Keep Network initiates its launch sequence

Yesterday, Matt Luongo, the CEO of Thesis, the parent company behind the Keep Network, announced the launch of Keep’s token and staking contracts. Pre-launch investors can now claim their KEEP tokens and begin to transition from staking Keep’s testnet to the newly released mainnet. Matt also said custodians Coinbase Custody and Anchorage “will begin their next phase of diligence” for supporting KEEP staking.

The Keep Network aims to provide privacy options for Ethereum applications through the use of its built-in random beacon, which prevents network stakers (called signers) from colluding to steal user funds. The team plans to roll out the random beacon on May 4, also unlocking the ability to start earning KEEP staking rewards. Keep will then launch the long-awaiting tBTC project, an Ethereum-compatible Bitcoin-backed token created in collaboration with Summa, the following week (May 11).

Why it matters:

• KEEP staking and tokens are only available to pre-launch investors at the moment. But the project plans to run what it calls a “stakedrop” in June, which will allow anyone to earn KEEP tokens by bonding ETH and contributing to the network. Keep has earmarked 18% of its total token supply to this event.
• tBTC has the goal of increasing the use of BTC within Ethereum’s DeFi sector. There are existing Ethereum-based Bitcoin tokens, such as wBTC (wrapped Bitcoin) and imBTC. But unlike its competitors, Keep avoids relying on a single custodian to facilitate the BTC to tBTC exchange and manage the collateral funds. On a related note, the MakerDAO community agreed to create an ETH/BTC price feed (that will power the BTC to tBTC exchange) and to “whitelist the future tBTC contract.” As Matt Luongo points out, this decision could suggest the eventual inclusion of tBTC within MakerDAO’s multi collateral DAI system.