MLN is Enzyme’s native utility token, used to obtain access to the Enzyme protocol. Enzyme was formerly known as Melon Protocol and now provides infrastructure related to tokenized finance and on-chain asset management; therefore, holding MLN does not represent ownership equity in Enzyme or automatically confer rights to company revenue.

Enzyme Price in USD Today, Live Market & Historical Trend Chart

Q: What is MLN used for in Enzyme?

MLN’s currently specified use is to pay Enzyme’s protocol access fees. The amount of MLN required is calculated based on the assets under management (AUM) associated with that use of the protocol, at a target fee rate of 25 basis points, or 0.25% of AUM; the protocol automatically burns the MLN it collects. This design connects use of the protocol, fee generation, and token burning: the higher the AUM associated with use, the more MLN is payable under this basis. If a user does not pay in MLN, protocol rules dilute that user’s vault shares by 50 basis points; this is not an additional MLN burn, but a consequence applied to vault shares when fees are not paid in the specified manner.

Q: How is MLN issued and burned?

Changes in MLN supply include both protocol-fee burns and annual new minting. When users pay access fees in MLN, the tokens collected by the protocol are automatically burned; on the other hand, the minter contract can mint up to 300,600 MLN per year to fund protocol development and growth. New MLN can be allocated to ecosystem projects, developers, maintainers, and auditors after the Enzyme Council DAO reviews grant applications. The portion of those tokens that remains unspent at year-end is generally burned. Therefore, supply should be understood by separately considering the amount actually minted during the year, allocated or unused funding, and the amount burned through protocol fees; 300,600 MLN is the maximum annual minting allowance, not necessarily the net supply added every year.

Q: Does MLN’s burn mechanism guarantee a reduction in supply?

No guarantee exists. Automatic burns arising from fee payments reduce the portion of MLN that is burned, but the protocol also permits the minting of up to 300,600 MLN per year for development funding; as long as the amount of new MLN actually minted exceeds the amount burned during the same period, net supply may increase. In addition, unspent MLN from annual development funding is generally burned at year-end, which is a different source of burning from the automatic burn after users pay access fees. Enzyme’s tokenomics description also explicitly notes that inflation may exceed burns for many years; therefore, observing that “burning occurs” alone does not imply that total supply or net supply will necessarily decline.

Rank 1431

$1.2767

-$0.0485(-3.66%)

Market Cap

$4.17M

24h High

$1.3354

24h Low

$1.2596

24h Turnover

$4.61K

Total Supply

3.27M

Market Sentiment

Neutral

Price of Enzyme (MLN) Today in USD

View Enzyme (MLN) Price Prediction

The live price of Enzyme (MLN) today is $1.2767, with a 24h change of -3.66%. Over the same period, the low was $1.2596, the high was $1.3354, and the 24h trading volume was $4.61K. The current market cap is approximately $4.17M. It ranks #1431 by market cap and accounts for 0.00% of the total crypto market cap. The all-time high was $258.2600 (⁦2018-01-03⁩); the current price is -99.51% from the all-time high.

Enzyme (MLN) Price History

7 Days
-3.38%
Low
$1.2596
High
$1.3554
30 Days
-16.95%
Low
$1.2596
High
$1.7900
90 Days
+0.76%
Low
$1.1070
High
$2.3500
1 Year
-80.52%
Low
$1.1070
High
$7.8530

Fear & Greed Index

0 Extreme Fear100 Extreme Greed

Yesterday: 50; Normal
Last Week: 30; Fear
Last Month: 71; Greed

The Fear & Greed Index is currently 28/100, in the Fear zone; change from yesterday: -22, from last week: -2, and from last month: -43. Lower values indicate more fearful sentiment, while higher values indicate more greedy sentiment. This does not represent price change.

Why Did Enzyme (MLN) Fall in the Last 24 Hours?

Enzyme (MLN) has low liquidity, so modest trading activity can have an outsized short-term price impact. In the historical order book at 20:00 UTC on 2026-11-05, the top-five-level bid-to-ask depth ratio was 0.38, with sell orders totaling about 2.65 times the buy orders. A 147.7-unit sell order was concentrated at $1.2868, while a 60-unit buy order sat at $1.2541, indicating concentrated overhead selling pressure and a smaller bid at that time. The candle volume for that period was 676.9 units. Technical signals were mixed: the 15-minute and 1-hour RSI readings were oversold, but the 15-minute downtrend was strong; daily moving averages were bearish, while 4-hour moving averages were bullish. These historical order-book and indicator readings describe conditions at that time and cannot by themselves establish the cause of current movement.

About Enzyme (MLN)

Mln is an Ethereum token that supports enzyme (formerly known as the melon protocol), which is designed to facilitate the management of on chain assets in the defi ecosystem. Mln allows users to build, share and explore defi investment strategies (called "vaults") while filtering by historical performance and risk profile. Mln is used to pay for various functions throughout the Treasury creation process and investment life cycle. The mln token is a utility token that energizes the ecosystem and aligns stakeholders. The token has two purposes: the user pays for the use of mln tokens. Developers or external contributors can obtain mln tokens by submitting grants.

Use Cases and Features

MLN is Enzyme’s native utility token; Enzyme was formerly known as Melon Protocol. It can be used to pay protocol access fees; when paid in MLN, the target fee is 25 basis points associated with the assets under management using the protocol, and collected MLN is automatically burned. When payment is not made in MLN, the relevant vault shares may be diluted at a higher rate, so MLN’s role is mainly tied to protocol use and the fee mechanism.

Supply and Issuance Mechanism

MLN’s issuance mechanism includes new minting for protocol development and growth: up to 300,600 tokens may be minted each year by the minting contract for the Enzyme Council DAO to review grant applications and allocate to projects, developers, maintainers, and auditors. Unused tokens of this type are generally burned at year-end. MLN collected by the protocol is also burned automatically, but new issuance may exceed burns over many years.

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Enzyme (MLN) Basics & Market Insights

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Frequently Asked Questions About Enzyme (MLN)

What is MLN?

What is MLN used for in Enzyme?

How is MLN issued and burned?

Does MLN’s burn mechanism guarantee a reduction in supply?

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