• Enzyme (Formerly Melon Protocol) is an Ethereum-based protocol for decentralized on-chain asset management. The protocol enables anyone to set up, manage and invest in customized on-chain investment vehicles.

  • Enzyme’s protocol token (MLN) operates as a mint and burn model. A fixed amount of 300,600 MLN tokens are issued annually, whose allocation will be decided upon in a vote. The primary goal of these tokens is to compensate maintainers and platform developers who are working on improving the Enzyme platform and its user experience.

  • Users pay an Asset Management Gas Unit (AMGU) in ETH to the Enzyme network for platform services, such as setting up a fund, requesting an investment, or executing an investment.

  • All ETH fees are sent to the Melon engine contract, which buys MLN/ETH and burns all bought MLN every 30 days. The AMGU price is set by the Enzyme Council DAO and can be adjusted based on the network environment.

  • Note that there is an ongoing discussion for a change in MLN token economics. Under the new proposal (MIP7), users will be charged management fees in MLN tokens, based on the AUM on Enzyme.

  • The protocol is governed by the Enzyme Council, which consists of the Enzyme Technical Council and Enzyme User Representatives. The Enzyme Council is responsible for preserving the users’ interests.

  • Note that neither the Enzyme Council, nor the token holders can impact the smart contract code that is used by a fund manager.

  • As at July 5th 2021, the total supply of MLN is 1,824,437 and the current circulating supply is 100%.