Decentralized exchange aggregator ParaSwap is giving a boost to users to help save on gas fees by airdropping Enzyme Finance’s MLN tokens.
Enzyme Finance was formerly known as Melon Protocol but rebranded in December 2020. The platform allows individuals or organizations to manage their wealth and the wealth of others on a decentralized asset management platform. It was founded in 2015 and named Melon from the Greek word for future, due to its ambitions at the time.
It kept hold of its native MLN token, which is currently used to pay for various functions throughout the fund creation process and investment lifecycle. MLN was one of 2020’s best performing DeFi assets, surging over 800% during the year.
There will now be 1,000 tokens, worth approximately $45,000 at current prices, given away by ParaSwap to users to subsidize trading and gas costs according to the blog post.
Another DeFi Gas Saver
The incentive starts on Feb. 10 and runs for seven days, during which 1,000 MLN tokens will be distributed to users that make swaps equal to or higher than $250. The airdrop is to partially refund users that have spent too much on gas fees recently.
It stated that refunds in the form of MLN tokens can be as much as 50% but there is not guarantee and can vary depending on demand.
ParaSwap is essentially a DEX aggregator that finds the best rates for token swaps across a range of Ethereum-based DeFi protocols. There are no fees for using the protocol. Instead, it collects 50% of the positive slippage for further growth and protocol development.
The airdrop is the latest in a series of moves made by DeFi protocols in order to alleviate the sky-high gas prices which, according to BitInfoCharts, are over $25 on average.
MLN Price Outlook
Enzyme’s native MLN token is currently trading at $44.59, up 7% from it’s weekly open. It hit an all-time high of just over $80 in August 2020, marking a massive eight-month gain of 2,500%.
While MLN has not returned to those lofty heights, it’s still gaining steadily with a 25% gain so far this month.
In terms of total value locked, DeFi Pulse is reporting an all-time high of $7.2 million which puts the protocol at rank 52 on in its TVL list.
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