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

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Decentralized Finance (DeFi) has emerged as one of the most promising real-world applications of blockchain technology, capable of reshaping the face of global financial markets and transforming the way the average person manages their money.

One DeFi-focused project that has garnered attention over the past week as the mainstream world slowly opens up to DeFi’s possibilities is Enzyme Finance (MLN), a protocol that focuses on on-chain asset management that allows users to “build and scale vaults”. based on the investment strategies of their choice, ”says the project’s website.

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Data from Cointelegraph Markets Pro and TradingView show that MLN price has risen 92% from its $ 65 low on June 30, to an intraday high of $ 125 on June 5th.

MLN / USDT 4 hour chart. Source: TradingView

Three reasons the price of MLN rose in July are several new listings that have helped increase token liquidity and trader access, a new partnership with Yearn.finance, and an increase in the value that came with the protocol connected is.

Trading volume peaks after new stock exchange listings

Quotes have long been a source of sudden price and trading volume jumps, especially in sideways trading markets such as the cryptocurrency ecosystem is currently experiencing.

That trend was true for Enzyme on July 5, when the announcement that the MLN token would begin trading on Binance, the most active crypto exchange by volume, at a 55% increase in MLN price to a high of 125 US dollar led. The 24-hour trading volume also rose more than 2,000% to $ 148 million.

Enzyme’s listing on Binance was further strengthened with the inclusion of the token on the Gate.io cryptocurrency exchange, with both listings occurring about a month after the project began trading on Coinbase, the largest cryptocurrency exchange in the United States.

DeFi partnership attracts attention

A second source of Enzyme’s surge in momentum was Enzyme’s announcement of a collaboration with Yearn.finance on July 5th.

Through this partnership, Yearn safes are now available in the Enzyme protocol, which enables portfolio managers in the Enzyme app to leverage the yield farming strategies available on Yearn as part of their overall investment strategy.

Yearn.finance is rapidly developing into one of the most extensive and comprehensive integrated DeFi platforms in the DeFi area and enzyme integration is a further step in this direction.

The value locked in the log is doubled

The third source of momentum for Enzyme Finance is a look at the project’s Total Value Locked (TVL), which more than doubled from $ 40 million to $ 110 million in June, according to DeFi pulse.

Total value locked in Enzyme Finance. Source: DeFi pulse

The source of the sudden spike in TVL can be traced back to a collaboration between Enzyme Finance and Unslashed Finance, which invested 4,000 ethers (ETH) in enzyme yield strategies to “bolster their insurance capital base.”

Meanwhile, the DeFi sector has shown some resilience during the market-wide downturn of recent months and has started to show signs of life as the market moves into July.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.