OGAudit Web3 Research: @enzymefinance $MLN - Its Own Documentation Admits Inflation Will Outpace Burns “For Years to Come”.
Enzyme, originally launched as Melon in 2016 has rebuilt itself into a three product suite targeting both retail and institutional onchain asset management, Blue (no-code vault creation across DeFi strategies), Onyx (institutional grade wallet tokenization with cross chain access) and Myso (onchain options trading, including covered calls and cash secured puts):
- Both Onyx and Myso are expanding onto the Canton Network (targeted Q3 2026) and separately launched as day one infrastructure partners on the Rayls network in May 2026, reinforced by a November 2025 partnership with CV5 Capital, which uses the Onyx stack as core infrastructure for issuing tokenized funds under Cayman Islands (CIMA) regulation.
- MLN funds itself through a dual mechanism, vault users pay a 0.25% annual fee in MLN which is burned while up to 300,600 new MLN can be minted annually to fund grants and protocol development. Enzyme’s own documentation states plainly that this inflation is “likely to exceed the amount burnt for many years to come,” a rare instance of a project directly acknowledging its token is net inflationary rather than deflationary in its current state.
- MLN trades around 96% below its January 2018 all time high of $258.26 with circulating supply consistently reported between 2.98-3.0 million tokens and no hard supply cap, the token’s price is described across multiple sources as directly tied to vault activity and fee burn volume, meaning genuine AUM growth on Onyx and Blue is the primary lever that could shift the current inflation exceeds burn dynamic.
Is genuine institutional traction like CV5 Capital, Canton Network expansion and Rayls day one partnership enough to eventually flip MLN’s tokenomics from net inflationary to net deflationary as vault fee burns catch up to minting or does a Binance monitoring tag, an already completed OKX delisting and the protocol’s own admission that inflation will outpace burns “for years” suggest MLN’s token mechanics are working against its product momentum right now?
Category: Decentralized Finance (DeFi)
Coin Name: $MLN
Market Cap: $4.25M
OG Score: 24
OG Score Rank: #541/954
See the Social Audit with Reviews by crypto OG’s and more on the $MLN Coin page: ogaudit(.)com/crypto/enzyme-mln
https://t.co/l9WTW8LqFI
