The Keep and tBTC launch plan
On April 27th, the Keep network and tBTC will begin their journey to mainnet. As we move forward, I’d like to share the plan so that users know what to expect, when.
This Friday, the 24th, the MakerDAO community will vote to finalize their first ETHBTC feed, deployed specifically for tBTC, and agree to whitelist the future tBTC contract. This is a huge step toward bringing the super-collateral of Bitcoin to MakerDAO’s multi-collateral DAI.
On Monday, April 27th, the team will deploy the KEEP token contract and all custodial and staking contracts. Our custody and staking partners, including Coinbase and Anchorage, will begin their next phase of diligence on mainnet. Tokens to the team and purchasers will be distributed following their vesting agreements, enforced on chain.
On Monday, May 4th, the Keep random beacon and token dashboard will be deployed. This timeline gives token holders a week to set up custody on mainnet and graduate from staking on testnet to mainnet. Once 64 operators have begun staking, the genesis relay entry of the random beacon will be generated — the first of a long line of random numbers used to secure apps built atop the network. Operators can prepare for tBTC, pooling their ETH to back deposits.
On Monday, May 11th, tBTC will launch on mainnet using MakerDAO’s ETHBTC feed, giving the beacon a week to bootstrap security. At launch, the dApp will limit deposits to small lot sizes, growing over the following weeks. DEXs, DeFi integrations, and anyone calling contracts directly will be able to mint freely immediately, balancing the need for a safe, slow start.
These milestones represent nearly 3 years of work from our team and community. Mainnet isn’t “the end” — it’s the beginning. As liquidity and confidence in the system build, on June 8th anyone will be able to join tBTC’s signers in the KEEP stakedrop, earning fees and powering the burgeoning Bitcoin/Ethereum bridge.
We’d love to welcome you into our community of stakers and builders. Until the stakedrop, join us on Discord to Play for Keeps, earning your spot to stake on mainnet.
