Decentralized finance (DeFi) has emerged as 1 of the most promising real-earth applications of blockchain engineering, capable of reshaping the face of the global financial markets and transforming the way the average person manages their money.

1 DeFi focused project that has been gaining attention over the past week as the mainstream world slowly opens itself to the possibilities of DeFi is Enzyme Finance (MLN), a protocol focused on on-chain asset direction that allows users to "build and calibration vaults based on the investment strategies of their option," co-ordinate to the projects website.

Data from Cointelegraph Markets Pro and TradingView shows that since hit a low of $65 on June 30, the price of MLN has surged 92% to an intraday high at $125 on July 5.

MLN/USDT 4-hour chart. Source: TradingView

Three reasons the price of MLN has surged in July include several new exchange listings that helped increase token liquidity and trader access, a new partnership with Yearn.finance, and a rise in the corporeality of value locked on the protocol.

Trading volume spikes later on new commutation listings

Commutation listings take long been a source of sudden jumps in price and trading book, specially during sideways trading markets like the cryptocurrency ecosystem is currently experiencing.

This trend held true for Enzyme on July 5 as the announcement that the MLN token would brainstorm trading on Binance, the most active crypto substitution in terms of volume, led to a 55% spike in the toll of MLN to a high of $125. The 24-hour trading volume as well surged by more ii,000% to $148 1000000.

Enzyme's listing on Binance was further bolstered by the token's addition to the cryptocurrency exchange Gate.io, with both listings coming roughly one calendar month subsequently the projection began trading on Coinbase, the largest cryptocurrency exchange in the United States.

DeFi partnership attracts attention

A second source for the spike in momentum seen for Enzyme was the July 5 announcement of a collaboration betwixt Enzyme and Yearn.finance.

Through this partnership, Yearn vaults are at present available on the Enzyme protocol, which allows portfolio managers on the Enzyme app to employ yield farming strategies available on Yearn as function of their overall investment strategy.

Yearn.finance is quickly condign one of the most expansive and cross-integrated DeFi platforms in the DeFi space and the Enzyme integration is yet another footstep in this direction.

Value locked in the protocol doubles

The tertiary source of momentum for Enzyme Finance can exist found looking at the project's full value locked (TVL), which more doubled in June from $40 one thousand thousand to a high of $110 million, according to information from DeFi pulse.

Full value locked in Enzyme Finance. Source: DeFi Pulse

The source of the sudden rising in TVL tin can exist traced back to a collaboration between Enzyme Finance and Unslashed Finance, which invested 4,000 Ether (ETH) into yield strategies on Enzyme in social club to "buffer up their capital base for insurance."

Zooming out meanwhile, the DeFi sector has shown some resiliency during the market-wide downturn of the past few months and has begun showing signs of life as the market heads into July.

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