What is Enzyme (MLN)?

Deep Dive

1. Purpose & Value Proposition

Enzyme accelerates tokenized finance by providing infrastructure for institutions and DAOs to deploy capital transparently. Its Vault-as-a-Service model (Enzyme.Blue) lets users launch funds, liquidity pools, or structured products without custom code, while Enzyme.Onyx enables tokenized wallets for unrestricted cross-chain asset management. Projects like Nexus Mutual use Enzyme to manage $45M+ in assets across staking protocols, demonstrating its institutional-grade flexibility (Enzyme Finance).

2. Technology & Architecture

Built for interoperability, Enzyme supports multi-chain strategies (EVM and non-EVM) and integrates with DeFi protocols, CEXs, and traditional finance tools. Its modular design includes:
- Enzyme.Myso: An onchain options protocol for covered calls/puts.
- Enzyme.Onyx: A wallet layer enabling tokenized asset custody and movement across networks.
This architecture allows DAOs like Compound to automate treasury strategies (e.g., recurring covered calls) while maintaining auditability (Enzyme Finance).

3. Tokenomics & Governance

MLN’s utility revolves around fee discounts and protocol governance:
- Fee Discounts: Staking MLN reduces platform fees (up to 20% for 10,000 MLN holders).
- Burns: Fees paid in ETH are converted to MLN and burned, creating deflationary pressure as AUM grows.
A 2020 proposal (MIP7) shifted fees to an AUM-based model (20 bps) to align token value with protocol growth (GitHub).

Conclusion

Enzyme is the backbone for institutions bridging traditional finance with programmable onchain strategies, combining modular infrastructure with sustainable tokenomics. As tokenized assets surge, can Enzyme’s cross-chain flexibility position it as the default rails for next-gen asset management?