Keep NetworkPrice

(KEEP)

The Keep Network is a privacy-focused decentralized protocol designed to provide 'keeps' – off-chain containers for private data. Its core function was to enable smart contracts to securely interact with sensitive information, such as private keys, without exposing them on the public blockchain. This allowed for the creation of decentralized applications that required privacy and confidentiality for user data or cryptographic operations.

tBTC is the Keep Network's flagship application, a crucial component that continues to evolve within the Threshold Network. It functions as a decentralized, permissionless bridge enabling users to utilize Bitcoin on the Ethereum network for various decentralized finance (DeFi) activities. It offers a 1:1 backed representation of Bitcoin, ensuring a robust and trust-minimized way to bring Bitcoin liquidity into the Ethereum ecosystem.

The Keep Network underwent a significant evolution by merging with NuCypher in 2021-2022, forming the Threshold Network. This groundbreaking event marked the first-ever 'on-chain merger' between two decentralized protocols. The merger consolidated the strengths of both networks, creating a more robust and comprehensive privacy infrastructure that now underpins products like tBTC.

While the original KEEP token still exists and can be traded on certain platforms, it is considered a 'legacy' asset. The core development, security functions, and primary utility have transitioned and migrated to the new Threshold (T) token. Holders of KEEP are generally encouraged to convert their tokens to T to participate in the full scope of the network's current activities and future developments.

Yes, most holders of the original KEEP token choose to swap for the Threshold (T) token. A dedicated 'vending machine' contract provides a permanent, one-way bridge for this conversion. This allows holders to wrap their KEEP tokens into T tokens at a fixed conversion rate (e.g., approximately 1 KEEP equals about 4.78 T). Converting ensures access to the current network utility, staking, and governance.

The KEEP token was originally designed as a 'work token,' enabling users to stake it to secure the network, operate tBTC signers, and earn fees. However, following the merger and the establishment of the Threshold Network, this work and associated utility are now primarily performed by stakers utilizing the Threshold (T) token. The primary utility for legacy KEEP holders is now the ability to convert it into T tokens to participate in the active network.