KP3R, the latest crypto token unveiled by Andre Cronje, founder of Yearn Finance, has surged roughly 2750% within hours of launch as DeFi Degen (a term used to portray a DeFi farmer who jumps from protocol to protocol without studying contract security, running behind the biggest yield, liquidating tokens to the new investors and then repeat the same) farmers grabbed it at astonishing pace.
The KP3R token is the native token representing Cronje’s latest venture named Keep3r Network, which is a decentralized gig-type, smart contract aided platform for technical jobs.
Following the token launch, traders and ‘degen’ farmers jumped on it causing exponential rise in price to more than $180 in the last few hours, as per data provided by Uniswap.info.
The token was listed on the Uniswap trading platform for as $10 but the buying rage caused the token price to skyrocket by roughly 2750% within a span of few hours.
As per the data provided by Coingecko, the KP3R token already has a market cap of $35 million.
The KP3R token, at the time of writing this article, was trading at $264.60, reflecting an exponential gain since the listing. Amateur traders should take have it in mind that it could turn out to be a pump and dump strategy as it had happened with several DeFi based tokens earlier this year. Well known crypto community experts, including Ethhub founder Anthony Sassano, has already warned the development:
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 crypto advocates has opined Cronje could make astronomical gains by getting out of the project quickly. However, Cronje has been telling that he will continue to advance the project and do not set up ventures for speculators to benefit.
“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.”
The venture has gone live with the roll out of the Keep3r Network v1 contracts in the last few hours. It has been structured to link crypto ventures and technical experts. The strategy involves ‘Keepers,’ which are third parties that complete a ‘job,’ which is a lingua used to point to smart contracts established to hand over a task to an outsider to carry out a particular process.
The network will be backed by the distinct KP3R tokens which will disburse as awards upon completion of jobs. The token was developed largely without anyone taking notice of the project in order to prevent reoccurrence of the Eminence scandal that caused a loss of $15 million in funds as degen farmers jumped in prematurely when the EMN contracts were tested, resulting in hacking of funds.
