This summer continues to steam-roll ahead, as does our development push. Maintaining Act III's theme of Decentralisation, June's work set the stage for us to roll out the red carpet on protocol changes and product releases. Similarly, our work over the last month has set the stage for August to be one of our most exciting months yet.
Hiding Vault & kCompound
The Hiding Vault Launch has continued to exceed expectations for early adoption, quickly surpassing $125 million in TVL.
Key July Deliverables:
- Built contracts for HidingVaults, and deploying them to mainnet.
- Developed the rewards server to reward Vault participation via opening loans on kCompound and deployed it.
- Integrated the UI with the Hiding Vaults contracts and rewards servers.
- Bug fixes on UI and Rewards server from valuable community feedback
We've reached MVP Milestone #2 where the Coordination Game is being tested with real tokens, real trades, and a real coordinator using a mainnet fork for test efficiency. We're implementing and testing all sorts of features, scenarios, edge cases, etc. Now that Hiding Vaults are running smoothly, this will continue to be our developmental focus. On top of governance, the Coordination Game will provide the additional utility that our community desires from ROOK, and this progress brings us closer to that destination.
- We appreciate all the community members who provided feedback on our application updates, and many improvements were made based on your suggestions.
- We refined the Trading interface, expanded on the Pools interface, and unveiled the Borrowing (Vaults) interface. During all of this, we also were continuously refining our UI, which we will continue to do. Your feedback is extremely welcome as we work our way towards the best trading option in DeFi.
- We performed a sizable refactor on our Rewards Server as well as the correlated client logic, fixing bugs and greatly improving the Rewards UX in the process.
We've begun speaking with market makers to onboard more liquidity into the Hiding Game. Market makers have a unique opportunity in front of them where they can market make Ethereum token pairs of their choice to capture a spread while also capturing MEV. This opportunity is available immediately. If you're interested, please reach out to us in Discord today.
We're preparing Keeper onboarding documentation for the Coordination Game. As we get closer to launch day, we'll be reaching out to Keepers and onboarding them to the protocol. We recommend all interested Keepers reach out to us if you haven't already.
While waiting for integration docs, if you'd like to prepare your Keeper bot for when we go live, we recommend integrating your DEX trading bot with 0x v4's limit order type and arbitraging on open orderbook. The HidingBook API is very similar to 0x's SRA API and will be a very easy transition for Keepers once the Coordination Game is live. Arbitraging on an orderbook has several notable differences from AMMs like Uniswap. You'll need to connect to the orderbook via http/websockets, maintain a local orderbook in memory or in a database, and maintain a cache of user token balances and allowances. Once you have all of this information, you can then consider arbitraging a user's order against any other DEX or liquidity source in DeFi.
We have completed our UniswapV3 integration. The Hiding Game now has access to V3's complex layers of well-priced liquidity. These integrations will continue to enhance the efficiency of our Keeper bot, which result in the most efficient and profitable order fills available for traders.
The KeeperDAO Team
Welcome Shadow and Pangolin
Last week, we hired and onboarded two new web engineers, Shadow and Pangolin! While we have picked up the pace of web development lately, this enables us to move even faster and work on many initiatives at once - while also maintaining a standard of high code quality. Accordingly, we encourage you to join us in welcoming Shadow and Pangolin!
We're Hiring a Lead DeFi Engineer (Python)
We are looking for an experienced python developer who loves to program and build scalable software. The job entails:
• Joining a team of expert crypto enthusiasts who are leading the DeFi frontier of MEV capture and distribution;
• Creating and contributing to automation software and infrastructure that powers DeFi protocols within the Ethereum ecosystem;
• The opportunity to write smart contracts and build the software that controls them;
• Working with some of the top minds in the crypto space.
More information can be found here.
KeeperDAO has increased its holdings over the last month and readjusted some of its positioning to support JITU as well as support long-term sustainable development. Specifically, this month 4368 ETH was used to acquire:
• 8,701,852.17 DAI (which has been deposited into the KeeperDAO DAI pool)
• 5,528.59 ROOK
The treasury earned 55.87 ROOK in those exchanges, which adds to 127.96 of ROOK rewards from prior exchanges. Moreover, the treasury has earned 3901 ROOK during Act IV providing liquidity, adding to 3615 from Act III.
In total, the treasury has earned 7698 ROOK (to date).
KeeperDAO Community Calls
We are so excited to kick off the KeeperDAO Community Calls program on Wednesday, August 4th at 4PM UTC (12PM EST). JZ and Nathan will be discussing MEV, botting, and reorgs - and you won't want to miss it.
If you missed this week’s announcement, head over to discord for more details. We are still looking for submissions of presentations, questions, and partnership ideas from you all. The best few will be chosen to be featured during the call. We may also have a surprise in store for those of you that take part in our inaugural call!
While June and July have been exciting, we are in fact only picking up the pace. August will be filled with more progress with the Coordination Game and our existing products, a community call on Governance, new documentation to assist with onboarding and understanding our platform, and continuous efforts to expand our community, stakeholder network, and products. We'll see you in a month... or maybe sooner.