Enzyme (MLN)

What is it?

Enzyme (MLN), formerly known as Melon Protocol, is an Ethereum-based token associated with the Enzyme platform. The platform is a significant project that is specifically designed for on-chain asset management.

Enzyme Token (MLN): MLN is the native utility token of the Enzyme platform. It serves as the economic layer of the platform and is used to incentivize various actors within the ecosystem. The MLN token is primarily used for paying the platform usage fees, and these paid fees are either burned or stored in the Enzyme treasury, reducing the overall supply and potentially increasing the value of the remaining tokens.

Enzyme Platform: Enzyme is a decentralized finance (DeFi) protocol that enables users to establish, manage and invest in decentralized, customizable on-chain investment vehicles. It incorporates traditional aspects of asset management but operates on the Ethereum blockchain. It allows anyone to set up, manage and invest in digital asset management strategies in an open, competitive, and decentralized manner, essentially representing a fusion of classic finance concepts and emerging blockchain technology.

What is it used for?

The MLN token plays a crucial role in maintaining and operating the Enzyme platform. As mentioned earlier, it's used to pay platform usage fees, and it's also used to incentivize participants in the Enzyme ecosystem.

Apart from this, the Enzyme treasury, which stores some of the MLN fees, funds future development and maintenance of the platform. This allows the platform to continue to grow and evolve in response to the needs and demands of the DeFi sector.

Who created it?

Enzyme was created by Mona El Isa and Reto Trinkler. El Isa, a former Goldman Sachs star trader, and Trinkler, a blockchain developer, co-founded the project with the goal of simplifying and democratizing finance.