Explore how Enzyme (MLN) empowers decentralized, tokenized fund creation and management, revolutionizing DeFi investment for all users.

 (DeFi) protocols have been around since 2015, when the 

 (ETH) blockchain was born. For the past decade, DeFi has been a major driving force in the crypto industry. As it often happens, things that worked perfectly in the early years of the DeFi revolution no longer adequately meet the needs of today’s users.

In order to stay competitive and relevant, DeFi protocols need to adapt to the evolving nature of the industry. New features that are quickly becoming must-haves include cross-chain functionality, architectural modularity, 

 (AI) and, importantly, user empowerment. This last point is probably the most important one — DeFi solutions today need to support decentralized protocol management, and allow their end-users to be the real driving force behind the platforms' value-generating activities.

Enzyme Finance, formerly known as Melon Protocol, is a DeFi platform that allows users to create and manage tokenized funds and strategies that other users can invest in. Enzyme aims to empower DeFi users by allowing anyone to become an investment manager or crypto investor — or both. Enzyme fund managers generate value for themselves, other users and the protocol, while fund investors support value-generating activity with their liquidity contributions.

 (MLN) is an Ethereum-based DeFi protocol that allows users to create tokenized investment products on-chain. 

Other platform users can invest in these funds to earn returns. These tokenized products, created as vaults, follow various trading strategies set by the vault creator. Additionally, creators can assign delegated traders to their vaults who can optimize the strategies followed by the vault. As such, Enzyme acts as a decentralized noncustodial solution that serves the needs of skilled crypto fund managers, traders and ordinary investors who would like to see their investments grow.

Enzyme’s protocol empowers the various groups of DeFi users and breaks down the barriers to entry to investment management, active trading and investing. In the world of traditional asset management, creating and launching an investment fund product is an extremely costly and time-consuming procedure. It could take aspiring institutional entities months, if not years, to get their fund vehicles approved, and the financial requirements for a successful asset management product are often staggeringly high, sometimes running into millions of dollars.

In stark contrast to the onerous requirements of traditional funds, launching your tokenized fund product on Enzyme Finance can take from minutes to a few hours at most. There are no significant capital requirements for a vault, either, and fund creators can assign a variety of fees and rules for joining their investment vehicle. Therefore, investors might need to meet certain requirements, depending upon the settings defined by the vault creator.

Enzyme Finance is among the oldest surviving DeFi protocols on the market. The project was initially conceptualized and founded in 2017 under the name Melon Protocol by mathematician Rito Tinkler and former vice president of Goldman Sachs, Mona El Isa, who also acted as the CEO of Melonport, the now-defunct private company behind the Melon Protocol project.

In 2019, Melon was launched on the Ethereum 

. The following year, Melon rebranded to Enzyme. Over the years, the platform underwent multiple version upgrades, culminating in the latest version, Enzyme v5. The latest version of the protocol has implemented (or aspires to implement within 2025) several innovations and improvements, including more cross-chain product options, better architectural modularity, simplified protocol fees, 

 as its infrastructure layer to support vault creation, depositing, trading strategy execution, cross-chain transfers and other key functions required for tokenized fund management and investing.

Vault creators are provided with easy-to-use tools to launch their tokenized asset management funds and execute fund operations — without any programming skills required. These tools help creators automate strategies to do the following:

Creators can also assign the role of Delegated Trader to users who are ready to help optimize the vault's yield using their own strategies.

Another key user group is the depositors, who invest their funds in the vaults to earn returns.

The platform also welcomes builders — developers who can contribute their own third-party solutions to improve the Enzyme ecosystem. Typical contributions by builders include the functionality to bridge Enzyme vault strategies with off-platform (and often, off-chain) financial vehicles. Builders also help develop specialized products for additional functions on Enzyme — such as an app to attract early liquidity, users and investors for projects at a pre-launch stage.

Enzyme.Blue is a specialized solution for institutional entities. It acts as an all-in-one platform for tokenized asset management, trading, analysis and valuation. While anyone can use the core Enzyme protocol, Enzyme.Blue provides all the necessary tools for complex fund management that addresses the needs of the most sophisticated enterprise users.

Using Enzyme.Blue, institutional digital asset managers can access over 30 DeFi protocols for features like 

Enzyme.Onyx is another enterprise-grade, packaged solution offered by Enzyme Finance. To be launched in the summer of 2025, Onyx offers institutional asset managers an advanced wallet tokenization layer. Wallets linked to Enzyme.Onyx can be used to seamlessly collect deposits from multiple participants and allocate the funds to a virtually unlimited variety of protocols and strategies.

Onyx is envisioned as a tokenization and asset management solution with more options in terms of assets and accessible blockchains than Blue. Per the project’s website, Onyx will boast network compatibility with any blockchain, whereas Enzyme.Blue is compatible with Ethereum, Base, Arbitrum (ARB) and Polygon (POL). Unlike Blue, Onyx will boast ultimate cross-chain accessibility. The number of cryptocurrencies supported by Onyx will be “unlimited,” while Blue features support for over 200 crypto assets.

Enzyme.Myso is a secure platform for creating, managing and trading on-chain options strategies. For options traders, Myso provides a rich set of customizable features. It also boasts wide token support, deep liquidity and on-chain, noncustodial settlement.

Enzyme.Myso may be an ideal product for options-based strategies for a wide variety of 

 entities. A typical user of Myso could be a digital asset management firm, a crypto whale or a 

MLN is Enzyme Finance’s native cryptocurrency. An ERC-20 asset on Ethereum, the MLN token has a number of key functions within the protocol. To begin with, users pay fees on Enzyme with MLN to utilize the services offered by the platform, including launching vaults and investing in them. MLN that’s collected from the protocol’s fees is automatically 

 in order to maintain supply scarcity for the asset.

The Enzyme network has also committed to minting 300,600 MLN each year to fund its ecosystem development. The Enzyme Council DAO can then allocate these MLN funds as grants to promising initiatives. Any unused MLN from these yearly allocations is burned at the end of the year.

Additionally, going forward, the token is envisioned to be used for governance as well, so MLN token holders will have the right to vote on the direction of/changes to the protocol.

MLN has a total and circulating supply of 3,001,195, with no specified supply cap.

 in Bybit's Innovation Zone as a Perpetual contract based on USDT. The contract allows you to trade with up to 50x leverage.

As of Apr 29, 2025, the MLN token is trading at $9.51, which is 96.3% lower than its ATH of $258.26 on Jan 4, 2018, and 430.5% higher than its ATL of $1.79 on Mar 13, 2020.

Long-term price forecasts for MLN are mostly bullish. DigitalCoinPrice 

 of $32.15 in 2027 and $48.73 in 2030, respectively, whilePricePrediction 

Enzyme Finance helps fund managers decentralize traditional asset management and apply diverse investment strategies. Its technology is among the leading solutions for institutional entities to launch completely customizable, own investment funds in the area of on-chain asset management. For individual users, the protocol can also be a great source of cost-effective investments, thanks to the variety of vault strategies it offers.

Additionally, the platform's enterprise-focused products enhance user experience by providing a unified asset management environment with a rich tool set to manage the most complex strategies. 

Thanks to Enzyme, cryptocurrency portfolio management has never been easier, both for fund managers and investors.

Intermediate

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Enzyme (MLN): The backbone of tokenization finance

In this article, we’ll explore Zora’s decentralized social network, the ZORA token launch, and how Bybit users can trade ZORA on Bybit.

The social media landscape is currently flawed. Its challenges for creators range from opaque monetization policies to platforms that take a big cut of creators’ earnings. Zora, a decentralized social media protocol, aims to fundamentally change this paradigm, giving creators control over their content and introducing novel monetization techniques through tokenization. 

In this article, we’ll explore Zora’s decentralized social network, its key features and the ZORA token, and learn how Bybit users can participate in the Zora launchpool event.

Zora is a new decentralized social media protocol with a unique approach to content monetization. It allows creators to tokenize every post (text, image or video) by allowing each post to be minted as an 

 (termed a “Content Coin”). Zora is built on the 

 incubated by Coinbase. On Apr 17, 2025, the official Base X account 

 the “Base is for everyone” content coined on Zora. Following that post, user activity on the platform spiked.

Zora was co-founded by Jacob Horne and Dee Goens. Horne, a former product manager at Coinbase, is recognized for his advocacy of open-source 

 infrastructure, and Goens contributes his expertise in community development.

The project has successfully completed several funding rounds. In 2020, Zora secured $2 million in seed funding with participation from firms including Kindred Ventures and Coinbase Ventures. This was followed by a $10 million raise in 2021. The project's growth continued with a Series B round on May 5, 2022, expected to raise $50 million at a valuation of $600 million.

Zora launched its Ethereum-based NFT marketplace, known as “Auction House,” in January 2021. This was designed as a decentralized, permissionless platform to empower creators to mint, list and auction their NFTs. One key innovation introduced by Auction House was the concept of the 

 to improve NFT liquidity. Over time, Zora expanded beyond Auction House and Ethereum, transforming into a comprehensive decentralized social media platform. It uses the same ERC-20z standard to create a tradeable coin from each piece of published content. 

Each of these coins has a total supply of 1 billion units, with 10 million automatically allocated to each coin’s creator. These tokens are instantly tradable on 

 (DEXs) such as Uniswap via the Base network, providing liquidity and enabling creators to monetize their work. Additionally, creators earn a 0.5% fee from each transaction involving their tokens, offering a new avenue for content monetization.

ZORA tokenomics and token unlock schedule

Zora announced the launch of ZORA community coin — along with its airdrop details and tokenomics — on Apr 21, 2025. The coin went live on Base two days later (April 23). 

The total supply of ZORA is 10 billion, with initial allocation as follows:

According to the project’s official docs, the ZORA token was launched “for fun only.” ZORA token holders have neither governance rights, nor a stake in the Zora protocol.

The tokens will be unlocked linearly as follows:

 on Apr 23, 2025. Users can stake ZORA, MNT or USDT to earn a share from a substantial prize pool of 100,000,000 ZORA tokens. 

The event runs through April 30, 2025, 1PM UTC. Staking requirements are as follows:

If you're interested in the ZORA token, don't miss this opportunity! Visit the 

 (FDV) of ZORA stands at $187 million. ZORA gained 11.3% over the past week, with a 24-hour trading volume of $42.6 million.

Bybit has recently listed the ZORA token on Bybit Spot 

To trade ZORA on Bybit Spot, log in or create a Bybit account 

 (UTA) with crypto transfers or fiat deposits. Then, head to the 

 Spot trading page to start trading. In addition, Bybit users can also trade the 

 with up to 25x leverage with Bybit Futures.

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Zora (ZORA): Creator-focused on-chain social network

Bybit Lens is an AI-powered trading intelligence tool that consolidates real-time data, market sentiment and trading signals into one streamlined interface.

In crypto, timing is everything — in addition to knowing where to look. When the markets move fast and narratives shift even faster, digging through charts, Telegram threads and X timelines can feel overwhelming. Besides, every second you spend searching for data could mean a missed opportunity. That’s where Bybit Lens comes in. More than just a research tool, Lens is your real-time, all-in-one AI-powered assistant. Lens puts market insights, project data and tailored strategies at your fingertips so you can go from trend-spotting to trade execution in a single flow.

 is an AI-powered trading intelligence tool that consolidates real-time data, market sentiment and trading signals into one streamlined interface.

Developed as part of the TradeGPT suite, Lens is more than just a dashboard; it’s your personal crypto analyst that never sleeps. Backed by high-quality data sources and built for actionable clarity, Lens helps traders cut through the noise and make better, faster calls.

Behind the scenes, Bybit Lens draws from a robust mix of data streams and intelligent systems. First, it taps into SoSoValue, a leading provider of on-chain metrics, giving you visibility into wallet activity, token flows and project traction across 

s and DeFi platforms. Then, it layers in proprietary insights from Bybit’s own centralized exchange — everything from order book movements to open interest and user sentiment that you simply can’t find elsewhere.

But Lens doesn’t stop at hard data. It also tracks market-moving reports from institutions, as well as real-time buzz on social media from traders, KOLs and crypto Twitter. These multiple data layers are then distilled through AI-powered models that identify trends, extract relevant signals and generate a clear summary of what’s happening and what you might want to do about it.

The experience is intentionally simple. You’ll land on a clean interface that surfaces the day’s hottest assets via 

. From there, click into any project and you’ll be met with a full analysis: basic background, recent trading performance, community and media sentiment plus an AI-generated strategy overview. 

It’s like having a research analyst in your pocket, minus the jargon.

Where most tools stop at data, Lens goes a step further, offering suggested trade ideas based on your behavior, preferences and what’s trending in the market. 

What makes Lens different from every other market tool out there? It's not just the technology — it’s the way everything comes together in one place, designed for actual traders.

With Lens, there’s no more flipping between 10 tabs just to figure out what’s moving. Instead, you get a single interface where market trends, community buzz, trading strategies and execution all converge. The platform doesn’t just surface noise, it condenses it into clarity. Even if you’re new to trading, Lens breaks things down in a way that feels intuitive, not intimidating.

Another key advantage is the tailored nature of its insights. Lens looks at your trading behavior and portfolio preferences, then offers AI-backed strategies that align with your style. It’s like having a tool that not only understands the market, but also understands you.

And because it’s part of the Bybit ecosystem, the jump from insight to execution is frictionless. See something you like? One click, and you're on the Bybit trading page, no copy/pasting or toggling required. This seamless experience is especially powerful during fast-moving markets when seconds matter.

Now that you fully understand how Bybit Lens work, let’s take a look at how you can get started with it. You’ll need to have a Bybit account before you can proceed. If you don’t already have one, you can check out our 

: Log in to your Bybit account and hover your cursor over the 

: From here, you’ll be able to view our 

 along with the project’s background information and recent trading data. You’ll also be able to view the current market sentiment, latest news and social media posts on the project, as well as market trends. 

If you have a specific token or project you’d like to know more about, simply type its name into the search field at the top of the page. 

: Looking to capitalize on the current trends and make a move? Click on 

If you’ve ever wished for a smarter, faster way to make trading decisions, Bybit Lens is it. It doesn’t matter whether you’re navigating market hype, unsure of which coin to trade next or just trying to stay one step ahead, Lens brings you the tools and insights you need without the overload. More than just a research platform, it’s a decision-making engine. With Lens, you’re not just keeping up with the market — you’re outsmarting it.

Bybit Lens isn’t just another analytics dashboard. It’s your strategic co-pilot in crypto, an AI-driven platform that transforms noise into clarity, ideas into actions and hesitation into confident trades. With everything you need to analyze, decide and execute in one place, it’s time to trade smarter with Bybit Lens.

Beginner

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Bybit Lens: Your one-click portal to crypto insights and trading

Ethereum's EIP-9698 proposes raising the gas limit from 36 million to 3.6 billion units over four years, potentially increasing transactions per second (TPS) to 2,000.

Daily top performer — Virtual Protocol (VIRTUAL)

On Monday, the S&P 500 rose 0.06%, and investors now await more key earnings and economic data this week. Gold remains strong long-term but looks overbought short-term. Traders are watching for a pullback to around $3,200 before buying. The Coindesk Indices, which tracks the broader crypto market, rose 0.51%, with Bitcoin up 0.39% and Ether down 0.28%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is VIRTUAL, which surged 35.5% following Virtuals Protocol's full refund to users affected by an exploit attempt.

Virtuals Protocol (VIRTUAL), launched in October 2024, built on Base, lets users create AI agents that interact in 3D spaces. It features IP agents like Luna and functional agents like G.A.M.E., with its native token VIRTUAL powering the platform's economy. 

, including those who sent VIRTUAL directly to the wallet. However, three wallets remain under review for direct transfers. Virtuals Protocol condemned P.L.A.Y Game AI for attempting to exploit the launch, leading to the permanent failure of the P.L.A.Y Game AI launch. A compensation plan is being implemented for affected users, and the protocol reassured the community that it will never ask for funds outside official channels.

Check out the latest prices, charts, and data of 

Ethereum's EIP-9698 proposes raising the gas limit from 36 million to 3.6 billion units over four years, potentially increasing transactions per second (TPS) to 2,000. This gradual, predictable increase would enhance scalability without a hard fork, starting around June 1. Ethereum aims to improve throughput and stay competitive with faster, lower-fee blockchains. If approved, the proposal would automate gas limit growth, optimizing the network’s efficiency and hardware advancements.

Yesterday, BTC spot ETFs saw total net outflows of $379.7 million, with $42.7 million from GBTC and $337.0 million from other ETFs.

Ika, Sui's first sub-second MPC network, is offering an 

. Users can join by either posting about Ika on X (free, via GiveRep) or locking SUI tokens through Spring Sui and completing tasks via the Ink Sack app to earn more rewards. Locking iSUI earns "Ink Droplets," which boost the airdrop size. Ika is backed by $21M+ funding and the Sui Foundation. Full guide: 

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Ethereum's proposal to boost gas limit could increase transactions to 2,000 TPS by 2029

Bybit Learn

If you're on the lookout for which trending and upcoming NFTs to invest in, check out this article where we cover the best NFT tracker tools to use.

In the event that you're looking to invest in 

 collections, it's highly recommended that you take steps to keep track of trending NFTs, which will help you make smart investments. Non-fungible tokens have become more and more popular over the past five years by allowing for true digital ownership.

Due to the wide availability of NFTs, you may find it challenging to invest in them. If you want to make sound investments, it's important to track the best NFT collections. While manual tracking is possible, it's also time-consuming. Here's a detailed look at 17 of the top NFT tracker tools that allow investors to track trending NFT projects.

NFT tracker tools are software programs that help investors track the top trending NFTs from various NFT collections. These tools are designed specifically to track new and current NFTs by rarity.

If you want to earn any money from the NFT marketplace, consider using NFT tracker tools that automate the process of tracking NFTs for you. Keep in mind that new NFTs are created on an almost daily basis, which is why it's important to use software that can provide you with constant tracking.

This software is able to identify and analyze NFT collections before providing you with the results. The information you obtain from these tools can help you make more informed investment decisions.

NFT trackers work by sorting through collections that are available on the NFT marketplace. From here, NFT trackers identify and analyze these collections to help investors understand which NFTs are worth the money. 

The best tracker tools will provide you with information about the protocol the collection is based on, the 

, the current NFT volume, user and sale counts, recent collection activity and NFT market overviews. Having access to this information can make you a better investor by limiting poor investment decisions. It's also possible to check 

 (DApps) that are associated with NFT collections when using an NFT tracker.

Before you use an NFT tracker, there are several advantages and disadvantages to consider.

The main benefits associated with using NFT trackers include:

The primary issues with relying on NFT trackers include the following:

While there are dozens of NFT tracker tools available to you, the following list provides you with a comprehensive guide to the 17 best NFT tracker tools in the industry.

Rarity Tools is among the most popular NFT tracking tools because of its extensive tracking and analyzing capabilities. NFTs can be sorted by their average price, collections and volume. The 

 provides users with a dedicated page for each NFT collection, as well as more specific attributes for each individual NFT. Every NFT also comes with a rarity score. And the best part about Rarity Tools is that every feature of it is free to use.

The main reasons to use Rarity Tools include:

The only downsides to using Rarity Tools are:

 is a highly popular platform that allows users to sell, trade, buy and track NFTs. While this platform was designed to be an NFT marketplace, it provides users with extensive tracking and analysis features. By using these features, it should be easier for you to determine which NFTs you want to invest in.

Keep in mind that the tracking features and NFT marketplace are available on a single website. By visiting the 

 page, you'll be able to view the activity and ranking that an NFT has in real time. Every NFT that's based on Klaytn, Polygon and Ethereum blockchains is supported. The tracking features available with OpenSea are free to use.

 is a great site that's designed mainly to help users monitor sales info from various NFT collections. A 

 was also added a couple years ago that gives users the ability to perform real-time monitoring on Ethereum wallets. All you need to do is enter the 

 name or Ethereum wallet address to obtain info on the wallet's NFT balance and total net worth.

Along with its robust portfolio tracking features, DappRadar also lets you filter an NFT collection by sales, volume or traders, so that you can track trending NFTs and monitor any sales that occur. DappRadar is free to use.

The main reasons to use DappRadar include:

The only downsides to using DappRadar are:

 is a feature-rich website for tracking many different NFT collections from the NFT marketplace. Once you select a collection, you'll be provided with ample data that allows you to gain more insights about the feasibility of investing in specific NFTs. Various filters and metrics can be applied to identify the most valuable NFTs.

When using this tool, it's possible to create a personal portfolio where you can track the NFTs you want to invest in. At the moment, BitDegree is tracking more than 350 collections from several different protocols. Keep in mind that in-depth analysis is also available, which should give you a better understanding of the market and how it's performing.

The main reasons to use BitDegree include:

The only downsides to using BitDegree are:

 is likely the most popular cryptocurrency website. It also provides users with some beneficial tracking tools. In fact, the most important information about valuable NFT collections is available with this platform. When you're tracking a specific NFT, you can obtain NFTstatistics on the volume and price.

When searching for the top NFT collections to track and invest in, you can sort by floor price, sales, collection value, total assets and volume. 

 also lists upcoming NFT collections, which allows you to prepare your portfolio for future investments. Some additional info that's displayed with each NFT collection involves data on upcoming NFT drops, asset value and minting price.

 is an effective tracking tool that places a focus on trending collections. After your wallet is connected, you can view the top trending NFTs of the last 15–30 minutes. Floor price, sales, average price and volume are available when tracking NFTs.

This tool is fairly easy to use for beginners, and allows wallet tracking. If you obtain the premium subscription, you'll be able to obtain data for each NFT collection, which extends to price charts and historical data. NFT projects can be separated by attributes and rarities.

The main reasons to use Icy.tools include:

The only downsides to using Icy.tools are:

 is a powerful platform that provides users with features which go beyond NFT tracking. You'll be given info on new NFT minting and crypto events, which makes tracking the latest NFTs easier.

Coin Rivet also helps users list each NFT, and will display the platform that the NFT is currently listed on alongside the NFTs price. When you create a Coin Rivet account, you'll be provided with alerts whenever a new NFT is launched — which can be invaluable when you're trying to invest in NFTs before their value skyrockets.

The main reasons to use Coin Rivet include:

The only downside to using Coin Rivet is:

 is a tool that focuses primarily on helping users identify NFTs when they first drop and are placed on the NFT market. The purpose of this tool is to make sure that you're able to invest in an NFT before the price becomes too high.

Alerts are available for upcoming NFT drops, events and giveaways. It's also possible to search for specific collections via an array of different filters and search tags. Some of the search parameters you can use include price, volume and minting dates.

The main reasons to use NFT Drops Calendar include:

The only downside to using the NFT Drops Calendar is:

 can be used with every Ethereum-based coin. This tool is able to track every NFT that's ERC-721 compliant, of which there are currently more than 21,000. Its NFT tool set has recently added features that include pricing data, transfers, minting and distribution. All tracking features are free to use.

The main reasons to use Etherscan Token Tracker include:

The only downsides to using Etherscan Token Tracker are:

 was first developed in 2013, and is designed specifically to be used as an analysis tool for NFT wallets. Users are provided with a scoreboard that lists the most valuable and profitable NFT wallets. The results are based on the amount of money the wallet has made over time.

You can also use Nansen as an investment tracker. The tracking tools provide comprehensive details on 

, which includes NFT shop fees and minting fees. Real-time analysis of project owners is available as well.

 is among the best NFT tracker tools in this guide because of its ability to rank new NFT projects based on overall rarity. Only the latest collections are tracked for users who obtain the free version. If you want to obtain analysis of current NFT projects and their rarity, you'll need to get a subscription through the tool's Discord channel, which costs 1.5 ETH.

The main reasons to use Rarity Sniffer include:

The only downsides to using Rarity Sniffer are:

 is designed to provide users with extensive insights about NFT investments. You'll be able to view the spending, ROI and other activity for a specific NFT or collection. You can also use the NFTBank tool for portfolio management.

The many features that users gain access to include a basic user interface, analytics and a portfolio tracker. The 

feature is highly beneficial because it can provide users with new NFT investment opportunities.

17 Best NFT Tracker Tools for Trending & Upcoming NFTs

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