Enzyme Finance (MLN) Increases by 92% in a Week: Why?
Enzyme Finance (MLN), a protocol focused on on-chain asset management, has surged by 92% from June 30, 2021, to July 5, 2021. On June 30, its price against the US Dollar was hovering around US$65. On July 5, 2021, MLN’s price surged to an intraday high at US$125. Enzyme Finance is on-chain asset management focused protocol that enables users in building and scaling “vaults based on the investment strategies of their choice.”
Crypto experts believe that there are 3 main reasons why the price of MLN against the US Dollar almost doubled within a week.
Reason #1: New Cryptocurrency Exchange Listing of Enzyme Finance (MLN) led to Spike in Trading Volume
On July 5, 2021, Binance (one of the largest crypto exchanges in the world) announced that they are going to list two new crypto tokens, Enzyme Finance (MLN) and Barn Bridge (BOND). This announcement led to the increase in MLN’s price to a high at US$125. In fact, the 24-hour trading volume also surged to US$148 million, a more than 2000% increase. In fact, this token was also added for trade on another cryptocurrency exchange Gate.io.
Reason #2: DeFi Partnership between Enzyme Finance (MLN) and Yearn.Finance (YIF)
On July 5, 2021, Enzyme Finance also announced its collaboration with Yearn.finance. Their tweet said:
“We are pleased to announce that as of today Yearn Vaults are available on Enzyme Finance; giving Portfolio Managers within the Enzyme App new opportunities to open up yield farming strategies specifically designed to their needs.
To learn more visit: https://medium.com/enzymefinance/yearn-vaults-now-on-enzyme-finance-4aeb1fe38662”
This partnership will now make Yearn vaults available on Enzyme protocol. This will help the portfolio managers on the Enzyme app to utilize yield farming strategies that are available on Yearn. In the Defi space, Yearn.finance has started to become the most expansive and cross-integrated Defi platform. Integration of Enzyme Finance is yet another step towards the goal of becoming the most expansive and cross-integrated platform in the Defi space.
Reason #3: Doubling of Enzyme Finance’s Total Value Locked (TVL) within a Month’s Time
As per DeFi pulse, the Enzyme Finance project’s total value locked (TVL) has more than doubled from US$40 million to US$110 million in June 2021. This has mainly happened because of the collaboration between Unslashed Finance and Enzyme Finance. Unslashed Finance has reportedly invested 4,000 Ethereum (ETH) into Enzyme Finance’s yield strategies for buffering up “their capital base for insurance.”
On June 16, 2021, Enzyme Finance tweeted:
“Another new ATH with 225% spike in Enzyme TVL yesterday as @UnslashedF deploys into yield strategies to buffer up their capital base for insurance. Watch out for their pending launch....”