The Enzyme Protocol was originally developed by a Swiss company called Melonport AG. Upon the February 2019 main net launch of the protocol, Melonport wound down operations and the protocol's governance was passed to the Enzyme Council. The Council is composed of the Enzyme Technical Council (ETC) and representatives from Enzyme User Representatives (EUR), both of which are described in subsequent sections.
Fiduciary Duties and Conflicts of Interest
The Enzyme Council is bound by fiduciary duties, guiding principles and Enzyme Council Statutes.This means the Enzyme Council members will be obligated to act in the best interest of the Enzyme protocol. Any member violating their fiduciary duties will expose themselves to the revocation of their seat.
If an Enzyme Council member has a conflict of interest on a specific question, they should inform the rest of the members immediately and abstain from voting on the matter in question.
Leadership and Organization
The Enzyme Council has a Chair and Vice Chair which rotate bi-annually. Their responsibilities include coordinating the meetings and agenda. The Enzyme Council also contains several sub-groups which take leadership roles on specific topics, such as: audits, features, ecosystem projects, network parameters, token economics, community calls, etc.
Who sits on the Enzyme Council today?
Janos Berghorn: Investor @ KR1 (ETC)
Giel Detienne: User representative (EUR)
Mona El Isa: Founder & CEO @ Avantgarde Finance (ETC)
Felix Hartmann: Founder @ Hartmann Capital & User (EUR)
Will Harborne: Founder & CEO @ Deversifi (ETC)
Lev Livnev: Formal verification researcher @ dapp.org and a founding partner @ Symbolic Capital Partners (ETC)
Martin Lundfall: Formal Verification Researcher @ Ethereum Foundation & DappHub (ETC)
Nick Munoz-McDonald: Smart Contract Auditor & Researcher @ G0 Group (ETC)
Paul Salisbury: Founder @ Blockchain Labs (ETC)
Zahreddine Touag: Founder @ Woorton (ETC)
The people with the right skills for the ETC are scarce. Members are therefore incentivised with a portion of the protocol's yearly inflation. That portion is currently capped at 20%, and vests on a schedule of 2 years.
Initially this should just cover the ETC's costs, but by providing that reward as a percentage of the annual inflation (ie. a proportion of total market cap), we also introduce an incentive to grow Enzyme's market cap by adding value to the network.