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About Enzyme
Analysis of 11 Dec 2025Enzyme Finance (formerly Melon Protocol), launched in 2017, operates-chain asset management infrastructure enabling creation and management of tokenized investment vehicles. As of December 2025, the protocol manages $184.74 million TVL across Ethereum and Polygon networks.
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MLN currently trades at $6.82 with market cap of $20.5 million and 2.99 million circulating tokens. In April 2025, Enzyme pivoted to position itself infrastructure for tokenized finance, launching Enzyme Blue for institutional fund management and Enzyme Onyx for wallet tokenization.
The protocol charges 25 basis point AUM fees, with November 2025 partnerships including Cayman-regulated CV5 Capital and Chainlink CRE integration for real-time compliance reporting.
