Bybit Delists MLN Perpetual Contract: What Traders Need to Know

Bybit has officially announced the delisting of its MLNUSDT perpetual contract, effective immediately. This move adds to a growing list of exchange delistings for Enzyme (MLN), a DeFi asset management token that has seen its market presence shrink across major platforms. For traders holding MLN positions on Bybit, understanding the timeline and risks is critical.

What Happened: The Delisting Wave

Bybit’s decision to delist the MLNUSDT perpetual contract follows a broader trend. In recent months, Binance removed MLN from its spot trading pairs (including MLN/BTC) and placed the token under a “Monitoring Tag” in April 2026, flagging it for higher volatility and potential non-compliance. Bitfinex also delisted MLN in February 2025. The cumulative effect has been a sharp reduction in liquidity and trading venues for MLN.

Note: Brave search results indicate that Binance’s monitoring tag and subsequent delistings have historically led to significant price drops for affected tokens.

Price action has been volatile. In the days leading up to Bybit’s announcement, MLN experienced a 16.65% spike on June 20, 2026, followed by a 10.08% drop the same day. The token’s price at the time of the Bybit alert was $1.347, down from $2.534 in mid-May 2026.

Enzyme (MLN) Token Snapshot

Enzyme is a DeFi protocol for on-chain asset management, built on Ethereum and Polygon. Key metadata:

• Symbol: MLN
• Name: Enzyme
• Launched: February 2017
• Circulating Supply: ~3.28 million MLN
• Platform: Ethereum (token address: 0xec67005c4e498ec7f55e092bd1d35cbc47c91892)
• Tags: Asset Management, DeFi, Ethereum Ecosystem, Polygon Ecosystem, Binance Ecosystem
• Website: enzyme.finance
• Twitter: @enzymefinance

Despite its long history and active development, MLN has faced headwinds from exchange delistings, which reduce accessibility for retail traders.

Risk Notes for Traders

• Liquidity Risk: With Bybit and Binance removing MLN pairs, trading volume may concentrate on smaller exchanges, increasing slippage.
• Price Volatility: Recent price swings (over 10% daily moves) highlight elevated risk.
• Exchange Concentration: The only remaining major exchange listing MLN futures is Bybit, and that is now being delisted. Spot trading may still exist on some platforms, but liquidity is thinning.
• Monitoring Tag: Binance’s monitoring tag signals potential non-compliance, which could lead to further delistings.

Where to Trade MLN

As of this alert, Bybit remains the primary exchange for MLN futures, but the delisting is in progress. For spot trading, consider decentralized exchanges (DEXs) on Ethereum or Polygon, such as Uniswap or QuickSwap. For automated trading strategies, you can use our bot: Trade with our bot.