The crypto world has lately rebounded, with its biggest asset Bitcoin (BTC) finding a little stability at US$20,000. Ether (ETH), which dropped below US$1,000 last week, is trading at over US$1,100 as of writing.
Separately, many other altcoins are also gaining. The Synthetix (SNX) crypto has gained more than 50% in the past one day, with its trading volume appreciating nearly 500%. Synthetix is a decentralised finance (DeFi) protocol for trading in “synthetic” assets. A platform titled Enzyme Finance is also buzzing, and the 24-hour trading volume of its token MLN has soared over 1,000%. Let’s explore.
What services does Enzyme Finance provide?
While platforms like Synthetix claim to provide returns through staking of tokens, Enzyme offers a unique vault service, which allows users to build their own vaults to earn returns. Each vault can have a different investment strategy, Enzyme Finance says.
Enzyme can be used in two ways, one as a vault manager, and the other as a depositor. Built using the Ethereum blockchain, Enzyme claims its infrastructure allows depositors to retain the custody of their assets. A vault manager can embed a number of fees into the vault, including asset management fee and entry fee.
Enzyme states it also provides access to multiple DeFi protocols, enabling yield farming for depositors.
Enzyme crypto price
The MLN token, also referred to as the Enzyme crypto, is said to be native to the Enzyme Network. It has a market cap of over US$46 million, as of writing, with a price of nearly US$22 per token.
The Enzyme crypto’s 24-hour trading volume has skyrocketed by over 1,000%. This has also translated into its price surging by almost 15% over the past one day. The circulating supply of the MLN token is less as compared to other native tokens. Over two million MLN tokens are said to be trading on exchanges like OKX and Binance.
Why is Enzyme crypto rising?
One possible reason could be the issues with the Celsius Network, a centralised DeFi protocol. Enzyme allows users to have their own investment strategy in the form of a vault, with an option to include other depositors as well. It claims that depositors always retain custody over their assets.
Besides, other cryptos, led by Bitcoin, have also gained of late, which might have supported the price of the MLN token.
Data provided by CoinMarketCap.com
Enzyme Finance’s MLN token has witnessed a huge surge in its trading volume. The platform provides vault services and depositors can pick a vault by comparing their investment strategies. One of the reasons behind the surge in the price of Enzyme crypto might be its claim that depositors never lose custody of their assets.
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