Enzyme, formerly known as Melon Protocol, is a unique cryptocurrency that has made a name for itself in the digital currency world. It is a blockchain-based protocol for decentralized on-chain asset management. This digital asset allows users to manage, trade, and invest in digital assets while maintaining full control over their investments.
Enzyme was created by Mona El Isa and Reto Trinkler. Mona, a former Goldman Sachs trader, and Reto, a mathematician, combined their skills to create this unique protocol. The project is now maintained by a dedicated team of developers and contributors who continue to innovate and improve the platform.
The native token of Enzyme is MLN. The total supply of MLN tokens is capped at 1.25 million. These tokens are used to pay for various functions within the Enzyme ecosystem, such as investment strategies and performance fees.
MLN, the token that powers the Enzyme ecosystem, can be purchased on several cryptocurrency exchanges. Some of the most popular platforms include Binance, Kraken, and Uniswap. Always ensure to use reputable platforms when purchasing cryptocurrencies to protect your investments.
Enzyme is primarily used for decentralized asset management. It allows users to create, manage, and invest in customizable funds without needing to trust a third party. This protocol is particularly useful for fund managers and investors who want to maintain control over their investments while leveraging the benefits of decentralized finance.
Enzyme has been making waves in the crypto world with its innovative approach to asset management. Recently, the platform underwent a significant upgrade, known as "Enzyme 2.0", which introduced a host of new features and improvements. This upgrade has made the platform more accessible and user-friendly, attracting a wider range of users.
Another significant development is the integration of Enzyme with Yearn Finance, a leading DeFi platform. This integration allows Enzyme users to access Yearn's yield farming strategies directly from the Enzyme interface, further expanding the platform's capabilities.
Enzyme's continuous technological advancements and strategic partnerships are a testament to its commitment to providing a robust and versatile platform for decentralized asset management. With its unique approach and dedicated team, Enzyme is poised to continue making a significant impact in the world of decentralized finance.
Enzyme has recently entered into strategic partnerships with AdEx Network and Maple Finance. The collaboration with AdEx Network aims to bring advertising to DeFi, merging the advertising and DeFi industries. The partnership with Maple Finance, the first undercollateralised lending protocol for institutional borrowers, offers unique lending opportunities and yield opportunities.
Enzyme has introduced several technological advancements to enhance user experience. The launch of Enzyme V4 offers improved security, flexibility, and performance for DeFi asset managers. A new feature, Gas Relayer, allows vault managers to execute transactions using the WETH balance in their vault, instead of spending ETH from their own external wallets. Enzyme has also added Balancer to its DeFi protocol integrations and announced the availability of Compound v3 lending.
In recent news about Enzyme, the platform has started burning MLN tokens at the end of each year. The network collects fees paid in MLN and the Council burns them. This means the value of the MLN token is now directly linked to growth in assets under management on the network. As the total value of assets under management increases, more MLN will be burned.
Enzyme has made efforts to increase user engagement and accessibility. Users can now nominate themselves to become Enzyme User Representatives for the Enzyme Council. The platform has also introduced a fiat-to-crypto onramp, powered by Onramper, allowing users to buy crypto natively in-app. A new whitelabel feature for Enzyme vault managers has been released, allowing them to customise their landing pages and bring their own branding to life.