Cronjes DeFi-Token KP3R increases by 2,000 per cent within a few hours
Yearn.finance founder Andre Cronje starts a new Ethereum experiment with Keep3r. Hungry investors are rushing for the new DeFi token KP3R, which has recorded growth of almost 3,000 percent since yesterday.
Yearn-Finance creator Andre Cronje is probably one of the best known faces in the DeFi sector. Now he recently Bitcoin Machine launched his new project called Keep3r with the corresponding KP3R token. As with the developer’s previous projects, users hungry for investment also pounced on the token.
Data from Uniswap, the decentralised exchange, shows that the KP3R token was trading at around $10 after yesterday’s launch. Within a few hours, it recorded a growth of around 2,000 per cent. KP3R tokens are currently available for an impressive $308.83, an increase of almost 3,000 per cent. On Uniswap, the liquidity pool for the KP3R/ETH trading pair yesterday had a liquidity of $13 million and a trading volume of approximately $157,000.
The decentralised marketplace for freelancers
According to Cronjes Github, published for this new system on 19 October, the Keep3r network is a decentralised marketplace where projects can post jobs and users can accept jobs. The jobs can be „as simple as calling up a transaction or so complex that they require extensive off-chain logic“. As a job example, Cronje mentions the „Harvest“ function in a Yearn.finance vault.
The scope of the Keep3r network is not to manage these jobs itself, but to allow contracts to register as jobs for Keepers, and to allow Keepers to register themselves as available to perform jobs. It is up to individual Keepers to set up their own equipment and infrastructure and to establish their own rules depending on which transactions they consider profitable.
What is the „test in prod“ risk?
The creator of Keep3r, Andre Cronje, is best known for the DeFi project Yearn.finance. The decentralised protocol has the mission to facilitate yield farming for all parties involved. To this end, the crypto-world had repeatedly criticised Cronje for his way of working, which he describes as a „test in prod“. In other words, the developer introduces protocols in the mainnet of Ethereum that are actually still under development.
This recently led to a hacker compromising one of Cronje’s ongoing projects – not unexpectedly. Although the developer had previously pointed out that the protocol in question, Eminence Finance, was still in the test phase, none of the investors had really listened to it. Consequently, mistakes in Eminence led to a hacker stealing 15 million US dollars. For Cronje, these developments had serious consequences: the victims of the hacker attack started a crowdfunding campaign to sue Cronje. Meanwhile, the Yearn.finance token also suffered a sharp decline.
Cronje warns against rash decisions
Perhaps in this case, insight was the first step to recovery. In any case, the developer explained this time (in a conspicuous disclaimer) that the Keep3r protocol is still under development and under review. So he did not assure „that no errors can/will be present“. The developer thus warned users against „putting money [into the protocol] that they are not prepared to lose“. So far, however, after the updates made by Cronje, the protocol does not seem to contain any critical errors.