The latest token offering by the Yearn Finance founder Cronje has exploded within hours of launch. This token gained significantly as degen farmers load up, which underpinned its impressive start. The new token dubbed KP3R is Cronje’s newest project that he refers to as the Keep3r Network.
Keep3r Network is a decentralized gig-style, smart contract powered marketplace that is designed for technical jobs. Within hours of this token launch, degen farmers and traders had managed to ‘ape’ into it which made the prices explode violently. The token topped out at over $180 a few hours ago, according to Uniswap.info.
Interestingly, trading on Uniswap kicked off as low as $10 per token. Nonetheless, its momentum soon gained strength, which sent the token surging almost 2000% within a few hours. Interestingly, the new token already has a market capitalization of around $41 million, according to data collected from Coingecko.
At the moment, the KP3R token is hovering around $208, which is a massive gain since its launch. However, potential investors are advised to be cautious since the token is a highly speculative bet that may result in a tragic dump as it has happened with many new token launches in 2020.
That rapid surge was noted by many crypto community members including Ethhub founder Anthony Sassano who tweeted:
Andre Cronje: launches new project with a token
Literally every degen trader in crypto: 🦍🦍🦍🦍🦍
(yes, that is the 5 minute chart) pic.twitter.com/P1ro3A3fw1
— Anthony Sassano | sassal.eth ⛽ 🏴 (@sassal0x) October 28, 2020
Some crypto community members suggested that a rapid exit by the creator Cronjemay net him a massive profit. However, he has continuously maintained that he does not intend to exit. He says his intentions are more constructively. He previously said:
“I don’t build for speculators. I build for developers. My core goal is tooling, to enable other developers to easily be able to use/inherit templates I design and create products out of that.”
The KP3R Project Goes Live
With the launch of the Keep3r Network v1 contracts on October 28, this project is now live. It is well-designed to integrate crypto projects with technical experts. This concept comprises of ‘Keepers,’ which are external persons and/or teams that primarily execute a job. The ‘Jobs’ is the term that is used to refer to smart contracts set up to push an external entity to do a specific action.
The new KP3R tokens will power the network, and they will be issued as rewards for jobs completed. Developers involved in the project say that it was developed cautiously and stealthily to avoid another repeat of the Eminence fiasco that resulted in $15 million in investor’s money lost as degen farmers prematurely poured capital into experimental EMN contracts that were subsequently hacked.