Yearn Finance creator Andre Cronje’s new DeFi venture, dubbed Keep3r Network, is soaring high and over the last 24-hours, the protocol’s native KP3R token has surged by 492% over the last 24-hours. At the time of writing, it was being traded at $143.60. Interestingly, and every much unlike the launch of other DeFi platforms, the roll-out of Cronje’s third protocol to GitHub since August has been done without much fanfare.
The latest price surge comes after the token began trading on the world’s largest decentralized exchange [DEX] Uniswap, a week back.
Cronje was at the recovering end of a lot of flak after it project Eminence Finance had allowed a hacker to steal $15 million. Even after mentioning that Eminence was still in a test phase, investors rushed into the new project despite the warnings. This led to a major fall in Yearn Finance’s TVL.
And history repeats itself, as this is exactly what happened with Keep3r Network as well. Some opportunistic traders and their bots quickly infused capital into the platform and began trading the token on Uniswap. This resulted in the token’s price to spike from just $1 to $2,000 on a very thin volume before it crashed back below $100 as Cronje redeployed Keep3r’s contracts multiple times while testing the code.
In the latest blog post, penned by Crjone with a disclaimer saying ” Keep3r Network is NOT live yet. The launch will be communicated when all audits have been signed off”, revealed receiving its first audit. Additionally, he also notified that all issues have been logged and updated on Github and that no critical or major bugs were found in the process.
A little bit about Keep3r Network
According to Cronje’s Github, Keep3r Network is essentially a decentralized marketplace where projects can post jobs and where users can search for jobs.
“This can be as simplistic as calling a transaction, or as complex as requiring extensive off-chain logic. The scope of Keep3r network is not to manage these jobs themselves, but to allow contracts to register as jobs for keepers, and keepers to register themselves as available to perform jobs. It is up to the individual keeper to set up their devops and infrastructure and create their own rules based on what transactions they deem profitable.”
The idea with Keep3r is to allow projects strapped for manpower, such as Yearn.finance perhaps, to shift some of the work or maintenance to a group of freelancers. Here, the reward is paid in KPR tokens for each job being completed.