Melon (MLN) is the native cryptocurrency of Enzyme Finance: a decentralized asset management platform built on the Ethereum blockchain. The protocol is intended for people or entities to manage their wealth or the wealth of others on a customized blockchain, according to Enzyme’s white paper.

MLN (Melon) is an ERC-20 token (a fungible crypto token compatible with the Ethereum blockchain) that powers Enzyme, which was formerly known as the Melon Protocol. The token essentially facilitates asset management on decentralized finance (DeFi) apps. Users acquire the MLN token to build investment DeFi strategies.

The company distributed 1.25 million MLN coins between 2017 and 2018 and raised $2.9 million in an initial coin offering (ICO) in 2017.

The MLN price reached an all-time high of $258.26 in January 2018. Since then, MLN has generally outperformed larger cryptocurrencies such as bitcoin and ether, although it has been vulnerable to large price swings. MLN has a maximum supply cap of 1.82 million coins. According to crypto exchange Coinbase, traders typically hold MLN for about four days, making it a short-term speculative asset.

The idea is for MLN to create a more accessible, global ecosystem for decentralized asset management. Investment strategies are found in “vaults,” which users can filter by historical performance and risk metrics. The MLN token is also used to pay for activities and functions while developing vaults.

The end result is an alternative system where users can invest in fully audited and transparent portfolios created by other users on the Ethereum blockchain. Investors use Enzyme to access DeFi portfolios based on their strategy and risk profile, while traders and holders of the MLN token may believe in the ongoing usage (and increased value) of the Enzyme platform.

Enzyme was founded in 2016 by Mona El Isa, a former Goldman Sachs vice president, and mathematician Rito Tinkler.

In 2019, former management under “Melonport” dissolved and was transferred to the Melon Council, a decentralized autonomous organization (DAO). The Enzyme protocol lists all code for audit on its public GitHub repository.