Crypto of the Day: Enzyme (MLN) Surges 32%
We’ve entered the phase of the market cycle where seemingly random altcoins are skyrocketing. Today it’s Enzyme’s turn, MLN’s price is up 32%! Time to dive deeper into what this coin is doing.
The current price of Enzyme (MLN) is 20.41 euros, after a 32% increase today. With a market cap that puts it at the 501st position, Enzyme is a small player in the crypto market. This means that relatively little money is needed to make the price move.
What are Enzyme and MLN?
Enzyme, formerly known as Melon Protocol, is a decentralized open-source protocol on the Ethereum blockchain. It focuses on asset management and cryptocurrency portfolio management.
The platform uses smart contracts to create and manage transparent, secure and efficient investment strategies. These strategies are called “vaults”.
Enzyme allows users to create, manage and share their own investment funds, without intermediaries such as banks or fund managers. These vaults are defined by smart contracts, which automate the investment strategies and rules. This ensures transparent and immutable execution of the investment plans.
Enzyme’s native token, MLN, plays a crucial role in the ecosystem. Users of the platform must stake MLN to create and manage vaults. The token is also used for governance, with token holders voting on important decisions that determine the future of the protocol. Additionally, transaction fees on the platform are paid in MLN.
Early in development
Enzyme is designed to be an open and decentralized platform. This means that there is no central authority controlling the platform. Instead, it is governed by the community of MLN token holders.
The crypto platform is still in the early stages of development, but it has the potential to play a major role in the future of DeFi asset management. Its focus on transparency, efficiency, and decentralization makes it an attractive option for investors looking for more control over their cryptocurrency portfolios.
In short, today’s 32% increase shows that there is confidence in Enzyme’s future. It will be interesting to see how this platform will develop further and what impact it will have.
