The latest token launch from Yearn Finance’s Andre Cronje has seen an expected rush of FOMO from farmers causing prices to pump.
The KP3R token associated with Cronje’s new Keep3r Network jobs platform was launched on Uniswap on Oct 28 and started trading at around $10.
Within six hours it had pumped to $150, and a few hours after that KP3R topped out just north of $180 before starting to pull back some. Prices continued surging afterward, however, and at the time of press, the token was trading hands for $302.
It wasn’t only DeFi farmers that hurried into throwing money at the new token, some of the bigger names in the crypto community were also a little sore that they missed out on a quick return;
This past week I stayed up all night because I thought Andre was about to launch his next coin…
Instead, he launches it at 4 a.m. my time when I'm sleeping
I missed out early but a break above $167 here could be a good sign for continuation to the upside pic.twitter.com/2Ly8ckCg4A
— Josh Rager
(@Josh_Rager) October 28, 2020
Keep3r Network Launch
The KP3R token is part of Cronje’s latest project, Keep3r Network, which is essentially a gig-economy styled jobs platform governed by smart contracts. The ecosystem is being powered by KP3R tokens which will be issued as rewards for job completion.
The nomenclature includes ‘Keepers,’ which are external people or blockchain project teams that complete a job, and the ‘Jobs’ which refers to smart contracts that are set up to source an external entity to perform an action.
In a recent blog post announcing that the Keep3r Network v1 contracts have been released, Cronje cautioned that the contracts have been audited and reviewed, but that does not mean that bugs wouldn’t still be present.
The Midas Touch
Members of the crypto community pointed out that the token deployer, Cronje, could easily net a monumental profit by cashing out and arbitraging at the opportune time:
Yearn Deployer owns 98.17% of Uni LP tokens (ETH/Keep3r pair). If he exits now, he would get: 7468 ETH and 20157 Keep3r which he could sell for 4360 ETH. Total profit = 7468+4360-700= 11128 ETH https://t.co/9DfpU8FZ6b
— Jozef Jesko (@JozoJesko) October 28, 2020
Contrary to the FOMO that occurred within hours of the token launch, Cronje maintains he does not encourage speculation even though this is exactly what has happened on several occasions;
“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 fact that Cronje seems to have the Midas touch for any token or crypto project is an added bonus.