Enzyme

Enzyme (MLN) emerges as a high-quality, institutional-grade DeFi infrastructure protocol characterized by exceptional technical discipline and security but hampered by lackluster tokenomics and retail engagement. The project's strongest assets are its Team and Governance (9/10) and Security (9.5/10). Led by former Goldman Sachs executive Mona El Isa, Enzyme has maintained a flawless security record over eight years, supported by rigorous audits (PwC, ChainSecurity) and a highly effective bug bounty program. Its market position is robust, serving as a leader in on-chain asset management with a functioning, composable product (v4 Sulu). However, the investment case is dragged down by Community Support (4.5/10) and Tokenomics (5.5/10). The community is described as 'sleeping' with low engagement, leading to liquidity risks and exchange delistings. Economically, while the supply is fully unlocked, fixed annual inflation currently outpaces fee burns, creating selling pressure that requires significant AUM growth to neutralize. Overall, MLN scores highly as a fundamental technology play with low technical risk, but it faces market headwinds due to its quiet presence and inflationary token model.