Yearn Finance founder Andre Cronje’s latest token offering has increased dramatically within hours of launch
A token recently launched by Andre Cronje, the founder of Yearn Finance, has skyrocketed just hours after its presentation, thanks to the accumulation of yield farmers.
The new token, called KP3R, is used in Cronje’s latest project, Keep3r Network, a decentralized platform for technical job advertisements in the gig economy, based on smart contract.
A few hours after the token launch, traders and „degen“ farmers started buying large quantities, causing a sharp rise in prices to close to $180. According to data from Uniswap.info, in the twelve hours following the launch of the token, the token rose again considerably, reaching the $350 level.
Trading on Uniswap started at $10 per token, but the incredible momentum immediately catapulted the price upwards, recording a 2000% increase in a few hours. According to Coingecko, the new token has already reached a market capitalization of $64 million.
At the time of writing, the KP3R token is around $320, a monumental gain since its launch, but potential investors should bear in mind that this is a highly speculative bet that could result in a collapse, as has happened with many other token launches this year.
The move has been commented on by several members of the crypto community, including Ethhub founder Anthony Sassano.
Some have suggested that a quick release would make Cronje a huge profit, but the developer has repeatedly stated that his intentions are more constructive, explaining in the past:
„I don’t build for speculators, I build for developers. My BitQT scam central goal is to create tools, so that other developers can easily use/integrate models I design and create products using them“.
With the launch of the Keep3r Network v1 smart contracts, the project went online. It is designed to connect crypto projects with technical experts. The concept involves „Keepers,“ i.e. external people and/or teams performing a job, and „Jobs“, a term used to refer to smart contracts configured with the aim of convincing an external entity to perform an action.
The network will be based on the new KP3R tokens, issued as rewards for completing the job.
The project was developed virtually covertly to prevent a repeat of the Eminence fiasco, which caused $15 million in losses. In the incident, yield farmers prematurely poured capital into EMN’s experimental contracts, which were subsequently hacked.