August Development Update

August Development Update

We feel like we say this every month, but August was jam packed with new releases and exciting developments. We kicked off Act IV, governance, and community calls, while officially hiring a few new Core employees as well as the Labs team. We also introduced our new visual brand identity.

Act IV: Coordination

We started August fast with the launch of Act IV, and with it came a spotlight on coordinating with Keepers, Partners, Market Makers, and Users. We also slightly adjusted the emissions ratio from the previous quarter, in addition to the usual 30% reduction.

The new rewards:

NamePercentage# ROOK this Act# ROOK per day
Hiding Vault4020790231
Hiding Game4020790231
Liquidity Pools2010395115.5

The most exciting part of shift to Act IV was announcing our Roadmap for both this and the following act. The ambitious volume of projects that we will accomplish over the next two acts really shows that we have adequately grown our team to meet both the expectations of our community and complete our internal goals.

Projects we will be working on over the next two acts:

  • Coordination Game
  • Partner and Market Maker Integration
  • Metrics Dashboard
  • New Partner Portals
  • Upgrades to the Hiding Game
  • Auto-Leverage for Hiding Vaults
  • Further UI and UX improvements
  • Aave Integration
  • Governance and KIPs

You can find our Act IV-V Roadmap in the Act IV announcement article.

KeeperDAO Community Calls

This month saw the launch of KeeperDAO Community Calls, where KeeperDAO Core and Labs team members discuss the projects and ideas that give our community the insight and transparency they deserve.

Our inaugural call featured a fascinating conversation on MEV, botting, and hacking with JZ and Nathan. Their insights on building an investment thesis, toeing the line of good vs evil as an alpha seeker, and what makes KeeperDAO the most profitable user experience for both Keepers and traders make this call a must listen.

KeeperDAO Community Call #2, led by Labs co-founders Hazard and Lapras, took a critical look at governance in the crypto-verse, explained why it's important to have good governance, and dove deeper into our proposed governance model.

To listen to KeeperDAO Community Call #1, click here.
To listen to KeeperDAO Community Call #2, click here.


The beginning of the month saw the release of the Proposed KeeperDAO Governance, a novel system of DAO governance designed to make it easy to move quickly while maintaining high consensus. This model positions KeeperDAO as a driver of a new generation of decentralized governance, and ensures that all members of our community have a hand in steering the DAO.

We coordinated with the KeeperDAO community, gathering feedback, hosting office hours and recording a community call on our governance vision, and finally released the Beigepaper, "Governance by Apparent Consensus," laying out the final details.

The first KIPs are designed to bootstrap our governance, and will be presented in the next couple of days, along with a governance forum and Snapshot voting. They will signal the transition of KeeperDAO into a decentralized organization, a process that has been ongoing for the past several months. We welcome everyone to prepare their ideas, proposals, and insights!

KeeperDAO Labs

The announcement of KeeperDAO Labs is a special one for many of the new hires, as it was the culmination of a process that started with passionate community members providing feedback, asking good questions, and getting involved - and has now grown into a full-fledged facet of the KD future. If you dig through our Discord, you can see the roots of the Labs team's foundation forming early, engaging with the team and the community and speaking passionately about improving KeeperDAO. Said best by one of the Lab's co-founders,

"KeeperDAO Labs is the fruit of so many efforts over several months - as more and more community development efforts were put forth, it was clear we needed to establish a way to unleash and magnify everyone's potential. Labs formalizes the community as an integral part of KeeperDAO, while making sure we support those who are putting their brilliance into the project." - Lapras

Since the inaugural cohort of KeeperDAO Labs, we have added contractors to the team to add more firepower and faster turn around times to select projects. One of these contractors has been a splendid community member and developer for a long time. Today, we are pleased to announce we have worked out terms with him to join KeeperDAO Labs full-time in the coming months.

Please join us in congratulating our newest full time hire, Shadow!

Shadow will be working alongside Hazard, Pai-Sho, Exeggcute, and Lapras on the engineering side. He will be specifically focused on UI, UX, and new features for our web products.

You can read our initial KeeperDAO Labs unveiling announcement here.

Work for KeeperDAO

We know that our path ahead is both ambitious and challenging, so we are continuing to staff up, particularly our engineering team. Most notably, we've been interviewing for a Lead DeFi Engineer - we are still welcoming applicants. Furthermore, with governance, we are eager for more opportunities and strengths to come forth to support KD. If you are interested in working on KeeperDAO, please reach out to a team member in Discord.

Coordination Game

We're currently building MVP v3 of the Coordination Game after announcing the success of MVP v2 in last month's update. We are also testing the economics of the the Coordination Game, factoring in different scenarios of ROOK utility. Lastly, there has been progress made with an off-chain payment system that would allow cheap rewards distributions. This provides flexibility that is needed for the Coordination Game to work with smaller values.

Hiding Game

We have also been preparing the Hiding Book for the launch of the Coordination Game. These changes involve API upgrades which will additionally support future UI/UX upgrades.

Hiding Vaults

In August, our Hiding Vaults continued to see growth both in volume and number of users, and we anticipate them to push even higher in Act IV. We also are working on additional liquidation integrations for our Keeper bot to more efficiently monitor and execute liquidations in coordination with JITU.

Quantstamp Audit

Quantstamp completed an audit of both the Hiding Vault and Liquidity Pool contracts, and we were pleased with the results: zero high or medium risk issues were found!

EIP 1559

EIP 1559 has been notable for the ETH-burning mechanic it introduced to transactions, but it also meant that changes needed to be addressed at the protocol level. We anticipated these changes and successfully upgraded our keeper bot to support EIP 1559, with traders seeing zero downtime in the Hiding Game.

KeeperDAO Treasury

The continued growth of the JITU-backed Hiding Vault product has made it necessary for us to rebalance some of the treasury funds that are deployed into the liquidity pools. The liquidity pools provide the backing funds JITU uses for its underwriting operations, and more DAI and USDC would be required in the near future to cover all of the value being protected in the vaults, particularly with the addition of new protocols such as Aave.

Accordingly, we adjusted the treasury asset balances, swapping 3999.9 WETH for:

9,564,689.10 USDC- Etherscan

3,210,000 DAI- Etherscan

In early August, we announced that we had swapped 580 ETH for 10000 ROOK to support the prior Labs hirings.

Two weeks ago, ROOK price began trading below treasury NAV (Net Asset Valuation), motivating the team to begin a gradual accumulation of 25,281 ROOK with 1418.63 ETH from the treasury. This buy back was completed earlier today. Compared to other DeFi projects, KeeperDAO holds a relatively small amount of its native token in treasury. We anticipate the DAO will put the new ROOK to good use.

The current treasury can be found here. At time of writing, it has a NAV of $97,145,431.

KeeperDAO Website and Documentation

In case you missed it, we overhauled with some beautiful new aesthetics by Watts and Rama, as well as better descriptors and links to our products and partners. We wrapped up a thorough re-write of our documentation, which we will reveal very soon.

KeeperDAO App

Lastly, we rolled out a number of updates and bug fixes including:

  • Trade UI redesign
  • Hiding Vault balance UI
  • Modal graphics
  • Wrapping and unwrapping ETH price quoting
  • Rewards UI

We appreciate and want to encourage the community to continue relaying any issues you find to us in our Discord. We are constantly deploying updates to make our application and contracts more efficient, and the feedback provided by our users is essential to us delivering - we are determined to bring the best UX to the community.

A Look Ahead

This next month, we will provide you new tools for engaging with and gaining insights into KeeperDAO.

We are very excited for:

  • The release of KIPs: We want you to voice your ideas and opinions.
  • New metrics dashboards: We are working on both internal and external resources for our users and partners to track how we are doing.
  • Further Platform Development: Auto-Leverage, CG, Aave Integration

If you are new to KeeperDAO, the best way to stay on top of September's developments and never miss any breaking news is to follow us on Twitter and join our Discord.

As Act IV's theme of Coordination drives our focus, we know that it is by coordinating with the passionate community that we will grow this protocol to new heights. We will continue to find new and better ways to incorporate the talents and efforts of those who truly want to see us succeed, and provide the mechanisms to make lasting impacts on KeeperDAO.

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