May Development Update
The summer is almost here. May was a transitional month and we have onboarded more contributors, Keepers, and made more integrations than ever before. We are also days away from launching kCompound and hit record volumes on the Hiding Game, processing $12mm daily volume on multiple days. Let’s take a closer look at what KeeperDAO has built in May.
ACT III Prologue: Decentralisation
This month marked the beginning of Act III, which officially started with the deployment of the new Just-In-Time-Underwriter (JITU) contract, which takes over flash loan responsibility from the old LiquidityPool contract, and handles kCompound underwriting. Liquidity providers were asked to migrate their funds from the old to the new liquidity pools if they wanted to participate in the Act III rewards program.
The rewards distribution for Act III breaks down as follows:
LP = 20% of 98000 ROOK (217 daily)
Hiding Game = 30% of 98000 ROOK (326 daily)
kCompound = 50% of 98000 ROOK (tba)
More details around the kCompound rewards will come in a later article which will accompany the launch.
The migration was just the start for Act III, which will be all about decentralisation, including decentralised governance and contributions, laying the foundations for the Coordination Game, along with exciting new products, programs, and enhancements.
Refer to our Roadmap to see what we have planned for ACT III.
Despite slight delays with kCompound, we are still expecting a launch in early June. In May, we completed end-to-end tests on live Ethereum networks, successfully completing multiple liquidations on Ethereum mainnet.
We have been able to make gas optimisations for the kCompound contracts that will make it both very affordable to mint a kCompound NFT, and migrate an existing Compound position. We believe both will contribute to a neat user experience.
We also built a rewards server for kCompound that will initially reward users proportional to the borrowed amount. This is to incentivise both migration of existing positions and the creation of new kCompound positions.
The instant price feature will be delayed temporarily and will not be launched with the next UI/UX update. Development has gone well and the feature works perfectly, however, we are not happy with its current performance as an API and do not feel it is ready to scale to a large number of users. The API results in extremely heavy computation even when ~10–20 users are making API calls simultaneously. This would force us to scale to dozens of Keeper bot servers in order to support our growing user base. We have experimented with rate limits but are still not happy shipping it in its current state based on potential user growth. The team will continue to provide updates.
We began working on a partner rewards system for the Hiding Game, meaning that integration partners will receive ROOK rewards based on the total trading volume they contribute. This is a win-win as it incentivises integrations and will drive more users & volume to the Hiding Game.
- We have upgraded our Keeper bot contracts to be more gas-efficient and these were deployed on 30th May.
- The gasless soft cancel feature is nearly complete and will be launched in June.
- We are currently working on the UniswapV3 integration for the Hiding Game.
Incremental updates to the trading interface for the Hiding Game will be launched alongside kCompound, but we are looking forward to the brand-new trading interface being developed right now by our community members that we believe will take the user experience to another level. Here is some of the latest design work — what do you think?
In last month’s update we detailed how we had started work on the Coordination Game, the centerpiece of the KeeperDAO protocol. As of the end of May, we have finalised the internal Coordination Game roadmap and started development in Rust. We are also preparing onboarding documents for Keepers to streamline their integration process with the Coordinator. This includes both 0x integration and Coordinator integration docs.
The team is also pleased to announce they have integrated our Keeper bot with Flashbots, which we anticipate to be used by many Keepers in the future. The Coordination Game is incredibly flexible, and will fully support Flashbots, the public mempool, direct-to-miner, or any other protocol that helps streamline block production in favour of Keepers. Let’s go!
This was the first month on the job for our two new KeeperDAO ambassadors,
0xlaprasandhazard. They kicked off by launching grant projects to develop new, unified documentation with a KeeperDAO Gitbook, and a KeeperDAO metrics dashboard.
Throughout May, they began to onboard more contributors, including engineers to work on the front-end of the KeeperDAO app, designers who are now leading an awesome new design effort, translators who were able to produce new Russian, Chinese, and Korean versions of our UI, and marketing strategists and PR managers who are working to define our brand. We’ve also added two new community moderators, Wes² and breeze, to oversee our ever-growing Discord community.
Community efforts are only getting stronger from here. After barely a month, we’ve been able to gather a ton of professional talent who are already hard at work building the future of KeeperDAO. We’re just getting started, though. With decentralised governance just around the corner, we have a new vision for empowering community contributors to not just be involved, but build and drive us forward, right alongside the core team. More on that soon.
Big shout outs to our new contributors!
Development: Pai-Sho, Sr. Chang, kschan, exeggcute, Koushik
Brand & Marketing: tommyvr, whatsthedeetz
Design: backslash, rama, Watts
Translation: Sonik, CrptoTed
Moderators: breeze, Wes²
And in case you missed the hidden link in our Act III Roadmap, here’s a look at some of their work so far:
June will be the month where KeeperDAO will see an aggressive decentralisation of our stack. If you want to be involved in a proactive early-stage DAO with a warchest, now is the time.
Join the Discord.
Introduce yourself in the #ic-welcome channel.
Bother lapras and hazard.
And spend the summer clearing a path through the dark forest with us.