DeFi developer Andre Cronje’s new Ethereum-based project has surged by 15,000% in almost 12 hours as he started testing it earlier this month. The project was Keep3r Network which is a decentralized marketplace where projects can post for jobs and users can take them in exchange for a fee paid in the new KPR token. We are reading more on our latest cryptocurrency news.
The goal was to outsource tasks which often means that interactions with smart contracts will be more accessible for users that have free time on their hands. While Cronje made it clear that this platform is only an experiment, investors bought it anyway and some even invested hundreds of thousands of dollars hoping to catch the next “YFI”. Cronje launched his popular project in July this year which surged by 1,000,000 percent in the two months that followed.
These coins quickly became worthless as Cronje asserted that it was only an internal test for himself. However, the DeFi developer over a week later rolled out a beta for the Keep3r Network along with the official token named KPR. While still being in a beta testing phase without any audit being completed, KPR surged.
Cronje deployed new contracts for the new network and deployed 200,000 tokens from his address to a Uniswap pool with 700 Ethereum. This means that as of the first trade, KPR traded for $1.40. at first, the investors were hesitant but it all changed when the market started to talk about it on Twitter and Telegram along with Cronje’s blog posts about the latest iteration of the Keep3r Network. In Just 12 hours, KPR surged from $1.40 to $200 with a return of just under 15,000 percent. KPR continued the increase a day after and now trades at $300 according to the data from Coingecko with a market cap of $60 million.
It’s also likely that more experiments and projects are here to come. Andre Cronje even commented in a Telegram group that he has a backlog of nine projects to work on and all of them involve DeFi in some way. He was also working on two other projects which are not mentioned on the list like Liquidity Basic Income and Eminence Finance both of which were tested on the ETH blockchain in the past month.
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