Keep Proposal Overview
Keep Project introduced proposal titled “Shifting incentives towards TBTC v2 and Coverage Pools’.
The proposal addressed a need to adapt the current incentives in Keep Coverage Pools to provide greater adoption to TBTC 2 through the bridge transition between TBTC v1 and TBTC v2. This is to ensure that incentives are aligned with the launches and needs of the protocol as it transitions to TBTC v2.
After community discussion and calls, a second version of the proposal with one amendment in regards to the allocation of liquidity to the pool of TBTC/ETH was then introduced by Evandro Saturnino and voted on successfully by the Keep community. Now, the community has voted to move incentives toward tBTC v2 and coverage pools. This means that rewards allocations are changing, and the update represents a major community-driven step towards Keep Network v2.
🟢The proposal’s main intentions:
- Launch a v2 TBTC token so they can begin working on integrations with major networks
- Allow for a graceful unwinding of the tBTC v1 bridge when the tBTC v2 bridge is launched
- Change liquidity incentives so they can reward behavior that they need for the new network and bridge
- Transition the v1 tBTC bridge to be secured by KEEP-only Coverage Pool.
🟢Terminology
- Vending Machine — the new set of contracts which, when deployed, will enable a mechanism to mint and unmint TBTC v2 tokens by depositing TBTC v1 tokens
- TBTC v2 — the token minted from the new vending machine, and eventually from the tBTC v2 bridge
- TBTC v1 — the token minted from using the tBTC v1 Bridge currently operating on Ethereum and the Keep Network
- tBTC v2 Bridge — the new set of contracts which, when deployed, will enable minting of TBTC v2 on Ethereum with BTC
- Threshold Network — the network formed from the merger of Keep and NuCypher, and on which tBTC v2 Bridge will be deployed
- KEEP-only Coverage Pool — the new set of contracts, which, when deployed, will enable a buyer of last resort for TBTC v1 tokens on the Keep Network
About Keep
Keep network is a privacy layer for public blockchains.
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