Development teams for Keep Protocol and NuCypher are proposing an on-chain merger in a network first for Ethereum.
Unlike past instances in which DeFi protocols pledged to collaborate closely, the proposal, as outlined by Keep Network project lead Matt Luongo in a forum thread, would see the two protocols join together in a multi-stage process.
As previously reported by The Block, Keep Network is an Ethereum-based protocol for privately storing data offline. Its best-known product is tBTC, one of a handful of tokens on Ethereum that are backed by bitcoin holdings. NuCypher is also focused on privacy, having built a layer on top of Ethereum that utilizes proxy re-encryption or PRE.
Why the merger? As Luongo puts it, both teams “realized we have a lot in common.” In a follow-up interview via DM, Luongo told The Block: “We have shared values. It felt like we were all excited about the technology and unified against projects we think are too centralized, like WBTC and Ren.”
He went o
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