DeFi Farmers FOMO into Keep3r Network Launch

wizard from space -

Keep3r Network Token pumps over 3,000% after DeFi farmers jumped into Andre Cronje’s new project heavily. It appears the Yearn Finance creator is seen as a holy grail when it comes to DeFi development. Because despite the project being in beta with no liquidity lock traders are accumulating KP3R as fast as they can.

KP3R Token Launch

A decentralized job platform called Keep3r Network is the latest project launched by the YFI token founder on October 28th. As expected, DeFi enthusiasts on Ethereum were quickly seen buying up as many KP3R tokens as they could. The token was selling on Uniswap at around $10 on the launch, within six hours it hit $150 and a few hours later KP3R was trading at $180. Buying pressure continued for a steady 24 hours reaching an all-time high of $380 before the price saw a pullback. The quick price pump seems to have come off the back of Andre Cronje’s increased fame in the crypto community. Because this time there was more than just DeFi farmers entering the fray, as well known BTC traders discussed the action on crypto Twitter.

As of the time of writing, KP3R has gone through a correction, trading at around $160.

What is Keep3r Network?

Keep3r Network is a sort of freelancing platform powered by smart contracts, where KP3R tokens will be issued as rewards for completing jobs. The Keepers refer to external actors, people, or blockchain teams that will complete work. And then Jobs which refers to smart contracts the platform will set up to find the external actors to complete the work.

Cronje does warn users that the project is in beta and bugs may exist despite the code being audited. However, this does not seem to have stopped traders speculating on the price. All reasoning for trading tokens on Uniswap safely seems to have been put aside. For example, Cronje’s deployer address controls over 98% of the KP3R Uni LP tokens.

Any other DeFi project that launched in a similar fashion would immediately face countless claims of an upcoming rug pull. Luckily for Cronje being DeFi’s golden developer comes with certain privileges!