After a few exhilarating weeks for Bitcoin and the overall market of digital currencies, traders moved towards the time-honored tradition of taking profits. Institutional investors who piled onto the cryptocurrency markets following the debut of two Bitcoin exchange-traded funds on Wall Street have also been involved in the pullback; this could be gleaned by looking at the levels of trading volumes over the last few days.
Fortunately for cryptocurrency investors who are attuned to the fundamental developments of decentralized finance (DeFi) projects, the Keep3rV1 token did not lock step with the rest of the altcoins. This project, which trades under the KP3R symbol, is enjoying a bullish rally. From November 12 to the 19, KP3R gained 31.60% even as the rest of the market tanked. This boost can be attributed to some very positive news about the future of this DeFi project.
The Keep3r Network has been around since October 2020. In essence, Keep3r can be described as business registry that commercial and non-profit enterprises can utilize to monitor tasks completed by workers, technicians, and professionals. The mainnet blockchain for this project launched this past July. A few days ago, the network, which connects over 10,000 Keepers, was up and running with over 40,000 active jobs. While the number of keepers is still quite limited, Keep3rV1 is proving to be highly efficient. The fact that the amount of time a Keeper spends waiting for a task to complete has dropped to minutes, and not days, demonstrates the power of blockchain technology.
This project can be broken down into three main elements: keepers, contractors, and oracles. Keepers are the ones completing tasks for contractors; all tasks are managed through smart contracts on a public ledger. To make it easy to use Keep3r, Keepers can be added to a group or an individual. Keepers can earn up to 10% on all their efforts, depending on what they are doing. On top of that, Keepers are able to apply for contract jobs via the decentralized marketplace. In addition, Keepers can become Oracles on the network, which provides accurate and real-time information about current demand and supply.
Keep3rV1 is quite different from other DeFi platforms. It has an Oracle, which is not required by most DeFi protocols. Keep3r has also integrated Oracles into their contracts, a feature not yet implemented by most DeFi protocols. Oracles provide instant price and demand updates as well as accurate price reports.