A newly launched token by Yearn Finance founder Andre Cronje has skyrocketed within hours of launch as degen farmers load up.
The new token called KP3R is for Cronje’s latest project called Keep3r Network which is a decentralized gig-style, smart contract powered marketplace for technical jobs.
Within hours of the token launch, traders and degen farmers had ‘aped’ into it causing prices to surge, topping out at over $180 a couple of hours ago according to Uniswap.info.
Trading on Uniswap started as low as $10 per token, but the momentum soon picked up sending it surging almost 2000% within hours. According to Coingecko, the new token already has a market capitalization of $35 million.
At the time of writing, the KP3R token was trading at $175, a monumental gain since launch, though would be investors should note it is a highly speculative bet which could result in a dump as has occurred with so many new token launches this year.
The move was noted by several crypto community members including Ethhub founder Anthony Sassano;
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 suggested that a rapid exit by Cronje could net him a monumental profit but he has repeatedly maintained that his intentions are more constructive, previously stating: “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.”
With the release of the Keep3r Network v1 contracts a few hours ago, the project is now live. It’s designed to marry crypto projects with technical experts . The concept involves ‘Keepers,’ which are external persons and/or teams that execute a job, and ‘Jobs’ which is the term used to refer to smart contracts set up to get an external entity to perform an action.
The network will be powered by the new KP3R tokens which will be issued as rewards for job completion.
It was largely developed stealthily to prevent another rehash of the Eminence fiasco that resulted in $15 million in funds lost as degen farmers prematurely poured capital into experimental EMN contracts which were subsequently hacked.