Keep3rV1 operates as a decentralized network that connects projects requiring external development support with individuals capable of delivering those services. Functioning similarly to an employment marketplace, it links job creators, including decentralized finance protocols, with service providers called Keepers. These Keepers handle duties varying from on-chain transaction submissions to intricate off-chain processes. The platform utilizes the KP3R ERC-20 token for governance purposes and to compensate Keepers.

The initiative was initially revealed on Oct. 22, 2020, and its beta version went live on the Ethereum mainnet on Oct. 28, 2020.

Andre Cronje, a blockchain engineer and application developer, established Keep3rV1. He gained significant recognition after launching the DeFi project yearn.finance and witnessing its governance token, YFI, achieve a 1,300-times value increase in its first two months of existence in 2020.

Before this, Cronje was the head of innovation and technology at the Fusion Foundation, the entity behind the Fusion protocol. In that role, he directed efforts concerning decentralized applications, technology partnerships, and implementations. His professional history also includes positions as chief code reviewer and contributor at Crypto Briefing, head of technology at the fintech company Freedom, and head of technology at Shoprite Group. Additionally, he held blockchain technology development roles at BitDiem, Cryptocurve, and Lemniscap.

Although yearn.finance and YFI experienced remarkable growth, Cronje has stated that his aim with new platforms is to support developers rather than speculators by offering accessible products and design templates.

Keep3rV1 aims to lower the maintenance burden for blockchain initiatives that depend on extensive smart contract networks to manage sophisticated operations. Since these systems frequently need outside parties to handle specific duties, Keep3rV1 establishes a decentralized environment where developers and projects can collaborate more effectively.

The system depends on Keepers, who supply the scripts, bots, or smart contracts necessary to initiate events or process transactions. To join the platform, a project must present a smart contract for evaluation and approval by a bonded Keeper, defined as someone who has locked KP3R within the protocol. Projects retain the ability to define criteria for job acceptance, such as mandating a minimum KP3R stake or a specific history of completed tasks. While Keepers earn KP3R for their work, projects also have the option to pay using Ether (ETH), which is converted into credits equivalent to KP3R.

According to Cronje, Keep3rV1 offers the additional advantage of enabling the creation of DApps that might otherwise be unfeasible. Examples include MetaWallet, a smart-contract wallet that operates without gas fees or transaction requirements, and Unihedge, a system designed to mitigate impermanent loss.

Keep3rV1 does not have a fixed token supply, nor did it conduct an initial coin offering or token generation event. Instead, KP3R tokens are minted when users provide liquidity to the platform through Uniswap. At launch, the project reported $5.5 million in liquidity. This figure rose to $9.8 million within the first day, generating $384,197 in fees.

Bonded Keepers manage the project’s treasury and handle governance. A 0.3% fee is applied to every non-KP3R transaction on the platform, with proceeds going to the treasury. Keepers earn KP3R rewards for completing jobs; these tokens can be staked to take part in governance or to receive dividends, if the platform’s governance chooses to create and distribute them.

Keep3rV1 operates on Ethereum and employs KP3R, an ERC-20 governance token. Consequently, the Ethereum blockchain validates all on-chain KP3R transactions. The network relies on a proof-of-work consensus mechanism where miners compete to append new blocks, requiring confirmation from a majority of nodes before a record is posted.

Inside the Keep3rV1 ecosystem, bonded Keepers handle job management and approval, as well as Keeper oversight. This includes resolving disputes and blacklisting malicious participants when needed.

PeckShield, a blockchain security firm, audited the project’s smart contracts in late October 2020 prior to launch. The review described Keep3rV1 as "well-designed and engineered" and found no critical vulnerabilities. However, it did note some potential risks of medium to high severity, which Croje confirmed have been recorded and addressed.

The main venue for trading KP3R is Uniswap (V2), which supports pairs with WETH (WETH) and USD Coin (USDC). You can also buy the token on Bilaxy, Binance, and MXC.COM. On these platforms, spot markets allow trading against Ether, Binance Coin (BNB), and Tether (USDT), respectively.