From 4ef1935d030e0b5fc3f8a168b9f6809f59b68a63 Mon Sep 17 00:00:00 2001
From: bt3gl <1130416+bt3gl@users.noreply.github.com>
Date: Sun, 27 Mar 2022 07:28:19 -0700
Subject: [PATCH] Update docs-notes.md (#7)
---
keeperDAO/docs-notes.md | 75 +++++++++++++++++++++++++++++++++++++++++
1 file changed, 75 insertions(+)
diff --git a/keeperDAO/docs-notes.md b/keeperDAO/docs-notes.md
index 3d8e66e..b922286 100644
--- a/keeperDAO/docs-notes.md
+++ b/keeperDAO/docs-notes.md
@@ -99,6 +99,81 @@ A generalized liquidation-mitigation lending and borrowing NFT product.
+* First protocol that allows generalized MEV to be internalized at the application layer, protecting users and protocols from negative externalities, reducing the total MEV available at the consensus layer, and ensuring that less value overall is being extracted from markets and protocols by miners and validators.
+
+* Design a comprehensive syste that can flexibly capture a wide variety of application-layer transaction flow, creating posiive-feedback flywheel that aggregates and re-distributes MEV among participants in a way that increases overall netwoek and market efficiency.
+
+
+
+
+
+
+### Coordination lifecycle outline
+
+
+1) Keepers buy ROOK and stake it in the Coordinator smart contract. Keepers pend staked ROOK bidding on the right to execute transactions in the Coordination Game.
+2) Keepers watch incoming transactions, and search for the best way to profitably execute them.
+3) When an opportunity is discovered, Keepers initiate a sub-second just-in-time auction that will decide who gets the right-of-way to execute the transaction. In the auction, Keepers place bids using their staked ROOK from (1).
+4) The Coordinator Auction Module prevents Keepers from grim triggering each other during the auction, by balancing both upward and downward bid pressure to discover the fair value of the profit opportunity.
+5) The Coordinator greenlights the winner of the auction, leaving them free to broadcast the transaction and collect the profit they discovered, while fulfilling the request of the user who originated the transaction.
+6) Upon execution of the transaction, the bid that the winning Keeper paid to win the auction is distributed based on the image in the ROOK bid.
+
+
+
+
+
+
+### Hiding Book
+
+
+* Off-chain orderbook that hosts virtualized orders only filable by KeeperDAO keepers: single-connection access to the entire spectrum of on-chain and off-chain liquidity.
+* The hiding book can act as an order relay, or a virtual mempool.
+* Integrating the hiding book offers imit orders for dapps with benefits like ROOK rewards, MEV protection, and access to KeeperDAO's keepers.
+
+### Auctions
+
+* Keepers place a bid with the Coordinator, which is a `JSON` payload that includes: a signed bid commitment over the staked ROOK payment channel, the unique identifier of the user trade(s) being filler, the keeper's credentials, etc.
+
+```
+{
+ "bids":[
+ {
+ "auctionId":"0x1234",
+ ....
+ },
+ {
+ "auctionId":"0x5678",
+ ....
+ }
+ ],
+ "type":"bid"
+}
+```
+
+#### Auction life cycle
+
+* *binding*:
+ * all auctions are identified by an auctionID.
+ * an auction begins with the first keeper bid on an auctionID
+ * the auction is locked into this state where any bids received for this auctionID are competing against each other for greenlight
+ * last not more than a few seconds
+
+* *greenlight*:
+ * once a keeper is greenlit to faciliate user trade, the coordinator waits a period of blocks for the keeper to mine their transaction
+ * during this time, the auctionID remains locked
+
+* *release*:
+ * once the lock ends, a new auction can begin
+
+### Reputation
+
+
+
+
+
+
+
+