Andre Cronje, who happens to be the lead developer of the DeFi project Yearn Finance launched its third decentralized project dubbed ‘Keep3r network’ whose native token has surged by more than 1135% in less than a day. The latest price surge comes right after Cronje launched the Keep3r Network on the 28th of October. According to the data compiled by CoinGecko, the protocol’s KP3R token was being traded at $342.
According to the latest update by the developer, the government audit was finalized, and that the project was ready to use. Having said that, Cronje went on to caution the community to “use with care” since it was still an experimental software.
The token began trading on the world’s largest decentralized exchange [DEX] Uniswap, a week back. It was then, that KP3R surged from a little below $10 to above $200 in a very short period of time. Notably, Cronje had published his third protocol to GitHub in the third week of October rather quietly. There was no formal announcement and the launch was kept low profile which could be attributed to the controversies surrounding the Eminence Finance debacle earlier this month.
Blast from the past: A hacker was reportedly able to steal a massive $15 million user funds from Eminence’s platform while Cronje was asleep as traders rushed to invest in the protocol. Subsequently, he woke up to death threats from users who had invested in it despite his previous warnings and the fact that he had clearly mentioned that the platform was incomplete. This not only drove off Cronje from Twitter but also led to a crash in YFI’s price as well as TVL figures for Yearn.Finance from nearly $1 billion to below $400 million.
History Repeats Itself
While this episode was a reminder and a wake-up call to many investors to not rush into an unaudited platform, there were few who repeated this with Cronje’s newest experiment as well. A few traders and their bots quickly injected money into the Keep3r protocol and began trading the token on Uniswap. This led to a sharp price rise from just $1 to $2,000 shortly after which the token was dumped as it fell below $100.
Keep3r in Brief:
According to the official GitHub page, Keep3r was defined as a decentralized keeper network for projects that need external DevOps and for external teams to find keeper jobs. Here, a ‘Keeper’ is the term used to refer to an external person and/or team that executes a job while a ‘Job’ is the term used to refer to a smart contract that wishes an external entity to perform an action.