ParaSwap aims to reduce its transaction costs with an aidrop from Enzyme Finance
ParaSwap users get MLN tokens for trades over $ 250.
This is DeFi’s latest push to tackle soaring transaction fees.
MLN tokens are up 7% this week and 25% this month
The decentralized exchange platform ParaSwap gives users a boost to help them save on transaction fees by donating MLN assets from Enzyme Finance via aidrop.
Enzyme Finance was formerly known as Melon Protocol but was renamed in December 2020. DeFi Protocol allows individuals or organizations to manage their own wealth and that of others on a decentralized asset management platform. It was founded in 2015 and named Melon, which comes from the Greek word meaning “for the future”, due to its past ambitions.
The company has retained its MLN token , which is currently used to pay for various functions throughout the fund creation process and the investment lifecycle. MLN was one of the best performing DeFi assets of 2020, growing over 800% during the year.
According to a blog post , 1,000 tokens, valued at approximately $ 45,000 at the current price, will be distributed as airdro by ParaSwap to users to subsidize transaction costs and fees.
The offer begins February 10 and lasts for seven days, during which 1,000 MLN tokens will be distributed to users who trade at or above $ 250. The goal is to partially reimburse users who have spent too much on transaction fees.
Enzyme said refunds in the form of MLN tokens can be as high as 50%, but there is no guarantee and they can vary depending on demand.
ParaSwap is essentially a DEX broker that finds the best rates for token exchanges on a range of Ethereum- based DeFi protocols . There is no charge for using the protocol. Instead, the company collects 50% of the fee difference to amplify the growth and development of the protocol.
The offer is the latest in a series of steps DeFi protocols are taking to alleviate exorbitant transaction fees that BitInfoCharts says averages over $ 25.