Enzyme (formerly Melon), an Ethereum-based protocol for decentralized on-chain asset management, today announced live integration with oracle solution Chainlink, leveraging its Price Feed oracles as a means to expand the asset selection available to users on Enzyme.
The integration significantly opens up the possibilities for asset management strategies on Enzyme, making it possible to include virtually any on-chain asset which has a Chainlink Price Feed.
Until now, including more assets within the Enzyme Protocol has been subject to a) having a reliable on-chain price feed and b) costs. Liquidity protocol Kyber, has served Enzyme well as a price feed until now but it was never designed to be a dedicated price feed oracle and therefore could not help scale Enzyme as quickly and securely as intended.
“Upgrading to Enzyme and integrating Chainlink means that Enzyme users will have access to a large collection of existing price pairs and the possibility to sponsor other asset pairs they want to see.”
– Mona El Isa, Co-Founder of Enzyme
One of the biggest feature requests the Enzyme team reported to have received over the past year was to add more assets. With Chainlink, it now has a solution.
“We’re excited to provide Enzyme with a wide variety of high-quality price feeds via secure and reliable oracle networks to ensure that on-chain asset management functions are both precise and inherently resistant to downtime and flash loan-induced price manipulation.”
– Johann Eid, Chainlink Product Manager