Reason Behind the Rise in Price of Enzyme Finance(MLN)

• On July 5 the price of the MLN rose 92%.
• There are three reasons behind this raise in the price of MLN.
• The 24-hour trading volume also raised.

On July 5 the price of Enzyme Finance  (MLN) has raised 92% to an intraday high at $125. Moreover, on June 30  it was hitting a low of $65.

Decentralized finance (DeFi) is fastly rising as a more secure, more transparent, and more efficient alternative to traditional financial services. DeFi will reduce the risk of fraud, corruption, and mismanagement of our belongings.

The one DeFi project that has been attracting over the last week as the mainstream world slowly opens itself to the possibilities of decentralized finance (DeFi) is Enzyme Finance (MLN). According to the project website, a protocol focused on on-chain asset management allows users to build and scale vaults based on the investment strategies of their choice.

More so, Enzyme Finance, previously named Melon Protocol. This a protocol built on Ethereum (ETH) which enables users to create, manage and invest in custom digital belonging management vehicles. The aim of the platform is, MLN cryptocurrency will reduce the barriers to entry for asset management, opening access to more global consumers.

Now let we see the three reason behind this rise in the price of MLN

1. Trading volume spikes after new exchange listings
2. DeFi partnership attracts attention
3. Value locked in the protocol doubles

Trading Volume Spikes After New Exchange Listings

Exchange listing is one of the reasons behind this surge of MLN. Moreover, sideways trading markets like the cryptocurrency ecosystem are presently experiencing.

Even more, the trend remains true for Enzyme on July 5 as per the announcement that the MLN token begins trading on Binance. The 24-hour trading volume also rose by more than 2,000% to $148 million.

Furthermore, the listing of Enzyme on Binance, cushioned by the token’s addition to the cryptocurrency exchange Gate.io. Both the listing is coming after nearly one month the project starts to trade on the largest crypto exchange in the United States, Coinbase.

DeFi Partnership Attracts Attention

The second reason for this surge is the announcement of a partnership between Enzyme and Yearn. finance.

According to this partnership, in the Enzyme protocol Yearn vaults are available. This allows the portfolio managers on the Enzyme app to use yield farming strategies that are available on Yearn as part of their investment strategy.

On the DeFi, Yearn. finance becomes one of the most expansive and cross-integrated DeFi platforms.

Value Locked in the Protocol Doubles

The third or the last reason is the total value locked (TVL). This is more than doubled in June from $40 million to a high of $100 million.

Henceforth, the sudden rise in TVL can be found back in the partnership between Enzyme Finance and Unslashed Finance, this invested 4,000 Ether (ETH) into yield strategies to buffer up their capital base for insurance.