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

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

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

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

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $65 on June 30, the price of MLN has surged 92% to an intraday high at $125 on July 5.

Three reasons the price of MLN has surged in July include several new exchange listings that helped increase token liquidity and trader access, a new partnership with Yearn.finance, and a rise in the amount of value locked on the protocol.

Trading volume spikes after new exchange listings

Exchange listings have long been a source of sudden jumps in price and trading volume, especially during sideways trading markets like the cryptocurrency ecosystem is currently experiencing.

This trend held true for Enzyme on July 5 as the announcement that the MLN token would begin trading on Binance, the most active crypto exchange in terms of volume, led to a 55% spike in the price of MLN to a high of $125. The 24-hour trading volume also surged by more than 2,000% to $148 million.

Enzyme’s listing on Binance was further bolstered by the token’s addition to the cryptocurrency exchange Gate.io, with both listings coming roughly one month after the project began trading on Coinbase, the largest cryptocurrency exchange in the United States.

DeFi partnership attracts attention

A second source for the spike in momentum seen for Enzyme was the July 5 announcement of a collaboration between Enzyme and Yearn.finance.

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://t.co/QKlZdSxSu7 pic.twitter.com/bspS3gTy2E — Enzyme Finance (@enzymefinance) July 5, 2021

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

Yearn.finance is quickly becoming one of the most expansive and cross-integrated DeFi platforms in the DeFi space and the Enzyme integration is yet another step in this direction.

Value locked in the protocol doubles

The third source of momentum for Enzyme Finance can be found looking at the project’s total value locked (TVL), which more than doubled in June from $40 million to a high of $110 million, according to data from DeFi pulse.

Total value locked in Enzyme Finance. Source: DeFi Pulse

The source of the sudden rise in TVL can be traced back to a collaboration between Enzyme Finance and Unslashed Finance, which invested 4,000 Ether (ETH) into yield strategies on Enzyme in order to “buffer up their capital base for insurance.”

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…." pic.twitter.com/8qbFSnyDqT — Enzyme Finance (@enzymefinance) June 16, 2021

Zooming out meanwhile, the DeFi sector has shown some resiliency during the market-wide downturn of the past few months and has begun showing signs of life as the market heads into July.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The best places to buy Enzyme crypto: MLN coin surges 40%

Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player,… read more

Enzyme Finance (MLN), formerly known as Melon Protocol, is one of today’s top-performing cryptocurrency projects. With a 40% price surge and a trading volume that has skyrocketed by 1000% to over $91 million, an ever-increasing number of crypto investors are expressing their interest in MLN coin.

With this in mind, we thought it would be helpful to release an article detailing the key things you need to know about Enzyme coin. Read on to discover what the project is, how it works, and what our price forecast is.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

For those of you who want to buy MLN coin now, check out the paragraph below to see our list of the two best places to buy Enzyme coin in the UK and elsewhere.

How & where to buy Enzyme coin online

The best place to buy MLN crypto is an online cryptocurrency broker. These are reliable, low-key investing and trading hubs for major cryptocurrencies and altcoins. While some people like to use decentralised exchanges, (DEXs), we feel the general ease of use and user support of crypto brokers makes them the best option for most investors.

Here are the two best platforms to buy, sell and trade, MLN coin:

Coin Kong Trader

Coin Kong facilitates rapid buying and selling of cryptocurrencies. Robust security, transparent fee charges and excellent customer support make this a great option for newcomers.

Register with Coin Kong Trader instantly

Safemoon Trader

Safemoon Trader is a trading software offering users a wide range of cryptocurrency coins including SAFEMOON, DOGE and Bitcoin.

Register with Safemoon Trader instantly

What is Enyzme Finance (Melon Protocol)

Built on the Ethereum blockchain, Enzyme Finance is a protocol that allows users to build, manage and invest in custom crypto asset management vehicles.

The long-term aim of the project is to shift tractional asset management into the decentralised realm. For decades, asset management has been a field monopolised by financial advisors and institutions with high barriers to entry. Powered by the native MLN token, Enzyme intends to lower these barriers, affording access to more investors around the world.

Rather than battling to afford the management fees and minimum investment figures that come as standard with archetypal managed funds, users can log in to a simple web portal and invest in funds and portfolios launched by other users as well as their own creations.

Should I buy Enzyme coin?

Whether or not you should buy MKLN coin comes down to a simple question: what is your investment strategy?

So, if you are looking for a high-risk asset with the potential to return a multiple on your investment, MLN crypto may be the right candidate to occupy part of your portfolio.

By contrast, if you are looking for something more stable and predictable without the common risks associated with the cryptocurrency space, Enzyme Finance may not be the right option.

Will Enzyme crypto make me rich?

While this is unlikely, it is not impossible for a crypto like Enzyme to return a significant multiple on your investment. However, you should never go into an investment treating it as some sort of ‘get rich quick’ scheme because this can quickly lead to rash, impulsive decisions that cost you money.

Enzyme crypto price prediction

Our MLN price prediction is nebulous right now. While it is possible to look at the technical indicators that surround MLN’s market performance, it remains difficult to get an idea of the cryptocurrency’s true fundamental value. The unknowns, variables, and general volatility that comes with altcoins means any price prediction is really guesswork.

Right now, at least, MLN coin is on the up, so if you believe in the project’s technical credentials, and you feel you can read market sentiment better than the next guy, it could be a worthy investment.

Social media coverage of $MLN

Enzyme (MLN) on @binance soon!!!!

Trading will be open for MLN/BTC, MLN/BNB, MLN/BUSD and MLN/USDT pairs at 2021-07-05 06:00 AM (UTC). pic.twitter.com/f15TbwkWwg — Enzyme Finance (@enzymefinance) July 5, 2021

For all the latest on Enzyme and other trending cryptocurrency projects, check out the news segment of our website.

Yearn Vaults Launch on Enzyme Finance as MLN Token Surges

Decentralized finance (DeFi) protocol Yearn has teamed up with Enzyme Finance to offer greater yield opportunities for its users.

Sponsored

Sponsored

In an announcement on July 5, Enzyme Finance revealed that portfolio managers within the Enzyme app will have new opportunities to open up yield farming strategies specifically designed to their needs.

It added that users can now access a wide range of Yearn Finance strategies and manage them under one single Vault on the platform.

Sponsored

Sponsored

Enzyme Finance, formerly known as Melon Protocol before a December 2020 rebrand, allows individuals or organizations to manage their wealth and the wealth of others on a decentralized asset management platform.

State of the Vaults

Vault strategies on Yearn are specifically constructed to minimize ETH gas costs by batch processing transactions. However, there can be substantial fees to swallow for withdrawing liquidity when Ethereum is under heavy load.

At the time of press, Yearn Finance had a total value locked of $4 billion according to DeFiLlama. It has surged 660% since the beginning of 2021, largely driven by the launch of its better yielding v2 vaults in January.

Yields on its various vaults vary wildly. Vaults for the top three stablecoins, USDT, USDT, and DAI were returning just 2-3% annually. The popular yETH vault, which currently has $83 million in collateral, returned a paltry 0.65%. The top-earning vaults with over 20% in predicted annual returns were linked to Curve Finance and included yveCRV and yvBOOST.

Enzyme Finance TVL has doubled over the past week or so surging from $17 million to $53 million at the time of writing. The sudden surge in TVL can be traced back to the collaboration between Enzyme Finance and Unslashed Finance in mid-June. The protocol invested 4,000 ETH into yield strategies on Enzyme in order to “buffer up their capital base for insurance.”

MLN price pumps

Enzyme’s native token, MLN, has surged over the past 24 hours adding 43% from an intraday low of $80 to top out at $115. At the time of writing it had retreated to $105 according to CoinGecko.

In addition to the Yearn partnership, Binance listed MLN yesterday which has given the token a massive price pump. MLN was one of the best performing DeFi tokens of 2020, but it is currently down 60% from its all-time high.

Meanwhile, Yearn’s YFI cryptocurrency has ticked up 5% on the day to reach $33,900 according to CoinGecko. It too is down a chunk from its ATH, with over 63% lost since its $90,000 peak in mid-May.