Obscure Crypto SaltSwap Finance Pumps 1,112% On Partnership News

SaltSwap Finance SALT/USD saw its price increase over ten-fold after the project's developers announced two partnerships.

What Happened: According to CoinMarketCap data, SaltSwap Finance's price increased by over 1,112% in the past 24 hours from a low of $0.2145 to a high of $2.6091, before settling at its current price of $2.27, as of publication time.

The sudden and intense price action followed today's announcement of two separate partnerships.

SaltSwap Finance announced one partnership with UBU Finance UBU/USD and another one with Parthenon BSC EPSILON/USD.

According to an announcement, SALT holders will be able to lock (stake) their tokens to earn an annual percentage rate of 7,416,291% of UBU, or an annual percentage yield of 1,443,504% of EPSILON. There is no guarantee that the return rates will stay this high for any length of time.

DeFi Projects: All the projects involved fall into the decentralized finance (DeFi) category, which includes all the decentralized applications (DApps) that provide services not unlike those offered by traditional financial institutions, but in a decentralized — and often anonymous — fashion. DeFi DApps often allow users to lend money, earn a yield on their deposit, insure against risk or exchange between different assets.

SaltSwap allows its users to exchange between different tokens, earn by providing liquidity for trading or earn high interest on deposits. Similarly, Parthenon also allows its users to trade and earn interest on their deposits.

UBU Finance, lastly, allows for trading of numerous tokens, earning interest on deposits and investing in new projects.

Image by xresch from Pixabay.