Bitcoin

New crypto, explosion of the course: behind the scenes of the latest crazy project of this DeFi genius

A project that enriches the DeFi – Andre Cronje has managed, over the months, to become an emblematic figure in the DeFi ecosystem. Known thanks to Yearn, he has since multiplied the DeFi projects and returns with a new project: Keep3r.

Keep3r: the coordination ecosystem

Announced on October 22nd via Andre Cronje’s personal blog, the smart contracts for the Keep3r project were finally deployed on October 28th.

In fact, Keep3r was born in response to the growing complexity of the DeFi ecosystem, as Andre Cronje explains in his publication :

„The more complex a smart contract system becomes, the more it needs to be maintained. It requires an external entity (bot, script) to submit a transaction to trigger a response. »

For example, call the update() function of an Oracle to update its values.

This is how the Keep3r project was born, which proposes to create an incentive to participate in these protocol maintenance actions.

„The Keep3r network is designed as a decentralised coordination ecosystem for projects that aim to find Keepers to help maintain them. „Andre Cronje

Relying on the hack of his latest project Eminence, Andre Cronje takes advantage of his announcement to remind that, despite the audit of smart contracts, it does not mean that they are free of bugs:

„When you interact with these contracts, never interact with funds that you are not prepared to lose. »

Keep3r: how does it work?

In practice, Keep3r works thanks to 2 types of participants: Keepers and Jobs.

  • A Keeper is an actor who will perform a maintenance task. In compensation, the Keeper is reimbursed for its transaction costs and receives a bonus, determined by a governance vote;
  • A Job is an action to be performed on a given protocol. The latter have a series of features that allow the Job to be referred to a Keeper who has the necessary skills.

The Keep3r protocol arrives with its governance token: the KP3R.

In addition to assigning governance rights, once staked, the token allows its holder to have access to more „qualified“ Jobs. Indeed, when a Job is created, it is possible to define a minimum number of staked KP3Rs to be eligible for it. In fact, this allows the protocol to ensure that a Job will always be assigned to a competent Keeper.

When it was launched, the token has risen insanely, from $27 to $366 in less than 24 hours. The price has since fallen back to $207 at the time of writing.