Staking Hub: KEANU AMA

Brady Turner
June 29, 2021
minute read

The Keep and NuCypher upgrade codenamed “KEANU” is confirmed. After months of community collaboration, voters decided that Keep and NuCypher will be the first decentralized on-chain network upgrade to combine two protocols. Keep and NuCypher are threshold cryptography networks with similar goals. Rather than continue to split the market, NuCypher and Keep have decided to work together to form a network that will bring more sustainable services long term. 

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KEEP  | Twitter  |  Blog  |  Docs  | Website

NuCypher  | Twitter  |  Blog  |  Docs  | Website

Quick Takes:

  • Keep and NuCypher are aligning with the shared mission of growing threshold cryptography 
  • The new network is currently nicknamed “KEANU” with the “T” token
  • Users can wrap their KEEP and/or NU tokens to receive the “T” token 
  • There is no airdrop 
  • The new network details are currently being finalized with the community. Be sure to participate in KEEP and NyCypher Governance for more details
  • tBTC v2 will be a new app on the upgraded network. Future threshold primitives and applications would be deployed to the new network as well

The KEANU Merger

The Keep and NuCypher merger is the first protocol merger of its kind, a process that comes with many challenges. With different stakeholders in both networks — from core development teams, stakers, node operators/providers, token holders, LP providers, exchanges, custodians, and more — many factors have to be considered when merging the networks. 

MacLane from NuCypher details how the Keep and NuCypher teams and communities collaborated in order to ensure a fair, decentralized path to upgrading the network. 

“We wanted to make sure everyone was on board with the upgrade so that we get the benefits of a combined community going forward.

We also didn't want it to be a situation where each of the core development teams are coordinating and deciding everything in a top-down, centralized manner.

We wanted to make sure this was a community-driven process that had buy-in and participation from both sides.”

- MacLane Wilkison

A New Network is Born

The KEANU network will launch with its core functionality operational, with the goal of rolling out further utility as the merge continues to progress.  At launch, KEANU will offer a basic staking contract, which the team will look to build up over time. There will be a “staking adapters” feature to allow existing NU and KEEP stakers with locked tokens to participate in the new network before their unlock period. There’s no need for concern if you have tokens locked staking in one of both of the networks as you'll be grandfathered into the new network. There will also be a KEANU DAO that combines both current governance systems with the goal of empowering the combined community to easily propose and implement improvements to the upgraded network. 

As the KEANU Network matures, the KEEP Team will be launching the v2 tBTC protocol on the new network. tBTC v2 improvements include increased scalability and efficient use of capital. 

Stakers: Prepare for Launch

As some details of the KEANU network functionality are still being worked out,the NU and KEEP teams encourage everyone to participate in governance as these details are finalized collaboratively. 

MacLane from NU emphasizes the importance of stakers and node operators upgrading to the latest client software and completing any additional steps specified once the new network is deployed. 

“Minimum staking requirements for “T” (in terms of number of tokens) will almost certainly be lower than min staking requirements in NU or KEEP so there won't be a scenario where existing NU/KEEP stakers get locked out.”

- MacLane Wilkison

The “T” Token

The new network will feature a new coin, currently nicknamed “T.” This coin is not an airdrop, and you don’t get any free “T” on top of your NU or KEEP. The only way to receive the new coin “T” will be to wrap your KEEP and/or NU tokens in a smart contract, or purchase “T” on an exchange. 

“KEEP and NU holders can upgrade to T by wrapping their tokens in a smart contract.”

- MacLane Wilkison

All the required smart contracts relating to staking contracts, upgrade contracts, etc are currently being implemented. Once the contract upgrades are deployed, “T” will be available. There is no official timeline yet, but the community speculates that these upgrades could be completed sometime around August. Full details including guides will be shared with the Keanu community in due time to make this process smooth for all stakeholders.

What’s Next for KEANU?

A primary goal for KEANU in the first 6-12 months is launching and scaling tBTC v2, along with the launch the new DAO. The team has a shared goal of helping tBTC v2 gain traction in hopes of competing with wBTC for market share in the DeFi ecosystem. 

“In the long-term, we want to move towards a decentralized threshold cryptography network that provides infrastructure to power many different DeFi and Web3 applications.”

- MacLane Wilkison

“We want to raise the bar for access to threshold cryptography infrastructure that accelerates non-custodial, private usage of public networks.”

- Doug VK

The Future of KEEP & NuCypher

Eventually, the idea is that KEANU will consume the activity of both the Keep and NyCypher networks. KEANU will provide all the functionality needed to fully operate both networks from tBTC, PRE, Random Beacon, and more. Keep and NuCypher will still exist, but the majority of the development and activity will move to the upgraded network, KEANU. 

We will maintain the legacy networks from a security standpoint but anticipate most/all activity will migrate the to upgraded network.”

- MacLane Wilkison

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