Keep Network — Coverage Pools Deposit Guide

Introduction:

Keep Network is home of tBTC, the first fully trustless, decentralized and censorship-resistant Bitcoin peg on Ethereum. tBTC V1 system was launched in September 2020 and the protocol has been running flawlessly ever since. More than 14k BTC has flown through the protocol and has 300m TVL. All circulating tBTC is 100% backed by Bitcoin held in deposit specific wallets, of which the keys are split over a group of nodes. The system is further over-collateralized by the nodes themselves, putting down ~200% of the guarded BTC value in ETH.

  • Expanding the available passive capital that backs tBTC.
  • Simplifying the staking operation.
  • Lowering capital entry bar to become a staking node operators (signer)
  • Increasing capital efficiency of the whole system.

Steps to Deposit KEEP into Coverage Pools : —

I am now going to guide you through the steps required to deposit KEEP into Coverage Pools and earn KEEP rewards.

Which Assets can be deposited ?

It is now launching with KEEP asset. It is expected to expand to many other assets (WETH, WBTC, TBTC KEEP/ETH etc) at a later date.

Pre-requisites: —

  • An installed and unlocked browser MetaMask Extension to interact with Keep Dashboard.
  • KEEP tokens to deposit into Coverage pools.
  • Some ETH for transaction gas costs.

Steps —

  1. Go to Keep Dashboard and connect your wallet through MetaMask.

Monitoring Deposits and Rewards: —

Go to Coverage Pools — Deposit section in Keep Dashboard and you can monitor your deposits and rewards.

Withdrawing Deposits and Rewards : —

  1. Go to Coverage Pools — Deposit section in Keep Dashboard. Enter the amount of covKEEP (not KEEP) you would like to withdraw and click ‘WITHDRAW’.

Withdrawal Timeout : —

If you do not withdraw/Claim your tokens within 2 days after 21 day cooldown, you will have to re-initiate the withdrawal. If you ever go into that situation, here are the steps to follow.

Additional Resources :

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