Melon Protocol recently announced that yield aggregator, Rari Capital will be migrating to Melon in a complementary partnership where Rari Capital is able to leverage the asset management infrastructure built by Melon and focus on building autonomous investment strategies.
1) We have exciting news to share! @RariCapital will be migrating to the Melon Protocol in a complimentary partnership. Today, Rari supports $57m in TVL across their strategieshttps://t.co/EXP5Y0tpXr
— Melon Protocol (@melonprotocol) December 8, 2020
As part of this partnership, Melon will absorb Rari Capital’s AUM, which currently sits around $57 million across their various yield generating strategies. The synergies between the two projects are quite clear as Melon strives to be the leader in decentralized on-chain wealth management whereas Rari Capital is focused on building the equivalent of a roboadvisor for DeFi yield.
Another interesting a part of this announcement is Melon Protocol’s rebrand to Enzyme Finance, at this time there is no set date for the rebrand but token holders should be aware that it is imminent.
The two DeFi protocols are also working to bring their communities closer by executing a two-way airdrop to better align their respective communities and give of them a stake in the other’s success.
- 1,500 MLN will be distributed across all RGT token holders
- 50,000 RGT will be distributed across all MLN token holders
For new MLN and RGT toke holders, here’s a breakdown of what you can do with your airdrop. The MLN token value is linked directly to usage on the network and in early 2021, the token holders will be entitled to an AUM-based fee charged by Melon Protocol.
The RGT token entitles you to discounted fees and governance rights within Rari Capital, in the future RGT holders will also be able to vote for charities that should receive a portion of the protocol fees.
This partnership between Rari Capital and Melon is the first major DeFi partnership we’ve seen outside of the series of Yearn partnerships that were cemented not too long ago.
Keep up with Melon Protocol and Rari Capital by following their Twitter.
Business Development and Operations at TrustToken – TUSD. Jack is a startup generalist and DeFi enthusiast. Stay connected with him by following @HHJackSun on Twitter.
