Published on February 14, 2024 · Reading time 2 minutes · Created by Fyde Labs
Fyde is proud to open its vault to the Enzyme Finance community. This collaboration allows MLN token holders to utilize their tokens through Fyde’s liquid vault, offering enhanced asset diversification, yield opportunities, and bolstered liquidity.
Enzyme is an on-chain asset management system enabling access to digital assets and DeFi in a single, unified app. Enzyme offers fully automated reporting, risk management, governance, and operations, bridging asset management and DeFi seamlessly. Enzyme’s mission aligns with ours at Fyde, and we are excited to work together to further DeFi’s growth.
Fyde provides a liquid vault solution that accepts native tokens, allowing depositors to diversify their crypto market exposure while earning yield and increasing liquidity. This integration enables Enzyme community members to diversify holdings while accruing diversified returns. Depositors receive $TRSY, a liquid wrapper of the vault, redeemable for a basket of tokens at any time.
When users deposit assets into Fyde, they receive $TRSY, representing their share of the vault. Pegged to the vault’s performance, $TRSY offers liquidity and can be transferred or redeemed. Including MLN as a supported token strengthens $TRSY’s diversified returns.
Enzyme has continued to build through the bear market, expanding into real-world assets (RWA) and liquid staking tokens (LST) through collaborations with providers like Stakediva. With a $40 million market cap and an average daily trading volume of $2 million, MLN meets Fyde’s liquidity and stability criteria.
While Enzyme’s tokenomics are inflationary, the project’s rapid growth suggests strong fundamentals. Over the past year, Enzyme’s total value locked (TVL) has increased from $60 million to $180 million, despite a 30% decrease in token price, positioning MLN for potential growth as market conditions improve.
Enzyme’s security practices, including audits by OpenZeppelin and Chain Security, and regular bug bounties, align with Fyde’s focus on security, further supporting the addition of MLN to the Fyde vault.
As Fyde’s total value locked (TVL) grows, we aim to support MLN with increased liquidity and utility. Fyde’s liquid vault includes 30+ assets, allowing traders to swap any asset directly into MLN, reducing trading fees and increasing MLN’s adoption across DeFi.
To learn more about Fyde Treasury and Enzyme, visit Fyde and Enzyme Finance. For the latest updates, join us on Discord.