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Keep3r Network

Binance Adds Andre Cronje’s New DeFi Token To Innovation Zone

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Binance, the world’s leading cryptocurrency exchange, has announced that the platform is all set to list Andre Cronje’s latest decentralized finance [DeFi] project Keep3rV1 ‘s native utility token, [KP3R] in the Innovation Zone and open trading for KP3R / BNB and KP3R / BUSD trading pairs.

Keep3r Network is an Ethereum-based project which is designed to provide a market for DevOps jobs. TWJ had previously reported that its native token skyrocketed in less than a day after its launch on the 28th of October.

However, the current price of the asset has reduced by more than 50% since the peak. The initial hype around the coin could be attributed to its association with DeFi darling, Yearn Finance, and its Creator, Andre Cronje. As the hype faded, KP3R’s value also noted a significant decline over time and was currently being traded at $155.56, according to CoinGecko.

As per the data provider, more than $36 million in volume has been traded in the past 24-hours, whereas historical data suggested the volume noted on the 28th of October was nearly $290 million. Its market cap has, on the other hand, was found to be $30.89 million, at the time of writing.

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Binance Innovation Zone

The Innovation Zone is essentially a “dedicated trading zone” that enables users to trade newer token offerings from their Binance account, simultaneously protecting less suited users from being exposed to the “risk” that comes with trading them. It was created in response to the growing calls from the community with regards to the platform’s token listing rules.

The exchange’s CEO, CZ had previously revealed that while listing popular projects is required to keep the exchange competitive, what is hard, however, is to avoid scams/bad projects. And doing both at the same time isn’t always easy, especially with the fast-moving DeFi space.

With this dedicated trading zone, Binance intended to offer its users a ‘safer space” for accessing newer and popular tokens that will likely have higher volatility than others. In this way, the exchange will be able to prevent more “untoward scenarios” for its users who just want to access certain projects.

Andre Cronje’s New DeFi Project Token KP3R Notes Surge Over 1000% In 24-Hours

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Andre Cronje, who happens to be the lead developer of the DeFi project Yearn Finance launched its third decentralized project dubbed ‘Keep3r network’ whose native token has surged by more than 1135% in less than a day. The latest price surge comes right after Cronje launched the Keep3r Network on the 28th of October. According to the data compiled by CoinGecko, the protocol’s KP3R token was being traded at  $342.

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According to the latest update by the developer, the government audit was finalized, and that the project was ready to use. Having said that, Cronje went on to caution the community to “use with care” since it was still an experimental software.

The token began trading on the world’s largest decentralized exchange [DEX] Uniswap, a week back. It was then, that KP3R surged from a little below $10 to above $200 in a very short period of time. Notably, Cronje had published his third protocol to GitHub in the third week of October rather quietly. There was no formal announcement and the launch was kept low profile which could be attributed to the controversies surrounding the Eminence Finance debacle earlier this month.

Blast from the past: A hacker was reportedly able to steal a massive $15 million user funds from Eminence’s platform while Cronje was asleep as traders rushed to invest in the protocol. Subsequently, he woke up to death threats from users who had invested in it despite his previous warnings and the fact that he had clearly mentioned that the platform was incomplete. This not only drove off Cronje from Twitter but also led to a crash in YFI’s price as well as TVL figures for Yearn.Finance from nearly $1 billion to below $400 million.

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History Repeats Itself

While this episode was a reminder and a wake-up call to many investors to not rush into an unaudited platform, there were few who repeated this with Cronje’s newest experiment as well.  A few traders and their bots quickly injected money into the Keep3r protocol and began trading the token on Uniswap. This led to a sharp price rise from just $1 to $2,000 shortly after which the token was dumped as it fell below $100.

Keep3r in Brief:

According to the official GitHub page, Keep3r  was defined as a decentralized keeper network for projects that need external DevOps and for external teams to find keeper jobs. Here, a ‘Keeper’ is the term used to refer to an external person and/or team that executes a job while a ‘Job’ is the term used to refer to a smart contract that wishes an external entity to perform an action.