Keep’s Stakedrop Event Starts Monday
05 Jun

What you’ll need and what to expect

Keep and tBTC’s stakedrop kicks off Monday, June 8, with a Crowdcast event where the team will share information, updates, and the plan for the coming months. Here’s what you’ll need to get ready, and what to expect from the event itself.

What is a stakedrop?

First, a little background. The Keep Network’s native asset is a work token called KEEP that facilitates the operation of the system. Since Keep handles custodianship for tBTC, those acting as signers normally need to stake both KEEP and ETH to perform their tasks. The stakedrop will allow people with no KEEP to act as tBTC signers using only their ETH, with the corresponding KEEP tokens “dropped” to them as a reward over time.

The stakedrop will let anyone holding ETH participate as a tBTC signer, with the potential to earn rewards in the form of KEEP tokens. It is designed to let anyone who holds ETH, regardless of whether they hold the KEEP token, act as signers on tBTC and earn for their participation. Once the stakedrop is up and running, any ETH holder can run a Keep node, and collect fees on their ETH while helping bridge the world’s two leading blockchains.

The stakedrop will last for approximately 6–12 months, until all of the KEEP tokens allocated to the drop are exhausted. After that point, all stakers will once again be required to put down KEEP to act as signers. As the stakedrop progresses, ETH stakers will be granted KEEP based on their performance. As much as 20% of the total KEEP supply will be distributed.

How will it work?

The stakedrop kicks off with a Crowdcast event this Monday, June 8. In order to take part in the Crowdcast stream, you first need to register. Then on Monday, log in to take part in the following activities:

> Keynote presentation from Matt Luongo

> Live walkthrough of how to set up a node

  • Attendees will have the opportunity to enter an “SOS” room during and after the walkthrough for breakout sessions and study groups.

> Wrap-up/next steps

  • At the conclusion of the event, the organizers will share a set of follow-ups, including the release of the Keep dashboard later this month.
  • Participants will have the option to go into a zoom room for additional help, discuss the event, and share ideas for several hours after the conclusion of structured activities.

You can find technical documentation related to the stakedrop on our Github. We will provide additional updates on the Crowdcast event and stakedrop in the coming days.

What will you need?

To participate in the stakedrop, you will need to stake ETH. This will require using an Ethereum wallet, such as Metamask, to obtain your ETH and stake it. If you’re not familiar with using Ethereum, leading wallets include detailed how-to guides to help you get set up. You will specifically need a Ropsten wallet account for testing.

Once you have your Ethereum wallet, you can purchase the ETH you will need to take part in the stakedrop. To participate during the live event, you will also need Internet access in order to look at resources such as Github, as well as a computer and text editor. Those interested standing up a staking client will also need Docker installed on their local machines.

See you Monday

Monday’s Crowdcast event marks the beginning of an event we’ve been working toward for much of this year, and we look forward to seeing many of you there. By participating in the stakedrop, you can help us make tBTC the safe way to use BTC on Ethereum, while earning rewards in KEEP. Remember to join the Discord ahead of the event for the most recent info and updates.

Get ready to stake ETH to earn KEEP!