Kraken starts trade of Melonport’s Melon (MLN) tokens

San Francisco-based crypto exchange Kraken, today announced it now offers support for trading Melon tokens (MLN). Melonport, the company behind Melon, had a successful Initial Coin Offering (ICO), hitting its target of 227,000 ETH, currently worth about $6.5 million, within 10 minutes.

Built on the Ethereum network, Melon is a protocol for managing digital assets that are decentralized, modular, transparently auditable, and low cost. MLN tokens cover the platform usage fee and are used to reward developers who build Melon modules.

Which MLN pairs will be available for trading?

MLN will be available on Kraken’s new trade platform, which the company acquired earlier in the month in a deal with Cryptowatch.

MLN tokens & the Melon protocol

A maximum of 1.25 million MLN tokens will be created before the deployment of the final version of Melon (expected to take about two years). A total of 599,400 MLN will be tradable immediately (499,400 from the ICO and 100,000 assigned for the Melonport company to use).

Another 650,600 will become tradable later (500,600 reserved for a future crowd sale and 150,000 assigned to founders, advisors, and corporate partners that will be locked and non-tradable for two years or until Melon is fully deployed). After the final version of Melon is deployed, more MLN tokens will be created to incentivize developers for their efforts.

The Melon protocol lets users:

  1. Define the parameters of portfolio structures using smart contracts
  2. Build an auditable, visible track record with low setup costs and minimal variable costs
  3. Invest in other portfolios, or allow others to invest in yours
Explainer diagram on Melon
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