The cryptoverse was hit hard recently when stablecoin TerraUSD lost its peg to the US dollar. This caused even other cryptos independent of the LUNA ecosystem to decline.
One crypto, Enzyme Finance’s MLN token, has had to convince enthusiasts that it is in no way related to Terra. Enzyme, a decentralized finance (DeFi) player with services like Vault Strategy, is not a high-cap crypto like DOGE or SHIB. But the MLN token has surged lately. Let us know more.
What is Enzyme Finance DeFi?
DeFi is said to be an emerging fintech service. Here crypto holders can deposit their tokens to generate “passive income”. Enzyme Finance claims to be an aggregator of logs offering such borrowing and lending services to crypto users. These include AAVE, Compound and Uniswap.
also read: What Could Have Caused the Crypto Crash and What Can Its Effects Be?
Enzyme states that it can be used by Decentralized Autonomous Organizations (DAOs) to manage finances. The vault strategy is a facility that, according to Enzyme, connects a vault manager to depositors. Anyone can be a vault maker, it is claimed, and depositors can choose whichever vault strategy seems best.
Enzyme also mentions yield farming, asset swap, and derivatives on its website.
What is an MLN token?
MLN is from the Enzyme Finance protocol. According to CoinMarketCap, there are over two million MLN coins in circulation at the time of writing.
MLN tokens are traded on exchanges such as Binance, KuCoin, and OKX. The project has announced that it has no ties to the Terra Luna ecosystem.
also read: Will LUNA recover? Factors that could affect its recovery
MLN token price
The market cap of the MLN token is nearly $70 million at the time of writing. This made it one of the top 500 assets on the list compiled by CoinMarketCap. The MLN price was near $34, up nearly 25 percent in the past 24 hours. The trading volume of the MLN token increased by over 3,000 percent during this period.
However, on January 1, 2022, the MLN token is trading below its price. So far this year it has steadily lost value.
Data provided by CoinMarketCap.com
bottom line
The decline in the value of the TerraUSD stablecoin appears to have had a very negative impact on the broader cryptoverse. Recently, the MLN token’s Enzyme Finance log tweeted that it is not affiliated with Terra. The MLN token has lost in 2022, but in the last 24 hours, both the trading volume and the price of MLN have increased. The protocol claims DeFi aggregation and vault strategy services. MLN is among the top 500 assets.
also read: What is Tesla Token and is it safe?
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