Enzyme Finance
On-chain asset management and tokenized fund infrastructure: Enzyme Onyx, Blue vaults and Myso options.
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Enzyme key facts
| Category | Yield platform |
|---|---|
| Chains | EVM chains |
| Platforms | Web, API, SDK |
| Custody | Non-custodial |
| Fees | 50 bps protocol fee on Blue vaults, 25 bps if paid in MLN |
| Token | MLN |
| Launched | 2017 |
| Chains | Any EVM-compatible chain, one chain per vault |
| US availability | Available: terms restrict only sanctioned jurisdictions |
MLN token
- Price
- $1.28 +0.1% 24h
- Market cap
- $4.2M
- Fully diluted value
- $4.2M
- 30-day change
- -9.4%
Market data: CoinGecko, updated Nov 9, 2026. Educational content, not financial advice.
What is Enzyme?
Enzyme is infrastructure for on-chain funds and tokenized financial products, founded in 2017 by Mona El Isa. Its products include Enzyme Onyx for tokenized funds, Enzyme Blue vaults for strategy managers and Myso options. Blue vaults pay a 50 bps protocol fee, cut to 25 bps when paid in MLN.
How Enzyme works
An Enzyme vault is a smart contract set up by its owner.
Any number of investors deposit assets and receive vault shares as ERC-20 tokens, with transferability and lock rules chosen by the owner. The manager trades or deploys the assets, and each investor's claim is a share of the vault's value.
On Enzyme Onyx, deposits and redemptions are requests: you approve, then confirm, and the request joins a queue that the vault owner or admins execute later. Owners can add an allowlist that blocks unlisted addresses, set a minimum holding period, and turn on synchronous deposits alongside or instead of the queue, each with its own list of accepted assets.
How to start with Enzyme
- As an investor you connect a wallet to the vault's investor interface, enter an amount and sign the approval and confirmation transactions.
- Until the owner processes it, you can cancel a pending request unless a minimum holding period applies.
- Whether you can join at all depends on the vault's allowlist.
- Owners set the vault's accepted deposit assets and access rules.
Enzyme fees and limits
- On Enzyme Blue vaults the protocol charges 50 bps on Assets Under Technology, collected by minting extra vault shares when deposits, redemptions or reconfigurations occur.
- Vaults that hold MLN can buy those shares back at a 50% discount, so the effective rate drops to 25 bps; the Auto Buyback option does this automatically.
The Enzyme Council can apply a different fee model for some products. Deposit and redemption requests are on-chain transactions, so each one costs gas.
Risks to know before using Enzyme
- Your money depends on the manager's decisions and on the rules the owner sets: allowlists, holding periods and a queue mean redemptions are not instant and wait for the owner or admins to process them.
- Protocol fees are taken by share dilution, so they reduce the value of every share.
- Each vault lives on one chain, and moving assets across chains is up to the manager.
Enzyme usage
From DefiLlama (TVL) (fees users paid), updated Nov 9, 2026.
Enzyme alternatives
Other projects people compare with Enzyme.
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Non-custodial app for managing DeFi loans with automated leverage and liquidation protection.
Where Enzyme ranks on DappAtlas
Listed next to Enzyme
- Morpho Lending protocol
Enzyme pros and cons
- Operating since 2017
- Protocol fee drops from 50 to 25 bps when paid in MLN
- Vaults can be deployed on any EVM chain
- 50 bps protocol fee on assets if not paid in MLN
- Each vault lives on a single chain; bridging is up to the manager
- Aimed at managers and institutions more than individual users
Enzyme FAQ
What is Enzyme?
Enzyme is infrastructure for on-chain funds and tokenized financial products, founded in 2017 by Mona El Isa. Its products include Enzyme Onyx for tokenized funds, Enzyme Blue vaults for strategy managers and Myso options. Blue vaults pay a 50 bps protocol fee, cut to 25 bps when paid in MLN.
How much value is locked in Enzyme?
$89.2M according to DefiLlama on Nov 9, 2026. It is deployed on 3 chains: Ethereum, Polygon, Arbitrum.
How much does Enzyme cost?
50 bps protocol fee on Blue vaults, 25 bps if paid in MLN, according to Enzyme’s own page (checked Sep 26, 2026).
How much do users pay Enzyme in fees?
$5,312.8 over the last 30 days, according to DefiLlama on Nov 9, 2026.
Does Enzyme have a token?
Yes, MLN. Its market cap was $4.2M on CoinGecko on Nov 9, 2026. Educational content, not financial advice.
Is Enzyme available in the US?
Available: terms restrict only sanctioned jurisdictions, according to Enzyme’s own page (checked Sep 26, 2026).
Does Enzyme hold my funds?
No. Enzyme is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Enzyme: official site, Enzyme: Docs, Protocol Fees, Enzyme: Docs, Tokenomics. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.