- Proposal to whitelist MLN (Enzyme).
- Proposed co-investment is 250K BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- Enzyme Finance (formerly Melon Protocol) is an established DeFi platform for On-chain Asset Management
Token Address: 0xec67005c4e498ec7f55e092bd1d35cbc47c91892
Project Website: enzyme.finance
MLN does not have an elastic supply or rebase mechanism. The token contract appears to implement the standard OpenZeppelin libraries. Note that each year 300600 MLN tokens are minted as part of the yearly inflation schedule and it is preprogrammed into the token contract (more information in the tokenomics section).
MLN currently has a 1,824,437 fixed supply of which 1,336,349 are circulating. The contracts and addresses with the highest concentration of MLN tokens are a Enzyme finance council multisig address (rank 1), Kraken exchange address (rank 2), enzyme finance spender address (rank 3), new user wallets (rank 4, rank6, rank7), inactive user wallet (rank 5, no TX since 2019 ), inactive user wallet (rank 8, no TX since 2020), council vesting contract (rank 9), and Huobi exchange wallet (rank 10).
Enzyme Protocol is an Ethereum-based protocol for decentralized on-chain asset management. It is a protocol for people or entities to manage their wealth & the wealth of others within a customizable and safe environment. Enzyme empowers anyone to set up, manage and invest in customized on-chain investment vehicles.
Melonport AG was founded in July, 2016 as a privately domiciled company in Zug, Switzerland. Their sole mandate was to develop Melon, an asset management computer built on Ethereum. In February 2017, the company raised money through a token sale to fund development.
The team sees an increasingly wide range of asset classes becoming tokenized in the future and therefore sees Melon not just as a crypto investment management tool, but the infrastructure for cross-asset class investment management 3.0 of the future.
The Melon protocol aims to enable participants to set up, manage, and invest in funds of digital assets in an open, competitive, transparent and decentralized way. Melon allows asset managers to create their own tokenized investment vehicles and define the key parameters (including fee structure, trading exchanges, asset universe, risk management, investors), which are in turn deployed to the blockchain and enforced by smart contracts, as opposed to being written in a fund prospectus and operated and controlled by intermediaries. Investors are thereby assured that the pooled digital assets will be managed and administered exactly as specified in the setup of the on-chain investment vehicle. This optimizes current processes in fund management to a large extent which leads to cost, time and operational savings.
The MLN token is a utility token which powers the ecosystem and aligns stakeholders.
The token has two uses:
- Users pay for usage in MLN tokens.
- Developers or outside contributors can earn MLN tokens by submitting for a grant.
The MLN token operates as a burn and mint model. Each year a fixed amount of 300,600 tokens are minted to compensate maintainers and developers performing work for the network. MLN also acts as “asset management gas”. Holding MLN is not a requirement by the user and this step is abstracted away from them by a smart contract. Functions that currently utilize and burn MLN on the network include setting up a fund, requesting investment and redeeming assets. Any projects building application layer on top of MLN are free to include other uses on MLN on top of the gas layer (eg. staking).
The buy + burn model of the protocol assures that as usage on the network increases, more asset management gas is consumed and therefore more MLN burned. This is a framework designed to align the growth of the network with the value of the token.
Furthermore, a pool of 300,600 MLN is available every year for projects who want to apply for a grant. The tokens are only issued to projects if the teams involved are deemed to enhance the overall value of the network relative to the dilution effect. If no such need or project is available, the tokens are burnt.
Enzyme finance investors include:
- Defiance Capital
- Kenetic Capital
The Enzyme Finance team operates an official Twitter, Medium, and YouTube account. The repositories for their code is hosted on GitHub. There is a Telegram channel that’s available to their community. The official documentation is hosted on GitBook.
The Enzyme Finance team is non anonymous and they have public profiles:
A full company profile is available on Linkedin
The most recent audit is dated 1/19/2021 and can be found on audit.enzyme.finance
- MLN price at the time of writing is $110.72
- All-time high: $258.26 (Jan 04, 2018)
- All-time low: $1.79 (Mar 13, 2020)
- Price 90 days ago: $43.76
- 1,336,392 tokens in circulation
- 1,824,437 maximum supply.
- The current market capitalization is $148,216,139
- Token Fully Diluted market Capitalization is around $202,344,055
- The MLN token is available on DEX (Uniswap) and CEX (Kraken, Huobi, OKEx, BKEX, MXC).
- The highest 24-hour volume on DEX (Uniswap) is around 178K and on CEX 1.5M (OKEx).