Why this Ethereum DeFi coin has surged 400% in two days

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Why this Ethereum DeFi coin has surged 400% in two days

CryptoSlate1 week ago
Published on November 21, 2020 12:00 GMT+0edited on November 21, 2020 12:08 GMT+0

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All eyes may be on Bitcoin right now but in the decentralized finance (DeFi) space, investors have been caught off guard by a rally in a coin called Saffron Finance (SFI), also known as Spice.

From a glance, it may be unclear why the coin is rallying: Saffron Finance is run by an anonymous team, and further, the contracts of the protocol are currently unaudited.

But it’s up 400 percent in the past two days alone, and even more if you look at its launching price on Uniswap five days ago.

What is Saffron Finance?

Saffron Finance’s story is a unique one.

Basically, it’s a clone or competitor to BarnBridge, an extremely similar protocol run by “doxxed” developers and funded by leading investors in the space such as Kain Warwick of Synthetix.

BarnBridge and …