Keeta Bounces Back After Testnet Concerns Fade

Layer 1 blockchain Keeta Network is rebounding after a series of tweets led to a 20% price drop.

The KTA token is up 12% from the local bottom of $1.15 it touched on June 9 after the founder of DeFi Capital Markets and Head of Growth at Anoma, Mike Ruzic, claimed the project’s testnet was fraudulent.

The token traded as high as $1.48 before retracing alongside the rest of the market, rebounding as the team addressed concerns raised by Ruzic that the testnet was showing fake transaction data.

Keeta founder Ty Schenk told The Defiant, “Transactions cannot be faked because they can only be generated cryptographically. Each transaction noted on the testnet was a transaction that someone using the testnet submitted to the network.”

Schenk also clarified that the swaps on the testnet have always worked, and that the project’s engineering team has “never used” Vercel for product applications, which Ruzic also alleged.

Keeta Network is a Layer 1 blockchain focused on small-scale cross-border payments, aiming to compete with traditional financial infrastructure, such as SWIFT, and other payment-focused blockchain networks. The product launched its token on Base in March, which caught the attention of onchain traders early on due to its backing from Eric Schmidt, the former CEO of Google.

The chain touts its quick transaction time, with the testnet explorer reporting maximum transaction per second (TPS) rates as high as 12 million, while other networks such as Solana process roughly 4,000 TPS.