to expand and contract with market needs. KP3R crypto assets can be found in three interchangeable forms:

  1. Standard KP3R tokens: This is the preliminary, basic, and unaltered form of KP3R. By depositing crypto and providing liquidity, you are able to mint this asset.

  2. Vested KP3R tokens: You can vest your KP3R to receive vested KP3R (vKP3R). This enables you to receive a proportionate percentage of liquidity mining fees, incentives, and future token emissions — in addition to minting and reserve fees on associated partner projects.

  3. Redeemable KP3R tokens: By supplying liquidity to Curve, Uniswap, or another approved pool, KP3R token holders can receive redeemable KP3R (rKP3R), a wrapped version of the asset. This allows rKP3R tokens the ability to interact with other DeFi projects. With rKP3R, you can also place a discounted KP3R call option.

Keep3r Network Partnerships

Keep3r Network has made several notable partnerships with other projects, including Eden Network, Chainlink, Synthetix, Alchemix, Alphafinance.io, and Hegic. Eden Network is a transaction ordering protocol for Ethereum. By acquiring a substantial allocation of its crypto asset EDEN, Keep3r Network users will have priority block space access, receive cheaper and more private transactions, and be protected from frontrunning attacks and other bot-based attacks.

Keep3r Network is targeted primarily at crypto startups and emerging projects that may not need extremely stringent security requirements. Projects that require robust security and tamper resistance tend to use oracle providers such as Chainlink for high-value smart contracts. Keep3r’s integration with Chainlink will allow projects that use Keep3r Network the ability to more easily migrate to Chainlink in the future, should their needs change. Keepers on Keep3r Network who have completed enough jobs will have the ability to become Chainlink nodes who will still complete tasks but will also be compensated with LINK tokens.

Keep3r Network Ecosystem and Roadmap

Extending beyond its original purpose as a smart-contract based job registry, the Keep3r Network is developing a broader ecosystem of projects. These include options for liquidity mining and incentives, volatility indexes and hedges, lending platforms, and even a DeFi-centered forex market.

Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies. The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management. The information provided on the Site is for informational purposes only, and it does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. A qualified professional should be consulted prior to making financial decisions. Please visit our Cryptopedia Site Policy to learn more.

Is this article helpful?

Yes

No

Topics in article