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MEV_projects/rook/docs/MEV-at-KeeperDAO.md

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+## MEV at KeeperDAO
+
+<br>
+
+* MEV refers to profit that can be extracted from a transaction from the transaction originator needing priority or control over the ordering of that transacion in a block (*the arbitrage has 45 WETH of MEV*).
+* [As may of 2021, around $3-4mil of MEV is being captured daily](https://explore.flashbots.net/).
+* MEV exists on any blockchain and layers where there is a party responsible for transaction ordering (eg. validators, rollup providers).
+* Extracted MEV = Successful MEV transactions + Successful MEV transactions gas fees + Failed MEV transactions gas fees
+* Common MEV strategies are front-running, back-running, and sandwiching.
+* MEV should accrue to the originator of the transaction, or of the transactions or protocols that create the MEV in the first place.
+* Using KeeperDAO's **coordination layer**, we can capture and recycle the MEV before it can be extracted.
+
+<br>
+
+### Arbitrage opportunity
+
+* Results from a difference in prices between the same asset, listed on different DEXes.
+* A transaction that makes the right swaps along the right arbitrage route will end up with profit.
+
+
+### Keepers
+
+* Bots observe Ethereum, and other blockchains, to faciliate sorts of transactions, such as arbitrage, liquidations, auctions.
+* Automated agents that survey the state of the blockchain and compute all the different possibilitie in order to identifty transactions that can create profit.
+* Once Keepers have identified a valuable transaction, they will broadcast that to the network. Other keepers can copy and broadcast the same transaction with themselves as the originators.
+* MEV arises from the problem of "how can a keeper ensure that they are the one who gets a transaction settled first?
+* Keepers compete with each other in a zero-sum game, transforming Ethereum into a highly zero-sum game.
+* Inside KeeperDAO, keepers don't need to compete - but coordinate and capture on-chain profits efficiently. DeFi users, protocols, market makers can bring their activity to KeeperDAO and gain a portion of the profits as a reward.
+
+
+
+<br>
+
+### ➡️ MEV poses risks not only to the user but also to the consensus layer itself. The reorganisation of blocks, the reordering of transactions, and — even momentarily — the censorship of transactions can have profound impacts on the blockchain and breaks the assumptions of many applications.
+
+### ➡️ Because block producers are able to prioritize transactions with higher gas fees, a bidding war between bots (who either try to arbitrage or front-run) can occur. This hurts ordinary users and DeFi platforms, because these bidding wars drive up gas fees (Priority Gas Auctions) and cause slippage and failed transactions
+
+
+
+<br>
+
+#### Gas golfing
+
+* use addresss that start with a long string og zeroes (take less space, less gas, to store)
+* leaving small ERC20 token balances in constracts since it cost more gas to initialize a storage slot then to update a storage slot
+
+

MEV_projects/rook/docs/coordination_protocol.md

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+# Coordination protocol
+
+<br>
+
+
+<br>
+
+**KeeperDAO uses the power of Coordination to create more efficient markets by capturing and recycling MEV to the 
+users and protocols that create it.**
+
+<br>
+
+**KeeperDAO is a decentralised and coordinated Keeper commonwealth making the Ethereum network more egalitarian, profitable, and secure for all the actors involved.**
+
+<br>
+
+<br>
+
+## Coordination Game
+
+<br>
+
+* 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 system 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 network and market efficiency.
+
+<br>
+
+
+
+### 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.
+
+<br>
+
+
+
+### Hiding Book
+
+
+<br>
+
+<img width="985" alt="Screen Shot 2022-03-27 at 6 12 10 PM" src="https://user-images.githubusercontent.com/1130416/160285641-3639f584-55af-4e0f-b85e-25d84f933bd6.png">
+
+
+<br>
+
+
+* 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
+
+* KeeperDAO uses a proprietary reputation algorithm that's a simple scoring system based on actions performed by keepers.
+* reputation values are fed to the coordinator's greenlight algorithm to help select the winnter of an auction
+
+### Greenlight algorithm
+
+* bid quantity (the higher the better)
+* reputation
+* randomness
+* fill quantity (larger fill quantities)
+* staked ROOK quantity (the more the best)
+
+<br>
+
+---
+
+<br>
+
+## How Market Makers benefit
+
+<br>
+
+* KeeperDAO provides arbitrage as a service (using the Rook Network)
+
+* KeeperDAO is the most convenient, secure, and profitable network for on-chain market makers:
+   * 1) one single integration to access all DeFi and CeFi liquidity: orders will be arbitraged against KeeperDAO users, other market makers, Uniswap, Curve, Balancer, Bancor, Binance, etc...
+   * 2) KeeperDAO provides market makers with three different profit mechanisms: i) capture spreads or hedge fills, ii) earn arbitrage rewards in ROOK on every trade, 3) weekly pilot program rewards
+
+* Before KeeperDAO, DeFi asked market makers to execute their own trades, meaning they had to navigate gas, fees, liquidity, bridging, routing, L2s, settlements, MEV.
+
+<br>
+
+<img width="950" alt="Screen Shot 2022-03-27 at 8 58 52 PM" src="https://user-images.githubusercontent.com/1130416/160292233-685b42de-aa3d-412e-afa4-be811a8b664b.png">
+
+
+<br>
+
+### MM integration guide
+
+* [APIs and code here](https://docs.keeperdao.com/reference/integrate/run-a-market-maker/automated-trading)
+
+<br>
+
+---
+
+<br>
+
+## Running a Keeper
+
+<br>
+
+### Example keeper bot technicuqes
+
+* DeFi arbitrage, cross the user with Uniswap or other on-chain  DEX
+* CeFi arbitrage, cross the user with Coinbase, etc
+* Liquidation facilitation
+* Front running, tailgating, etc.
+* Keepers can also fill a user's order
+
+<br>
+
+<img width="495" alt="Screen Shot 2022-03-27 at 9 24 22 PM" src="https://user-images.githubusercontent.com/1130416/160293080-c1fc9881-f09f-4b64-b41d-6180c3ade8fd.png">
+
+
+<br>
+
+
+### Keeper bot architecture
+
+* a keeper bot: integrated with the coordinator and hidingbook components
+* Coordinator websocket server: keepers connect and communicate with the coordinator using this server. When they find arbitrage they place a bid via web sockets noting the specific order/liquidation. The coordinator prevents gas auctions and bad behaviors, and broadcast the winner of the auction letting the greenlit keeper know they can take the order/liquidation. The keeper can then capture the arbitrage or MEV they way they like (mempool, flashbots, eden, miningdao, etc).
+* Coordinator http server: keepers provide and gather critical info from this server (must register their addresss with the coordinator)
+* HidingBook http server: the orderbook containing user order only fillable by whitelisted KeeperDAO keepers.
+* HidingBook websocket server: keepers listen to real time order update events using this endpoint. This ensures they get orders as soon as they are posted and know when the order is filled or expired.
+
+
+<br>
+
+---
+
+<br>
+
+## Payment channels
+
+* Keepers transact with the coordinator off-chain using payment channels.
+* They will open this payment channel by staking ROOK into a contract and then pass signed commitments with the Coordinator.
+* Having this payment channel off-chain reduces gas costs for keepers participating in the Cordination game.
+
+

MEV_projects/rook/docs/hiding-vault-x-compound.md

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+## Notes on [Hiding Vault x Compound](https://medium.com/keeperdao/hiding-vault-x-compound-a09ad6c2db80)
+
+<br>
+
+*(This project has been deprecated)*
+
+<br>
+
+*Update: [KIP-16](https://forum.keeperdao.com/t/kip-16-sunset-the-hiding-vaults-product/281) sunsets the Hiding Vaults product.*
+
+* Jul/21: Launch Hiding Vault, the Just-in-time-underwriter and kCompound, which make up the foundations of the KeeperDAO borrowing protocol.
+* This gives borrowers an optimal way to protect borrow positions on Compound while also earning ROOK.
+
+<br>
+
+### The Hiding Vault
+
+* Centerpierce of KeeperDAO's borrowing protocol,
+* A hiding vault is a NFT, designed to be a modular, multi-positional collateral hub, built to automatically upgrade with future iterations
+* The Hiding Vault protects your position from the open market by cloackign it and using JITU to automatically put an additional collateral (buffer) if the health of the loan falls below its borrow limit threshold. 
+  * when a position is buffered by the JITU, the user would not be able to borrow further or withdraw, but if the health of the loan recovers, or you add more of your own collateral, the JITU can withdraw the buffer, and the borrower avoided a costly liquidation.
+* When KeeperDAO  migrated funds to the new JITU contract, they unlocked its unique underwriting functionality to add to the current flash lending. The JITU is only able to utilize the different tokens in the liquidity pool.
+
+<br>
+
+### Liquidations
+
+* Occur based on the underlying protocol's risks management strategy. Once the health of the loan has been flagged as eligiable for liquidation, JITU will step in and buffer the position. If th health of your loan continues to fall after the JITU has interviewed beyond the buffr provided, liquidation will begin and KeeperDAO Keeper will find the best price of your collateral.
+ 
+<img width="676" alt="Screen Shot 2022-03-24 at 1 37 27 PM" src="https://user-images.githubusercontent.com/1130416/159887327-aaa0cfe7-4821-49ff-ad15-28960cf2ddaf.png">
+
+
+<br>
+
+### kCompound: Compound KeeperDAO style
+
+* A wrapper built arround Compound's borrowing engine.
+* Each position is individual, while other borrowing wrappers cross collateralized all their positions. Every kCompound position is 100% isolated from everyone else's position (the risk is not shared)
+* Liquidity Pools provide a long term loan of ETH, DAI, and USDC to JITU, which is deposited into Compound to give JITU c-tokens. These loans earn both interest and COMP distribution.
+
+
+<br>
+
+### Rewards
+
+* Borrowers that have an open or migrated loan in a Hiding Vault will earn ROOK on a per-block basis.
+* ROOK rewards will only be earned for having a loan, so users that only supply collateral to a Hiding Vault but do not open a borrow position do not earn rewards.
+
+<br>
+
+### Example: longing ETH
+
+1. Assuming ETH is 2k, borrower A wants incresed long exposure to ETH.
+2. They supply 50 ETH to kCompound to use as collateral to borrow 60k DAI.
+3. Borrower A uses the DAI to purchase 30 more ETH.
+4. Borrower A now has long exposure to 80 ETH and owes kCompound 60k DAI plus interest.
+5. If ETH increases to $2500, Borrower A will be able to repurchase the DAI they owe kCompound for 24 ETH. 
+6. They can pay the debt and keep 6ETH as profit.
+
+
+<br>
+
+### Example: shorting ETH
+
+1. Borrower B wants to increase short exposure to ETH. 
+2. They supply 100k DAI to kCompound to use as collateral to borrow 30ETH.
+3. Borrower B uses the eth to purchase 60K more DAI.
+4. Borrower B has long exposure to 160k DAI and owes kCompund 30 ETH plus interest.
+5. If ETH decreases to $1500, bowrrower will be able to repurchase the ETH they own kCompound for 4500 DAI.
+6. They can repay the debit and keep 15000 DAI as profit.
+

MEV_projects/rook/docs/hiding_game.md

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+## Hiding Game
+
+<br>
+
+* KeeperDAO's proprietary trading application, operating as a decentralized liquidity aggregator.
+* The optimal way to trade in DeFi: a novel concept to cooperativelty hide and re-distribute MEV.
+* Made possible by wraping orders in a secure way that can only be executed by whitelisted Keepers, allowing KeeperDAO to provide the most optimal Limit Orders in DeFi.
+* A trader can participate in the Hiding Game by submitting a trade via KeeperDAO's trading app, using the Hiding Book API, or by using a partner's integration.
+* Their order will be routed through the Hiding Book and any profit captured from the resulting MEV is deposited into the treasury, which is managed by ROOK holders.
+* The trader who places the order also receives ROOK rewards proportional to the MEV their order created.
+* The Hiding Book is an order book in which only KeeperDAO Keepers can execute.
+
+<br>
+
+<img width="534" alt="Screen Shot 2022-03-27 at 10 04 49 PM" src="https://user-images.githubusercontent.com/1130416/160294580-ce85bfe4-f81c-48e3-a71b-29fc17ab1c29.png">
+
+<br>
+
+<img width="850" alt="Screen Shot 2022-03-28 at 1 26 30 PM" src="https://user-images.githubusercontent.com/1130416/160368697-6201dc3b-b6b1-41e2-95dc-a4c67b9bf3c7.png">

MEV_projects/rook/docs/hiding_vault.md

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+## Hiding vault
+
+<br>
+
+* Hiding Vaults are ERC-721 compliant NFTs which wrap a user's lending protocol position and provide numerous benefits unique to the KeeperDAO ecosystem.
+* Currently, Hiding Vaults only support Compound Finance positions.
+* KeeperDAO's Just-In-Time Underwriter (JITU) is a smart contract which monitors and protects loans made on lending platforms supported by Hiding Vaults and helps protect borrowers from liquidation
+
+
+<br>
+
+<img width="931" alt="Screen Shot 2022-03-27 at 10 07 05 PM" src="https://user-images.githubusercontent.com/1130416/160294674-31e553e7-b376-4b95-9c1e-4458060ce748.png">

MEV_projects/rook/docs/introducing-kcompound.md

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+## Notes on [Introducing kCompund](https://medium.com/keeperdao/introducing-kcompound-a23511c847a0)
+
+* In February, KD launched the Hiding Game: a system that allows users and keepers to cooperatively hide and re-distribute MEV when using the Ethereum network.
+* The first phase introduced a virtual mempool called Hiding Book, for advanced limit orders in DeFi. They cost zero gas, minimal slippage, protected from frontrunning and sandwich attacks, and yield ROOK rewards.
+* The second phase is a DeFi borrowing experience called kCompound, a wrapper for the Compound lending platfirm that lets users deposit collateral and borrow assets. kCompound loans are constantly monitored and protected by the KeeperDAO JITU, which helps protect from liquidation.
+
+###  JITU: the Just-in-Time Underwriter
+
+* next evolution of the KeeperDAO liquidity pool, combining current flash lending functionality with the new methods for safe underwriting.
+* this givers keepers one-stop access to liquidity and distributes rewards back to liquidity providers.
+* JITU is designed so funds used to underwrite a kCompund position are protected regardless of what happens to the loan.
+* JITU is a standalone contract that plugs into the kCompound system
+
+### kCompound NFT
+
+* kCompound encapsulates an entire Compound position in an NFT, the ERC-721 compatible kCompound token.
+* when you mint a kCompound NFT, you get a unique contract that can be transferred between different Ethereum addresses and easily composed with other DeFi protocols.

MEV_projects/rook/docs/liquidity_pools.md

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+## Liquidity Pools at KeeperDAO
+
+<br>
+
+* KeeperDAO offers five liquidity pools for farming ROOK tokens: ETH, WETH, USDC, renBTC, and DAI pools.
+* The liquidity provided by these pools is used by KeeperDAO's Keepers for Flash Loans as well as JITU.
+* When you deposit assets into a liquidity pool, you receive kToken in return which represents your share of the pool. 
+* Each liquidity pool has its own kToken: kDAI for DAI pool, kETH for ETH pool, etc.
+

MEV_projects/rook/docs/proposal-rooknomics.md

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+## [Proposal for Rooknomics v2.0](https://forum.keeperdao.com/t/rookonomics-v2-0/225) (nov/2021)
+
+* `ROOK` has been a valueless governance token, only used to incentivize the use of the protocol by rewarding users to trade.
+* The tokenomics must include some value capture as a detractor of actors within DeFi who might want to fork KD.
+
+<br>
+
+### Tokenomics objectives
+
+1. Create an unforkable state for KD
+2. Reward users who stake and lock for longer
+3. Increase the sybil resistance of current governance model
+4. Incentivize an increase in TVL through staked Rook
+5. Produce a flywheel effect where an increase in staked Rook increases demand
+6. Make Rook useable as collatral
+7. Give users product benefits for staking Rook
+
+<br>
+
+### Tokenomics
+
+
+1. Rook max suplly of 1.3mi
+2. Adaptive emissions to market conditions
+3. Governance mining
+4. Staked rook utility
+5. Update keeperdao revenue structure
+6. Act-wide staking token usage: single-sided staking on popsicle and bancor; bond with keepers, ribbon vault, crv pool staking.

MEV_projects/rook/docs/the-mission-of-KeeperDAO.md

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+## [The Mission of KeeperDAO](https://blog.keeperdao.com/mission/)
+
+* Keepers are bots that work on blockchain networks like Ethereum. The are an emergent and increasingly important network participant.
+* Keepers respond when there is a need to buy or sell a sequence of assets, or execute particular smart contracts in a timely manner.
+* DeFi relies on Keepers. Their constant arbitrage keeps prices in sync accorss dexes.
+* From the keeper's perspective, a blockchain is a giant chessbord. They look for sequences of mvoes with high MEV and try to execute them.
+* To be the first, they must pay block producers (minners and validators) above and beoynd the normal fee.
+* Unlike block producers, Keepers were not accounted for in Ethereum's protocol design. This has turned Ethereum's public mempool (database where all unprocessed transactions are stored) into a dark forest.
+
+### The Coordination Game
+
+* Game-theory optimised Keeper protocol that provides a solution in the MEV incentive structure problem; aligns Keeper's incentives with those of the network participants.
+* Currently it's not clear how many Keepers are there, how much liquidity they command, how protocols shoudl optimally price risk, or how users and protocols should bid for Keeper attention.
+* KeeperDAO protocol fills the void by formalizing the work Keepers do in a way that benefits the nwtwork, ensuring more determinism and avoiding harmful side-effects like the exploitation of users and protocols through predatory MEV attacks.
+
+### The Mission
+
+* KeeperDAO is dedicated to Keepers: to bring about a decentralised economy which Keepers create more efficient, secure, and egalitarian blockchain networks.
+* Research and build unique technology to coordinate access to certain shared resources - namely order and transaction pools bound for blockchain networks - allowing keepers to more efficiently capture on-chain profit - for example by executing an arbitrage or liquidation.
+* KeeperDAO creates new primitives that users and protocols can use to protect themselves from predatory MEV.
+
+### Founding principles
+
+1. Reward those that add value
+2. MEV doesnt belong to block producers
+3. Search for win-win scenarios
+4. Solve hard problems
+5. Decentralise

MEV_projects/rook/docs/the_new_citadel.md

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+## Notes for [The New Citadel](https://keeperdao-labs.notion.site/The-New-Citadel-A-Vision-for-KeeperDAO-125ed6222f4542d99d8e171ddbe2bc38)
+
+* Executing trades on-chain sucks today (high gas, illiquidity, bad routing, expensive bridging, MEV...).
+* Citadel Securities is the largest executor of trades in the world; 40% shares traded in the USA go by them.
+  * they provide execution-as-a-service - when users place orders or apps like robinhood, citadel execute the trades (the amazon of trading), they take 90% profit    
+* KeeperDAO allows the value of order flow itself to be harnessed, but distributing the value between users, keepers, market makers; allowing everyone participate through an API; governance through a DAO
+* Products: the hiding game, the coordination game, the incentive game --> the pillars for the coordinated execution layer for DeFi
+
+<br>
+
+### Building a Coordination Layer for DeFi
+
+* A coordinate execution layer lets KeeperDAO hide complexity, create economies of scale, and deliver a standard of ease and service, taking economy to the next level.
+* KeeperDAO as the coordinated execution layer for the entire multi-chain space.
+
+<br>
+
+### Going Teal
+
+* KeeperDAO propose a hybrid model, inspired by the concept of a Teal Organization: teams are self-managing and largely autonomous, organized around a well-defined function, with a simple, clear mission and clear cut goals.
+* The DAO acts like a decentralized board of directors - it delegates operational decisions to teams and their contributors, and steer indirectly through the power of the purse (the ability to fund or de-fund teams).
+* To help the DAO assess the performance of teams, it will be propoased and allowed to recognize high-level leadearship; each team has a lead who reports to the CEO/CTO
+* Leaders may create or sponsors special KIPs which can charter and fund new teams or units. The DAO evaluates and may approve or decline these in the usual way.
+* On a quarterly basis, a presentation must be made by each team or unit to the DAO about this progress.
+
+<br>
+
+
+### KeeperDAO with 80-100 contributors
+
+<img width="643" alt="Screen Shot 2022-03-24 at 12 32 24 PM" src="https://user-images.githubusercontent.com/1130416/159875001-e8100e77-0725-477a-9bb8-fbcbf38efbc9.png">
+
+<br>
+
+### Teams
+
+* Protocol: responsible for advancing the protocols at the heart of the network such as the Hiding Game and Coordination Game.
+
+* Research: discover and publish new knowledge, strategies, and techniques that can benefit our network and advance the state of the art.
+
+* Multi-chain: adapt protocols created by the protocol team to all different blockchains, so that there is a KeeperDAO presence everywhere.
+
+* Trading: build the most efficient swap technology and advanced trading automation to ensure the best experience trading happens through the protocols.
+
+* Lending+Borrowing: build the most efficient liquidation technology and automation to ensure that lending, borrowing, and leverage are simple and available through the protocols.
+
+* Product: design, test, and build the web3 applications and websites that offer users the best experiences and services powered by the protocols, such as swaps, lending, and dashboards.
+
+* Integration: make protocols simple for other parties to integrate, in particular protocols, keepers, and market makers. Provide assistance and services to those who wish to integrate.
+
+* SRE: ensure the highest service level for products, protocols, and network so that KeeperDAO is a stable and consistent channel for exchange during all market and network conditions.
+
+* Growth: grow the community and network KPIs through business development, outreach, research, and other programs.
+
+* Studio: communicate products, protocols, and values through evocative, professional visual and textual communication.
+
+* Treasury: oversee spending, monitor risk, manage investments made using the DAO treasury, prepare financial reports, and advise on tokenomics.
+
+* Operations: Develop processes that harmonize all aspects of our organization, ranging from teams to the DAO and governance. Carry out recordkeeping that ensures transparency, coordinate tasks and planning, and determine how to be the most productive organization possible.
+

MEV_projects/rook/docs/treasure-growth-plan.md

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+## [Treasure Growth Plan](https://forum.keeperdao.com/t/treasury-growth-plan-phase-1/258)
+
+* With the launch of the coordination game, treasure inflows are focused on Rook over non-native assets.
+* Proposal to use existing inflows to enable self-sustaining flywheels that will allow for the constant inflow of non-native assets.
+
+
+### The current state of treasure inflows
+
+* Ninja revenue: KeeperDAO's keeper bot, Ninja, currently stands for largest source of revenue, ~ $200K per week
+* CVX bribes: the revenue generated from Votium bribes is ~$250k per lockup periods
+* Coordination game bids: the largest source of Rook treasure inflows.
+
+
+
+<img width="661" alt="Screen Shot 2022-03-24 at 3 52 38 PM" src="https://user-images.githubusercontent.com/1130416/159910721-2b651b15-bd16-4e3e-8112-4ff4cd2f5640.png">
+
+### Ideas
+
+* BNT for bribes: the current state of CVX bribes consists of an unoptimized distribution of votes when using Votium in an attempt to maximize the $/voce for cvx.
+* Ribbon flywheel
+* Tokemak flywheel
+* Seed investing

MEV_projects/rook/docs/whitepaper-notes.md

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+# Notes on [KeeperDAO's whitepaper: Governance by Apparent Consensus](https://www.keeperdao.com/files/gov-beigepaper.pdf)
+
+* Article describes a new form of self governance for DAOs, called "apparent consensus".
+* It can be implemented on- or off-chain, and uses direct token-weighted voting - but it's not plutocratic.
+* It has no quorums, and tolerates low turnout without losing legitimacy.
+* Defaults to a state of expert delegation, withtout requiring any special technology.
+* It respects minority rights, and allows dishonest actores to be routed around.
+* When consensus is high, decisions are rapid; when it's low, it take more time.
+
+### Introduction
+
+Apparent consensus is implemented in three stages:
+
+* Crowd consensus: a member of the general public makes a proposal and post it ona public forum.
+* Sophon consensus: expert members of the DAO analyze the proposal and publs=ish a recomendation.
+* Tokenholder consensus: following Sophon consensus, they are offered the chance to object to the recommendation.
+
+### Summary
+
+* The properties of the blockchain, the effects of tokenized stake, and the threat of fork, render the effects of voting meaningless and instead support consensus democracy as the natural mode of governance.
+* The most widely-practiced form of consensus governance calls the "rule of non-opposition", which creates an "apparent consensus".
+* A token-weighted vote is a compatible way to signal a lack of consensus.
+* On a meritocracy basis, limited positional authority for coordination makes production communities more competitive.