Andre Cronje's new KP3R token surges 2000% in hours

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The latest token offering by Yearn Finance founder Cronje has surged within hours of launch.

A newly launched token by Yearn Finance founder Andre Cronje has skyrocketed within hours of launch as degen farmers load up.

The new token called KP3R is for Cronje's latest project called Keep3r Network which is a decentralized gig-style, smart contract powered marketplace for technical jobs.

Within hours of the token launch, traders and degen farmers had 'aped' into it causing prices to surge, topping out at over $180 a couple of hours ago according to Uniswap.

Trading on Uniswap started as low as $10 per token, but the momentum soon picked up sending it surging almost 2000% within hours.

According to Coingecko, the new token already has a market capitalization of $35 million.

At the time of writing, the KP3R token was trading at $175, a monumental gain since launch, though would be investors should note it is a highly speculative bet which could result in a dump as has occurred with so many new token launches this year.

With the release of the Keep3r Network v1 contracts a few hours ago, the project is now live.

The concept involves 'Keepers,' which are external persons and/or teams that execute a job, and 'Jobs' which is the term used to refer to smart contracts set up to get an external entity to perform an action.

The network will be powered by the new KP3R tokens which will be issued as rewards for job completion.