YFI founder Andre Cronje's latest project surged 150x within 12 hours
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YFI founder Andre Cronje's latest project surged 150x within 12 hours
In addition, Cronje has nine DeFi projects waiting to launch.
Navigating Web3 tides with focused insightsEarlier this month, Yearn.finance (YFI) founder Andre Cronje began testing one of his latest projects.
The project is Keep3r Network, a decentralized marketplace where projects can post jobs for users to complete in exchange for fees paid in a new token called KPR. The idea is to outsource tasks—typically interactions with smart contracts—to users who have the time to carry them out.
Although Cronje made it clear that this was just an experiment, investors bought in regardless, with some spending hundreds of thousands of dollars hoping to catch the “next YFI.” Cronje launched YFI in July, which then surged 10,000-fold over the following two months.
But those tokens quickly became worthless as Cronje asserted it was merely an internal test for himself.
However, one week later, on October 28, the developer officially launched the beta version of the Keep3r Network along with its official token (also named KPR).
Despite KPR still being in beta and not having undergone any audits, it has gained strong market interest.
Andre Cronje’s New Ethereum Token Soars Over 15,000% in First 12 Hours
In the early hours of October 28, Cronje deployed new contracts for the Keep3r Network. He deposited 200,000 tokens and 700 ETH from his address into a Uniswap pool.
This meant that from the first trade, KPR started trading at approximately $1.40 per token.
Initially, investors were hesitant to buy. Was this another internal test, like previous iterations of the Keep3r Network contract? Were there bugs in the contract?
But things changed as links to the new marketplace began spreading across Twitter and Telegram, along with information from Cronje’s blog post about the latest version of Keep3r Network.
Within 12 hours, KPR surged from $1.40 to a high of $200—a near 15,000% return.
The next day, KPR continued climbing. At the time of writing, according to CoinGecko data, KPR is trading at $300, giving it a market capitalization of $60 million.
More Experiments Ahead?
Cronje may have more experiments and projects in the pipeline.
The image below, shared by him earlier this month, shows a message from Cronje in the Yearn.finance developers’ Telegram group stating he has a backlog of nine pending projects, all related to DeFi in one way or another.
He is also working on two additional projects not listed here—Liquidity Basic Income (LBI) and Eminence Finance—both of which have been tested on the Ethereum blockchain over the past month.
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