MLN token trading volume up 3,000%: Why is MLN rising?

Be the First to Comment Read

MLN token trading volume up 3,000%: Why is MLN rising?

MLN crypto
Image source:


  • DeFi aggregator Enzyme Finance protocol’s MLN crypto’s trade volume has gained sharply
  • The protocol has tweeted that MLN has no links with Terra, which may be the reason behind this rise in activity
  • MLN token year-to-date (YTD) is in negative territory, similar to assets like ETH, BTC, and DOGE

The cryptoverse was badly hit recently when stablecoin TerraUSD lost its peg with the US dollar. This led to decline in even other cryptos, which are independent of the LUNA ecosystem.

One crypto, Enzyme Finance’s MLN token, had to convince enthusiasts that it is not related to Terra in any respect. Enzyme, a decentralized finance (DeFi) player with services like “vault strategy”, is not a high cap crypto like DOGE or SHIB. But MLN token has risen sharply of late. Let’s 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 protocols that provide such borrowing and lending services to crypto users. These include AAVE, Compound, and Uniswap.

Also read: What could have caused crypto crash and what can be its effects?

Enzyme states it can be used by decentralized autonomous organizations (DAOs) to manage treasury. Vault strategy is a facility, which Enzyme says connects a vault manager with depositors. Anyone can be a vault creator, it is claimed, and depositors can select a vault strategy that appears to be the best.

Enzyme also mentions yield farming, asset swapping, and derivatives on its website.

What is MLN token?

MLN is native to Enzyme Finance protocol. According to CoinMarketCap, over two million MLN coins were in circulation at the time of writing.

MLN token trades on such exchanges as Binance, KuCoin, and OKX. The project has announced that it has no links to Terra Luna ecosystem.

Also read: Will LUNA recover? Factors that could shape its recovery

MLN token price

The market cap of MLN token was nearly US$70 million as of writing. This made it one of the top 500 assets on the list compiled by CoinMarketCap. MLN price was nearly US$34, which was up almost 25 per cent in the last 24 hours. MLN token’s trading volume was up over 3,000 per cent during this period.

That said, MLN token is trading below its price on January 1, 2022. So far this year, it has continually lost value.

MLN token price

Data provided by

Bottom line

The loss of value of TerraUSD stablecoin seems to have had a very bad impact on the wider cryptoverse. Recently, MLN token’s Enzyme Finance protocol tweeted that it is not linked to Terra. MLN token has lost in 2022, but over the past 24 hours, MLN’s trade volume and price have both seen an uptick. The protocol claims DeFi aggregation and vault strategy services. MLN is among top 500 assets.

Also read: What is Tesla Token and is it safe?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK