Andre Cronje, the inventor of Yearn Finance, published his third log on GitHub since August 19th, calling it Keep3r Network.
Despite the lack of an official launch announcement and Keep3r documents showing the protocol is in beta, over-investors have quickly reinvested in the project – many of them have already suffered losses.
Keep3r is a decentralized party-style marketplace for tech jobs with a native KPR token. The platform aims to provide low-staffed crypto projects with access to specialized labor and technology.
In the Keep3r documentation, the tasks are referred to as “as simple as invoking a transaction or complex that requires broad out-of-chain logic” as examples of the type of functionality supported by the platform. Employers can also pay contractors KPR from fees earned by growing KPR and Ether (ETH) crops on Uniswap.
The new project was discovered by people following Cronje’s GitHub or Ethereum address, with Cronje interacting directly with the code from his personal wallet.
Some opportunistic traders and their robots quickly poured money into the platform and started trading the token on Uniswap. The price soared from $ 1 to $ 2,000 on a meager volume before the token fell below $ 100 when Cronje re-released contracts. Keep3r several times while testing the code.
Luckily, unlike Cronje’s recent experiment, Eminence only attracted a few thousand dollars per volume – which completely depleted $ 15 million while Cronje fell asleep unaware that his followers were rushing to invest in the protocol. The hacker sent half of the money to Cronje, who awoke to a wave of death threats before distributing the stolen money to Eminence investors.
The incident pushed Cronje away from social media for nearly two weeks as the developer promised to push the low profile profile further.
Yearn Finance has also slowed lately, as the Total Project Value (TVL) is down 50% from $ 900 million last month. Yearn is currently the ninth largest DeFi protocol with TVL at $ 451 million.
Yearn released a statement yesterday explaining its vision of decentralization. However, Cronje in particular was not one of the six developers who signed the document.