As has become all too common in DeFi, Yearn founder Andre Cronje is tinkering with a new project and speculators are rushing to buy its token —aka aping in— before it’s even live.
The project, called Keep3r Network, is a decentralized coordination ecosystem for projects to find developers that will work on their upkeep. “Projects wishing Keepers to perform duties simply need to submit their contract to Keep3r Network, once reviewed and approved by a bonded Keeper, Keepers can begin fulfilling the required work,” the post says.
Certain jobs may carry financial risk, as such, they may only be executed by Keepers that have a minimum financial bond. This bond is registered in the platform’s own KP3R token.
“There is no raise, there is no sale, there is no distribution, the supply starts at 0, to earn these tokens you need to register as a Keeper and perform work,” Cronje wrote in a post last week, in a tone similar to the now-legendary YFI token distribution.
Today, Cronje wrote a simple tweet. “Keep3r Network v1 beta,” is all it said, and below it, a link a blog post announcing the network’s contracts had been released, together with instructions on how to become a Keeper and earn KP3R tokens.
He warned that while contracts “have been audited and reviewed, that does not mean that bugs can’t/won’t be present.”
In the short few hours since the post was published, the token soared from 0 to as high as just over $225 and is now trading at around $160.
I guess there’s really a lot of demand for developers to do project upkeep? It’s a good thing that just two weeks ago, Cronje clarified he doesn’t build for speculators.