Olympus Pro Spotlight: Keep3r Fixed Forex

4 min readJan 25, 2022


Olympus Pro Spotlight is a series where we highlight our Olympus Pro cohort partners to give Ohmies insights into what our partners are building, how their token works, and why they chose Olympus Pro.

What is Keep3r?

According to their docs, Keep3r is a decentralized keeper network for projects that need external developer operations and for external teams that are looking for keeper jobs.

In this context, a “keeper” is an external person and/or team that executes a specific job or task within the broader DeFi ecosystem. Remember: smart contracts cannot execute functions without being called upon by an external party first. That’s why “keepers” are required to execute harvests, facilitate liquidations, and more.

Keep3r’s goal is to allow smart contracts to register jobs for keepers and to allow keepers to register themselves as available to perform jobs. This dynamic makes it easier for developers to ensure critical smart contract functionality is always operational and makes it easier for keepers who are looking for “work” to do.

What is Fixed Forex?

Before we describe Fixed Forex, which is an extension of the Keep3r ecosystem, one must also be familiar with the Iron Bank — so let’s start there. The Iron Bank can best be explained as a combination of a public lending protocol and a lending protocol for other protocols. In other words, users can interact with the Iron Bank to supply and borrow assets, but also, whitelisted protocols can borrow from the Iron Bank’s pool of assets with little to no collateral (a use case that’s out of scope for this blog post).

Keep3r Fixed Forex is an extension of the Iron Bank and is designed to be an immutable, zero fee, zero governance, decentralized stablecoin framework. It works by allowing users to supply collateral to then borrow Iron Bank Assets, which in turn allows liquidity providers exposure to currencies such as EUR, KRW, GBP, CHF, AUD, ZAR, and JPY.

The way it works is straightforward: users can provide any type of whitelisted collateral to the Iron Bank (IB), then borrow any number of available assets, including the IB assets (ibEUR, ibKRW, ibGBP, ibCHF, ibAUD, ibZAR, and ibJP) issued by Fixed Forex. After borrowing, users can then provide liquidity to the various Fixed Forex liquidity pools to earn additional LP incentives in the form of KP3R.

What is KP3R?

The token Olympus Pro bonders will receive is KP3R. KP3R is the emission token of the Keep3r network and the Fixed Forex ecosystem, but it doesn’t stop there. KP3R holders can also choose to vest their KP3R in the Fixed Forex gauge, which means that users can lock up their tokens in order to vote on future Fixed Forex emissions. Vested KP3r (vKP3R) holders will also be eligible to receive their portion of the weekly protocol fees. Learn more here.

Keep3r, Fixed Forex, and Olympus Pro

If you’re a project team, doing any kind of liquidity incentives, and you haven’t reached out to OlympusDAO yet, I highly recommend it. Much more cost efficient for your LM [liquidity mining] program, but most importantly, incredibly professional and painless team to work with. Absolute pleasure.” — Andre Cronje, Twitter

Like many projects emitting tokens to rent liquidity, the Keep3r ecosystem was looking for a better solution. As a result, they fully embraced Olympus Pro and launched 7 bonds across all of their relevant Keep3r network and Fixed Forex pools. Keep3r launched their bonds on December 8, 2021 with the biggest bond program to date and has successfully bonded over $18,000,000 in liquidity across all of their pairs. An even more impressive set of stats:

  • Keep3r owns 38% of KP3R / ETH Sushiswap liquidity.
  • Keep3r also owns ~70% of all liquidity across its various Fixed Forex stablecoin pairs on Sushiswap.

Owning this much liquidity provides productive assets for their treasury and a healthier set of markets for their community.

Continue Learning

We’re excited to have a partner like Keep3r on board and encourage Ohmies to get involved in their community if it interests you. Here’s some resources to get you started:

About Olympus Pro

Olympus Pro is a service for protocols looking to utilize bonds in their emissions programs with low overhead and maximum impact. We provide our partners with infrastructure, expertise, and exposure. Projects only need to bring a token and an objective. To learn more, read our in depth guide: A Beginner’s Guide to Navigating Olympus Pro.