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The hairpin ribozyme is a member of a small family of RNA endonucleases that includes hammerhead, hepatitis delta, and Neurospora VS. Endonucleases are enzymes that cleave phosphodiester bonds within polynucleotide chains. This group of endonucleases cleave RNA substrates in a reversible reaction that generates a 2', 3'-cyclic phosphate and a 5'-hydroxyl termini.
The hairpin ribozyme was discovered in the negative strand of the tobacco ringspot virus satellite RNA. Study of hairpin ribozyme reaction mechanisms provided early evidence that ribozymes are able to exploit a variety of strategies, just like protein enzymes. But, the hairpin ribozyme has a unique characteristic. Unlike other ribozymes, the hairpin ribozyme does not require metal ions for cleavage or ligation of substrate RNA.