Enzyme (Melon) (MLN)
On-chain asset management protocol. Build and deploy DeFi funds.
Ranked 118th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
MLN scores 104 of 250 across the 25-variable framework, which places it 118th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on Vesting Schedule 7/10, 35th of 251, P/S Multiple 5/10, 38th of 251, Buyback and Burn 4/10, 40th of 251 and Insider Selling 5/10, 42nd of 251.
Against the same universe, MLN sits in the bottom third on Exchange Depth 3/10, 220th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for MLN. Price has to be justified by demand rather than absorbed against a cliff.
The framework score gained 104 points against the previous pass (0 to 104). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 7 | 35th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Institutional DeFi adoption via Enzyme's vault management; real-world asset tokenization integrations.
Principal risk
Low liquidity and niche user base; competition from Syndicate and other asset management protocols.
Market and supply
| Price | not published |
| Market cap | not published |
| Circulating supply | 3,276,913 |
| Eventual supply (total supply) | 3,276,913 |
| Dilution to full supply | 1x |
| Listed on | Kraken, Uniswap, Sushiswap |
We couldn't match MLN to a live market row, so no price, market cap or all-time high is shown. Publishing the figure recorded at the scoring pass would mean putting a months-old number next to analysis that looks current. The 25 scores below stand on their own.
Tokens with a similar profile
These are the closest matches to MLN measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Common questions
- What is the Early Thunder score for Enzyme (Melon) (MLN)?
- MLN scores 104 out of 250 on the 25-variable framework, ranking 118th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are MLN's strongest fundamentals?
- MLN ranks highest on Vesting Schedule 7/10, 35th of 251, P/S Multiple 5/10, 38th of 251, Buyback and Burn 4/10, 40th of 251 and Insider Selling 5/10, 42nd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the MLN thesis?
- MLN scores in the bottom third of the universe on Exchange Depth 3/10, 220th of 251. The single risk carried on the scorecard is: Low liquidity and niche user base; competition from Syndicate and other asset management protocols.
- How much MLN supply is still to enter circulation?
- 100% of eventual MLN supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- Which tokens have a similar profile to MLN?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MLN are REQ (97), MCB (76), FORTH (84) and SNT (92). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MLN?
- Institutional DeFi adoption via Enzyme's vault management; real-world asset tokenization integrations.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.