Keepers

Keeper Bots

Keeper Bots listen, store, sort and fill valid limit orders. Keepers do this by compiling all valid open orders found on-chain and organising them into an off-chain orderbook. These orders are sorted by price and age, and if two orders have the same age, they’re then sorted by position size.

Each Keeper holds its own orderbook (hence 'decentralised orderbook').

Keepers then listen to trigger conditions and match crossing orders and limit orders against the AMM when the users’ trigger or limit price is met.

For performing this critical duty, the Keepers earn a fee for every trade they execute. Similar to liquidation bots, Keepers will compete for fees in a decentralised system; with the most profitable Keepers being:

1. the fastest;

2. the best price improvement for takers; and

3. the ones that fulfil orders in the protocol’s desired sequence — oldest and largest first.

Reference implementations for the filler and trigger Keepers are provided: Keeper Bots.