The Melon decentralized on-chain asset management protocol is rebranding to a more DeFi-flavored theme called Enzyme Finance. Its native MLN token has been one of the best-performing in 2020.
In a nutshell, Melon Protocol allows individuals or organizations to manage their wealth and the wealth of others on a decentralized asset management platform. It was founded in 2015 according to the blog post, and named Melon from the Greek word for future, due to its ambitions at the time.
The firm behind the fund management platform is now rebranding to Enzyme Finance. This name was selected as a metaphor for how enzymes catalyze reactions while being comprised of bonded components.
“They’re associated with speed, transformation, simplicity and fundamentals — everything we want Enzyme to be. The fundamental infrastructure layer for the asset management industry.”
Enzyme Powered v2
There will be a phased rebranding over the coming four-to-six weeks, the announcement added, and the platform is currently being redesigned and will be re-launched together with Enzyme v2. Enzyme Finance will be powered by the existing MLN tokens but there will be no token migration, although the logo will change.
The version 2 launch has been slated for the end of this year but no concrete date has been announced yet. It will bring in a number of feature upgrades and a tokenomics shakeup. Some of the expected features include a substantially wider token base for users to interact with, interaction with lending protocols and yield farming, and the ability to interact with automated market maker pools.
There will also be the ability to denominate funds in other currencies and stablecoins, faster transactions and lower fees, and aggregated liquidity for trading.
MLN Surges in 2020
The little-reported on MLN token has been one of the best-performing DeFi assets of 2020 – beating bigger names such as tokens from Maker, Synthetix, Compound, and Uniswap. According to Messari’s DeFi Returns Index, only AAVE and YFI have done better over the past year.
MLN was trading at around $3 during the first weeks of this year. Since then it has made a whopping 960% to current prices. Over the past 24 hours, MLN has made a further 2.6% to reach $32.95 at the time of press.
Its peak price for 2020 came at the end of August when it topped $80 and the all-time high for the token was a whopping $250 during the January 2018 altcoin bubble.