3 reasons Enzyme Finance (MLN) is up 92% in one week

Decentralized Finance (DeFi) has emerged as one of the most promising practical applications of blockchain technology, potentially reshaping the face of global financial markets and changing the way people deal with money.

One DeFi-focused project that caught the eye over the past week is Enzyme Finance (MLN), an on-chain asset management-focused protocol that allows users to create “vaults” based on the investment strategies they choose to build and scale “, so the websites of the projects.

Data from TradingView shows that MLN price has risen 92% since hitting a low of $ 65 on June 30, to an intraday high of $ 125 on June 5th.

Source: TradingView

The three reasons the MLN price rose during the month include a new listing that increases token liquidity and trader access, a new partnership with Yearn.finance, and an increase in the logged value.

The trading volume soared after the listing

Stock exchanges have long been the driver of sudden price and volume jumps, especially in sideways trading markets such as the crypto ecosystem is currently experiencing.

That trend applies to Enzyme on July 5th, when it was announced that MLN would begin trading on Binance, the most active crypto exchange by volume, causing the MLN price to surge 55% to a high of $ 125. The 24-hour trading volume also rose more than 2,000% to $ 148 million.

In addition to Binance, Enzymes were also added to the Gate.io exchange, both of which a month after MLN started trading on Coinbase, the largest crypto exchange in the United States.

DeFi partnerships attract attention

The second driver of the enzyme spike is notification via a partnership between Enzyme and Yearn.finance on July 5th.

Through this partnership, Yearn’s vaults are now available in the Enzyme protocol so that portfolio managers in the Enzyme app can use the yield farming strategies available on Yearn as part of their overall investment strategy.

Yearn.finance is fast becoming one of the most scalable and best integrated DeFi platforms in the DeFi space, and enzyme integration is another step in that direction.

The value locked in the log doubles

Total Value Locked (TVL) was the third factor for Enzyme Finance, which more than doubled from $ 40 million to $ 110 million in June.

Source: DeFi Pulse

The sudden surge in TVL is due to the partnership between Enzyme Finance and Unslashed Finance, which invested 4,000 ethers in winning strategies on Enzyme to “create a world-class capital base.”

Meanwhile, the DeFi sector has shown some resilience during a market-wide downturn in recent months and is starting to show signs of life as the market enters July.

You can see the MLN prices here.

Annie

According to Cointelegraph

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