Melon Rebrands as Enzyme and Launches V2

Enzyme Finance, the on-chain asset manager formerly known as Melon Protocol, launched a v2 to include more assets and integrations with a greater number of DeFi protocols.

“Enzyme v2 and beyond will provide you with catalysts to be more creative than ever and empower you to monetize your investment talent.” Melon tokens (MLN) will continue to power Enzyme, but the logo has been changed, said Melon Council in a December post announcing the upgrade

Enzyme is designed to allow users to keep track of all the DeFi projects they follow, and to build, scale, and set investment strategies from a single hub to save the hassle of constantly monitoring the market.

Enzyme Audit

Despite finding minor issues with the Buyable Share Quantity calculations, PwC audit of Enzyme is overwhelmingly positive. “Overall we have no significant concerns regarding the launch of the Enzyme Protocol. It provides significant improvements in comparison with the previous version. We found that the protocol design and the reviewed code were of consistently high quality.”

New features include lending protocols for portfolio managers, automated market maker pools, and support for nearly 150 different assets including synthetics. Users can also express bearish views by taking synthetic short positions and earn farming rewards and airdrops through external DeFi plug-ins.

Modularity

With v2, Enzyme has also completely revamped their smart contract architecture to enable more modularity and efficiency. The new system is intended to make future infrastructure upgrades smoother and easier to access, too.

Enzyme notes that they will only be supporting v1 smart contracts until Apr. 11, so former Melon users will need to liquidate and move any remaining assets over. There will be no fees to use Enzyme for the first few weeks in order to create a low barrier of entry for new users, but they plan to implement costs shortly thereafter.

The initial community response to Enzyme has been overwhelmingly positive, so let’s hope it lives up to the hype.