Thread by @warp_protocol

1/ Introducing @warp_protocol, now open-source and live on Terra testnet! ☄️

Full details in announcement 👇

medium.com/@warp_protocol…

Try Warp 👉 warp.money
GitHub 👉 github.com/terra-money/wa…

A breakdown 🧵👇

2/ The problem:

Many blockchain transactions are responses to changes on-chain. Protocols and users have a need to sign transactions when certain blockchain data meets their needs (e.g., swap two tokens when the price hits a desired level).

3/ Problem cont'd:

Today, two solutions are available.

1️⃣ Monitoring on-chain data and manually signing transactions

2️⃣ Setting up a server paired with bots to scan the chain for changes and execute transactions when conditions are met

Both are resource-intensive.

4/ Enter Warp, a decentralized and generalizable event handler ☄️

With Warp, any protocol or user can queue transactions to be executed in the future, without the need for centralized bots.

5/ To enable decentralized automation, Warp allows a set of “keepers” to execute the queued transactions, called “jobs”, when the conditions for doing so are met.

6/ Let’s look at an example from a job creators perspective:

Goal: buy $LUNA once price hits 1.5 USDC per unit

1️⃣ Creates an account & deposits USDC

2️⃣ Creates a job with swap parameters, such as price per unit and how much USDC they’re willing to spend (in this case 15 USDC)

7/ Job creator example cont’d:

3️⃣ Sets a condition to execute once the 15 USDC can buy 10 LUNA (i.e., 1.5 USDC per unit)

4️⃣ Submits a job, which includes the transaction, condition, and reward they’re willing to pay a keeper to execute it

8/ Example cont’d, but this time from the keepers perspective:

1️⃣ Scans the tx pool to see which txs have conditions that resolve to true

2️⃣ $LUNA price hits 1.5 USDC

3️⃣ Keeper executes the swap transaction to earn the preset reward, resulting in $LUNA in the creators wallet

9/ Key protocol features:

✅ Generic conditions
✅ Generic messages
✅ Permissionless execution
✅ Attractive incentives
✅ Decentralization

10/ ✅ Generic conditions and messages:

Warp aims to be generalizable, so users can compare -any- value on-chain with an expected result and submit -any- possible Cosmos Message type as a transaction.

11/ ✅ Generic conditions and messages cont’d:

In effect, this means that Warp can be used to execute virtually -any- transaction a protocol or user might want to complete, based on -anything- occurring on-chain.

12/ ✅ Permissionless execution and attractive incentives:

As long as the conditions specified in a given job are satisfied, anyone can execute the job, earning the associated reward specified by the job creator for doing so.

13/ ✅ Permissionless execution and attractive incentives cont’d:

In the beta stage of Warp, all rewards paid to keepers will come in the form of $LUNA. Upon the main release, a $WARP token will be introduced.

14/ ✅ Decentralization:

Warp exists entirely on-chain in a permissionless fashion, eliminating the need for centralized off-chain keeper bots ❌

15/ Retroactive $WARP airdrop 🪂

For both Warp’s testnet and mainnet beta releases, the protocol will run a retroactive airdrop for creators of jobs and the keepers that execute them 👀

Stay tuned. More details to come 🔜, frens

16/ When using Warp on testnet, please do keep in mind that Warp is in beta, so updates to improve the protocol may come quickly and on a whim.

To provide feedback to the Warp team, simply click the chat button at the bottom left-hand side of the app, as seen below 👇

17/ This is only the beginning for Warp…

☄️ Follow @warp_protocol on Twitter to stay up-to-date with the latest developments ☄️

18/ To learn more about the ins and outs of Warp, check out the docs

docs.warp.money