An Introduction to GemKeeper: The one-stop gateway to DeFi on Oasis.
GemKeeper.finance is a community focused Automated Market Maker (AMM) & Decentralized Finance (DeFi) platform built on Oasis. Our vision is to build a hub of various DeFi protocols which will fulfill any of our user’s DeFi needs. GemKeeper’s first product will be an AMM which is a modified Uniswap v2 fork.
Here is a good overview for those unfamiliar with AMMs
Building a singular AMM is hardly the end goal for GemKeeper though. Soon after the launch of our Oasis native AMM, we will be releasing several more products and features under the GemKeeper umbrella. At the center of all of these products will be the native token to GemKeeper, $BLING. The $BLING token will be the governance token for all of the products (financial and otherwise) under the GemKeeper umbrella. In the future, when DAO governance is set up, the $BLING token holders will have full control over the various GemKeeper protocols and how GemKeeper’s resources are used.
The GemKeeper team has been building in the Web3/Blockchain industry since 2017, mostly in the NFT and Gaming sectors. This experience has led the GemKeeper team to have a deep appreciation for engaged communities, rapid innovation, seamless user interfaces, and gamification. These themes will be the values which the various GemKeeper platforms are built upon.
The first product GemKeeper will launch is the GemKeeper AMM, which will deploy in the first half of Q1 2022. Thanks to a generous grant from the Oasis Protocol Foundation, GemKeeper’s AMM will have a PeckShield audit report published prior to or soon after the initial launch of the AMM. The exact token distribution parameters have not been announced yet, however, the intention is to distribute the majority of $BLNG tokens via ecosystem incentives and yield farming. For the AMM this will mean that Liquidity providers for specified pools will earn additional returns on top of the standard 0.3% trading fee rewards in the form of $BLING tokens. The specific pools earning these rewards will be specified to our community prior to GemKeeper’s deployment on mainnet. As more products are deployed the GemKeeper team will evaluate ways to incorporate ecosystem incentives pertaining to them as well.
After these initial AMM functions have been deployed and determined to be stable, the team will immediately be looking to launch the next series of products while also refining the GemKeeper UI. We believe that current user interfaces for both decentralized and centralized exchanges could be improved. GemKeeper aims to combine the many different DeFi products under the GemKeeper umbrella in such a way that our one-stop financial DApp (Decentralized application) will out compete, not only other DeFi DApps, but centralized financial applications as well.
In parallel to these protocol and UI developments GemKeeper.finace will also begin the process of incubating a strong and engaged community. GemKeeper will be hosting/participating in events such as AMAs, giveaways, and raffles, as well as publishing future medium articles to communicate where the protocol is going after these initial steps.
The advantages of building on Oasis.
Which Layer 1 to deploy on is a difficult decision for any protocol to make. There are so many EVMs with different pros and cons to each one. The GemKeeper team evaluated many Layer 1’s and determined that Oasis’ Emerald Paratime offered the most benefits.
Strategically there are advantages to build on a budding ecosystem such as Oasis. It is our belief that an early stage ecosystem aligns well with GemKeeper’s vision of building a suite of DeFi protocols. This is because GemKeeper can provide value by stimulating the early growth of Oasis DeFi as well as gain substantial market share while doing so.
There are also architectural advantages of building on Oasis’ Emerald ParaTime. These include;
1) Full EVM compatibility — This enables easy integration with the most popular EVM-based DApps/tooling for DeFi, NFTs, Metaverse, and Gaming.
2) Scalability — The Emerald ParaTime is capable of up to 1,000 transactions per second.
3) Low Cost — The Emerald ParaTime has fees 99% lower than Ethereum.
4) Cross-chain — The Emerald ParaTime has already integrated the Wormhole Token bridge. This allows seamless transfers of tokenized assets from Emerald to all of the most popular and highest value blockchains such as Ethereum, Solana, BSC, Terra, Polygon, and Avalanche. Cross-chain interoperability with all of the top tier layer 1’s in crypto will be critical for GemKeeper as we move forward with development.
5) Future potential — Although Emerald is the initial ParaTime GemKeeper will be deploying on, we believe there is tremendous potential in future ParaTimes as well. For example, Oasis’ Cipher ParaTime enables confidential smart contract functionality. This will enable novel DeFi products and features to be built which could help differentiate GemKeeper’s DeFi products from those that exist on other chains. The team will continue to monitor the development of Paratimes like Cipher and look for ways to integrate and deploy new products there as well.
With such compelling advantages over other EVMs it is likely that Emerald attracts a lot of talent and capital to its ecosystem. This will provide the network effects and funding necessary to build a flourishing Layer 1 ecosystem and the GemKeeper team is excited to play a part in that ecosystem’s success!
More details of the launch will be given in further posts. Be sure to follow us on Twitter and Telegram to keep updated with all the GemKeeper.finance developments. Also be sure to keep an eye out for the Official Discord which will be launching soon.