Keep Network

The NuCypher Network proxy re-encryption (PRE) service is now the PRE Application on Threshold 💪

NuCypher Version 6.0 is released 🎉

Changes include:

☑️ Integration with Threshold Network staking

☑️ Migration of policies to Polygon

Check out this blog post for detailed steps on staker requirements and the current rewards proposal.

https://blog.threshold.network/stake-migration-pre-nodes/

P.S. this is a cross post for increased visibility. Join us on the Threshold telegram channel for more regular updates if you have not already.

https://t.me/thresholdnetwork

All legacy KEEP stakes can now upgrade to participate in the Threshold Network

Starting at the end of March, rewards will be sent only to those running PRE on Threshold, with legacy or native T stakes. This means you have until the end of March to upgrade your stake for rewards 🚀

Blog post with full guide on the process 👇

https://blog.threshold.network/keep-legacy-stake-upgrade/

P.S. this is a cross post for increased visibility. As per the merge process we migrated telegram channels. Join us here if you haven't already https://t.me/thresholdnetwork

Community Snapshots for Threshold Network-Level Emergency Security Developer Multisig (ESDM) Proposal

A new proposal for establishing an Emergency Security Developer Multisig (ESDM) in the Threshold Network was just created in the NuCypher Snapshot space and the Keep Snapshot space, starting in 30 minutes from now and going over 7 days.

TL;DR: The ESDM is a 3-of-4 multisig formed by NuCypher & Keep dev teams and serves as a security mechanism that allows quick reaction to security incidents or critical bugs affecting Threshold's Staking contract. Full proposal and discussion:
https://forum.threshold.network/t/threshold-network-level-emergency-security-developer-multisig-proposal/110

Two options in this proposal:
1. Yes, I support the ESDM proposal
2. No, I don't support the ESDM proposal

Keep Snapshot:
https://snapshot.org/#/keepstakers.eth/proposal/0x14457cbbdaf165cea48ecd26f21f03d6bec73a08a6a1cf10ae8c04c4f60caba4

Audits, DAO deployment, vending machine contract, staking contract 👀 🟣

The highly anticipated provisional merger timeline is up in blog format. Use this post as a reference for what is left to come until the first ever decentralized protocol merger is complete.

Wen merge? 👇

https://medium.com/@keep_project/a-provisional-timeline-for-the-threshold-merger-7593d5cb3771

The Keep Community Multisig has officially lowered tBTC C Ratios and turned on the Coverage Pool Risk Manager 👑

Quick reference on new ratios:

150% - mint
105% - courtesy call
101% - liquidation

For a detailed review of what this means for our ecosystem 👀👇

https://medium.com/@keep_project/announcing-lower-c-ratios-tbtc-8e82bc28df02

P.S. if you have not already pls join on us the new merged community Threshold Discord server

https://discord.gg/X5aNjUp7un

Community Snapshot for Threshold's Reward Mechanism: StableYield+

We're rolling through today with a community snapshot for the Threshold network's primary reward mechanism and surrounding architecture. Signal your approval early and help formalize this crucial component of the protocol!

Full proposal and discussion:
https://forum.threshold.network/t/threshold-network-reward-mechanisms-proposal-i-stable-yield-for-non-institutional-staker-welfare/82

Likely parameters at network genesis:
(1) Maximum overall annual nominal inflation of 10%, split across all applications
(2) Stable Yield staking rate threshold of 30% (above which the Stable Yields mechanism kicks in)
(3) Stable Yield anti-dilution constant of 0.5 (only relevant if the staking rate < 30%)

Two options in this proposal:
1. Yes, I support the StableYield+ reward mechanism
2. No, I don't support the StableYield+ reward mechanism

Keep Snapshot: https://snapshot.org/#/keepstakers.eth/proposal/0x9e060a6e15d7f8c6a138f78dc214c2b098065f8ca46a377be392d5224b1c4118

We shared the deployments of coverage pools and the tBTC v2 dapp with the community already, but our most recent blog goes into much deeper detail as to how these two blocks fit into the larger vision. Check out the published blog post here:
https://blog.keep.network/tbtc-v2-a-censorship-resistant-btc-bridge-at-100x-scale-199d3a54ab99

Coinbase Pro now supports tBTC 👏 🚀 🔥

Trading is scheduled to begin for everyone tomorrow at 9am PT 👇

https://blog.coinbase.com/function-x-fx-jasmy-jasmy-tbtc-tbtc-and-wrapped-centrifuge-wcfg-are-launching-on-coinbase-5774fa7e9295

Join us for a Threshold wide community call this Thursday October 7th (tomorrow) at 2pm ET in the Threshold Discord server! We will primarily discuss:

1️⃣ General project and merge updates
2️⃣ Arj’s new Threshold inflation proposal

Our fren dimsome from mStable will be joining us to talk more about mStable and the tBTC v2 Feeder Pool proposal that is currently up for discussion in their community.

This will be an open discourse but there will also be time at the end for everyone to ask any questions about all things Threshold.

And yes - there will be POAPs 👀

P.S. we are migrating from the Keep discord server to a new Threshold discord server as per the merge with NuCypher. Join the Threshold community 👇

https://discord.gg/QbwGjvq4

A new money lego has arrived! We have talked about this in the hypothetical for the past few months, but Coverage Pools are now a reality. The deployment on mainnet is now live with the ability to deposit KEEP and earn rewards while unlocking tBTC safety and scalability. KEEP rewards have also been shifted from the KEEP-only pool to incentivize the use of the new pool.

Want to get into the pool or just explore the process and design behind Coverage Pools? Check our our community member Chandru’s guide to using the new pools for both:
https://chdru.medium.com/keep-network-coverage-pools-deposit-guide-6e55fef39b66

Not only have the coverage pools launched, but the tBTC v2 vending machine contract is now accessible through the Keep Dashboard. Transition your tBTC v1 to v2 without paying additional signer or minting fees or having to dig into etherscan.

Head over to https://dashboard.keep.network/ to check out the new tools!

The Snapshot on the Threshold DAO has passed with 100% support in both the Keep and NuCypher communities. The signal is strong - both communities are aligned and can achieve more together than separately. Thank you to everyone who submitted their support!

If you would like to review the DAO proposal or get involved with future discussions, head over to https://forum.threshold.network

Our most recent blog post is a restatement of our commitment to decentralization through code and math.

When a system is built to be verifiably decentralized and incorruptible by the human hand, it’s an expression of code as free speech. It’s outside the reach of physical, technological, or jurisdictional interference.

So when it comes to crypto bridges - arguably an area where risk of censorship and seizure is real - why are we putting up with platforms with various levels of centralization?

🌉👀

Check out the post here: https://blog.keep.network/real-decentralization-math-e27105304332

With the deployment of Coverage Pools coming soon, the rewards to the KEEP-only pool on the dashboard have been suspended. The rewards will be allocated to incentivize entering Coverage Pools designed to increase tBTC scalability. If you were planning to enter the KEEP-only pool to earn rewards but haven’t made the deposit yet, please wait for the Coverage Pool rewards.

For more information on the incentive shifts and the discussion around them, please see the forum post here: https://forum.keep.network/t/shifting-incentives-towards-tbtc-v2-and-coverage-pools/318

For more information on Coverage Pools and how they will increase scalability, check out our introductory blog about them earlier this year: https://blog.keep.network/introducing-coverage-pools-f47632bb472a

Community Alpha: The first opportunity to earn with tBTC v2 is here - the Saddle pool is open and the LP staking contracts are published! Transition your existing tBTC v1 using the new contracts and saddle up! 🤠

The Saddle pool will be incentivized with KEEP, as the community multisig approved the shift of incentives. If you have tBTC v1, the simplest route to earning in the new pool is to use the transition contracts for tBTC v2, and deposit the v2 token into the pool.
https://saddle.exchange/#/pools/tbtc/deposit

Then follow our LP staking guide to stake your Saddle LP tokens for KEEP rewards: https://forum.keep.network/t/how-to-stake-saddle-tbtc-lps-with-etherscan/335

Still need to transition tBTC v1 to v2? Check out the guide from Chandru:
https://chdru.medium.com/threshold-network-mint-unmint-tbtc-v2-guide-afa44cf20876

We’ve been asked in the past to clarify the relationship between Keep and Thesis, since they’ve been closely associated. Thesis is a Venture Studio focused on building an ecosystem based on the key ideals of decentralization, sovereignty, privacy, and freedom. While Thesis is expanding, Keep represents the largest and primary project in terms of focus, head count, and expenditure in the Thesis portfolio. For a further exploration of the relationship, check out our most recent blog post:
https://blog.keep.network/exploring-the-relationship-between-thesis-and-keep-dfa60fc6e02

The Emergency Security Developer Multisig has been removed from the Threshold DAO v2 Proposal as a result of community discussion. The remainder of the DAO v2 proposal is intact and will move toward a community snapshot soon if there are no major concerns raised. With this proposal passed, the Threshold DAO can be initialized and begin the work of governing the new Threshold Network.

The original DAO v2 proposal has been amended on the main discussion thread on the forum: https://forum.threshold.network/t/threshold-network-dao-proposal-v2/57/2

Additional context is available at:
https://forum.threshold.network/t/threshold-dao-v2-proposal-edit-removing-the-emergency-security-developer-multisig/73/4

If you have questions or concerns, please add to the discussion on the forum or drop into one of the governance channels in Discord.

With the momentum moving toward deployment of the TBTC v2 bridge contracts, the community identified the need for a shift in the existing KEEP incentives to keep that momentum going. Two iterations of the proposal were considered, with the final proposal accepted by the community and approved by the community multisig.
The main upcoming changes to incentives that stakers should be aware of are:
- 250K KEEP rewards moving from v1 TBTC stableswap pools to new v2 TBTC stableswap pool on Saddle
- 200K KEEP-only pool rewards moving to Coverage Pools
- Current incentives of 25k KEEPs weekly in TBTC/ETH pool maintained

For the full look at the process and results, check out the blog: https://blog.keep.network/keep-proposal-overview-shifting-incentives-towards-coverage-pools-and-tbtc-v2-6517a37625c2

We look forward to the final deployments of Coverage Pools, the TBTC v2 bridge, and the new Threshold Network. We are excited to share what we’ve been working on - this incentive shift is simply the first step! If you haven’t already joined the new Threshold Discord, drop in at discord.gg/6jQ9tz9BXY

The Threshold DAO proposal v2 is now up! After community discussion & a review of the required modifications to the Governor Bravo contracts, there are a couple of alterations to the v1 proposal.

A shortlist of alteration locations includes:
* Delegations
* Proposal thresholds
* Quorum
* Vote delay
* Emergency security
* Veto powers

We hope to have a discussion on this proposal and move toward a snapshot vote soon. If you have concerns or suggestions, please get involved on the forum! https://forum.threshold.network/t/threshold-network-dao-proposal-v2/57

We are also beginning to open up the new Threshold Network Discord server. If you want to get into discussions directly related to the DAO or the new combined network, the discussions will be centered there.

🥇We also have a POAP for the first 500 community members to join us: https://discord.gg/E9yCJeeucT

There is a second proposal on the forums regarding shifting current incentives to tBTC and coverage pools. This proposal is submitted by community powerhouse Evandro, and maintains most of the original proposal from Ben Longstaff, but with one key difference - maintaining the current incentives of 25k KEEPs weekly in TBTC/ETH pool instead of redirecting to other pools.

Are you supportive of maintaining the TBTC/ETH pool incentives, or do you have an argument as to why they should be discontinued? Drop into the forum and let us know!

https://forum.keep.network/t/shifting-incentives-towards-tbtc-v2-and-coverage-pool-version-2/322

And if you haven’t joined us on Discord yet, come over to chat.keep.network

Join us on Friday July 30 at 10am EST as we discuss the newest proposal on the Keep forums - shifting incentives to tBTC V2 and coverage pools. The author of the proposal, Ben Longstaff will be joining us to talk over the incentive shifts and why you should vote for them. The changes to incentives as proposed are:

- Cut off rewards to ETH/TBTC completely (25K KEEP)
- Move rewards from v1 TBTC stableswap pools to a new v2 TBTC stableswap pool on Saddle (250K KEEP)
- Move KEEP-only pool rewards to our Coverage Pool when it’s deployed (200K KEEP)
- Transition the rewards from ETH/TBTC pool to some mixture of KEEP/ETH, Saddle v2 stableswap, and our Coverage Pool.

This proposal is particularly relevant for active stakers, as it may change rewards in pools that you are in. Please get involved and let us know what you think! Check out the whole forum post and join us this Friday at 10am EST in the Community Voice Channel on our Discord server.

https://forum.keep.network/t/shifting-incentives-towards-tbtc-v2-and-coverage-pools/318