Keep Network price prediction: Big changes for KEEP
The merger with NuCypher has shown that Keep Network has a promising future
- What is Keep Network (KEEP)?
- Case study: tBTC
- The KEEP token
- KEEP’s past performance
- The NuCypher merger
- KEEP price prediction
Privacy has become an important concern in the crypto community and Keep Network is hoping to hook investors with its unique methodology, which combines a public blockchain with off-chain data storage to keep transactions private.
The KEEP token has been the secret ingredient to its network since its 2020 launch. Having recently joined forces with NuCypher, the new Threshold Network will offer user sovereignty on the public blockchain, as a decentralised threshold cryptography network.
Price predictions expect KEEP to be around for the long run, with some making very ambitious forecasts. So, what is the latest Keep Network price prediction?
What is Keep Network (KEEP)?
The Keep Network was born out of frustration that founders and development teams had too much control over their dApps and DeFi projects. Hoping to be a solution, Keep Network is a privacy layer on Ethereum giving users anonymity, “without compromising transparency or auditability”.
The blockchain achieves these goals by storing data in off-chain containers titled “keeps”. This means that the transaction details are not stored on the public blockchain but the network can still access them without exposing the data.
Matt Luongo and Corbin Pon founded the network in 2017. Both already had some experience in the crypto industry: they previously created the Bitcoin rewards app titled Fold. Keep Network also gained some prestigious early supporters, including Andreessen Horowitz.
Case study: tBTC
tBTC is an example of the Keep Network in action. It was the first application built on the Ethereum layer and harnesses its privacy. The concept of tBTC is a safe and private way to participate in DeFi with bitcoin.
Every tBTC is backed by one BTC. It can be redeemed at any time and does not require any third party or intermediaries. The original bitcoin is stored in its keeps, where it cannot be exposed on the public blockchain. It is also distributed across validators to ensure it is decentralised.
The KEEP token
KEEP is the token that secures the network and its applications through staking. Stakers run nodes on the network that support the private keep containers.
In return for running the network, stakers are rewarded with ETH and KEEP. The quantity of these rewards depends on how much cryptocurrency is staked but its whitepaper said a maximum 200% annual percentage yield (APY) is up for grabs.
KEEP is currently available on three exchanges: Uniswap, Balancer and Kraken. As well as being bought outright, the cryptocurrency can be earned by providing liquidity in Uniswap pools.
KEEP’s past performance
KEEP got off to a rather bumpy start. It launched at the end of April 2020 and surged from $0.66 on 14 May 2020 to $2.19 less than a week later. But it immediately plummeted afterwards and fell below $0.50 at the end of the month.
This followed the Keep Network taking tBTC offline because it discovered a bug in the smart contract. It told CoinDesk: “An issue in the dApp that was missed by our security audit was found by two of our contributors, and we decided to pause deposits for now to ensure the safety of funds.”
The token saw its next surge in August 2020, after it crossed the halfway mark of its competition. Users were being rewarded with KEEP for helping develop the network. Four million KEEP were given away in July and August.
KEEP surged above the $1 barrier in August and September. The relaunch of tBTC on Ethereum took place in September 2020 as well. But eventually, the KEEP token dropped back below $0.50, where it stayed for the rest of the year.
The NuCypher merger
March 2021 was an eventful time for the network. It announced a hard merger was taking place under the name Keanu. This would join the Keep Network and the NuCypher platform into a new network titled Threshold. The plan was to give the communities an even split over the collaboration on the network.
It said in a blog post: “The Keep and NuCypher networks have built similar technology with similar goals. Rather than continuing to split the market, we think we can achieve significantly more together. And while both dev teams will remain independent, we’ll all be focused on a single protocol.”
The token only managed to reach a peak of $0.76 on 30 March 2021. It took until October that year before it would hit $1 again, which was around the same time the second version of tBTC went live.
Despite falling, along with the wider crypto market, at the beginning of 2022, KEEP saw another rally that started in late February, climbing to a high of $0.84. Binance announced it was supporting the merger and was delisting the KEEP and NU cryptocurrencies. The exchange would then give all eligible investors the new Threshold (T) token.
KEEP fell steeply in mid-May, roughly in line with broader crypto market activity, to a low of around $0.17. There has been some substantial price activity since then, with NuCypher making 20,000% volume gains. With the new merger and Threshold token, KEEP managed to keep up with the uptrends and on 1 June 2022, the token was trading at highs of $0.37.
Another downturn in mid-June saw a new all-time low of $0.15, followed by a slight uptick. Having largely traded sideways for the past few weeks, as of 19 August, the token is worth around $0.17.
KEEP price prediction
Despite uncertainty about KEEP’s future, most forecasts expect the privacy and staking token to be here for the long haul.
DigitalCoinPrice’s Keep Network coin price prediction expects the token to trade at $0.23 by December 2022. The site does not expect the coin to hit $1 again within the decade, and has a Keep Network price prediction for 2030 of $0.80.
PricePrediction.net is more bullish over the future of Keep. It estimates an average price of $0.23 in 2022 and $0.34 in 2023. Its Keep Network price prediction for 2025 thinks it can climb to $0.74. By 2030, KEEP is thought to have an ambitious $4.73 price tag.
WalletInvestor makes a Keep Network price prediction for 2022 which suggests the token should reach approximately $0.22 by the end of the year. It forecasts that the KEEP price in a year’s time will be less than $0.15, and does not expect the token to recover, suggesting it is a “bad long-term (one-year) investment”.
The token is thought to reach $0.36 in five years’ time according to the Keep Network crypto price prediction offered by Captain AltCoin. It even gives a forecast for 2040 where Keep Network is estimated to hit $1.86.
There are strong price predictions for KEEP but the token could still struggle. With the merger in the works and the recent Binance delisting, it appears the priorities from the development team are now with the new Threshold token.
How many Keep Network are there?
There is a circulating supply of almost 856 million KEEP, out of a total supply of one billion KEEP (86%).
Is Keep Network a good investment?
It might be. By staking the token, users can support the network and are rewarded with ETH as well as KEEP. However, despite the success of the merger, the future of KEEP remains uncertain.
Investors should always conduct thorough due diligence before purchasing any cryptocurrency.
Will Keep Network go up?
Forecasts suggest that KEEP will rise over the coming years. PricePrediction is bold enough to suggest it could hit $4.73 in 2030. But such forecasts are often wrong, so investors should be cautious not to invest more than they can afford to lose.
Should I invest in Keep Network?
It depends. The Keep Network is a privacy layer to Ethereum and uses off-chain containers. Remember, it is crucial to always research thoroughly any cryptocurrency you plan on investing in.