Enzyme token [MLN] has been creating quite a buzz this month. This DeFi asset has made astonishing gains even as the wider market noted considerable slump back-to-back. In fact, the trading volume of MLN token went on to post a rally of 2,000%
Decentralized finance [DeFi] might have just discovered yet another success story with Enzyme Finance. So what exactly does this platform represent?
A quick primer: Formerly known as Melon Protocol, Enzyme Finance is not new to this space. As a matter of fact, the DeFi platform which focuses on on-chain asset management, has been around since 2017. Long before the DeFi Summer 1.0. According to its official site, Enzyme Finance enables users to build and scale vaults based on the investment strategies of their preference.
It has all of a sudden started to gain prominence as the mainstream world, slowly and reluctantly opened its arm to the contentious realm of decentralized finance which aims to eliminate the traditional archaic infrastructures.
Felix Hartmann, the Managing Partner of Hartmann Capital even claimed,
TVL ⬆️ @enzymefinance is becoming a blue chip in front of your eyes with a small cap valuation.
Read my thesis on enzyme as to why we are backing it big. https://t.co/y3aSSqlxu9
— Felix Hartmann (@FelixOHartmann) July 5, 2021
What Spurred Enzyme Token [MLN] Growth Curve?
While DeFi tokens went on a downward trajectory, Enzyme’s native MLN token decoupled from the rest of the market to post gains in attempt to reclaim its previous glory. Since last July, MLN’s price has risen by more than 2,500% to the press time price of $107.5. Despite being down by roughly 60% from its ATH, it still emerged as one of the best-performing assets this year.
This token cane be used to pay for different functions throughout the vault creation process as well as investment lifecycle. Currently, a proposal sits right in front of the Enzyme Council to fundamentaly alter the token economic model.
Call it “Binance Effect,” but Enzyme token witnessed significant spark in trading volume after the world’s leading cryptocurrency exchange announced its support. Soon after which cryptocurrency exchange Gate.io also followed suit. The news of listing spree comes just a month after Coinbase rolled out its plans for listing MLN on its platform. It was this when the asset actually bounced back from lows.
Speaking of Enzyme, the platform have forged notable partnerships with industry giants which can be attributed to its growth. It found a major boost from prominent DeFi protocol Yearn’s partnership to offer greater yield opportunities for its users. With this team-up, the portfolio managers within the Enzyme app will be abe to tap new opportunities to unlock yield farming strategies exclusively designed to cater their needs. Moreover, users can also access a myriad of strategies on Yearn Finance and manage them under one single Vault on the platform.
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.
— Enzyme Finance (@enzymefinance) July 5, 2021
Shortly after the development, the total value locked on the platform saw a sharp upwadr reversal. According to DeFi Pulse’s latest stats, the figures stood at $94.56 million at the time of writing.