Mellow Protocol
Modular vault protocol for onchain asset management
Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$81.6KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $81.6K | -- | -- | -- |
| Sep 2026 | $97.95K | -- | -- | -- |
| Aug 2026 | $227 | -- | -- | -- |
| Jul 2026 | $131.17K | -- | -- | -- |
| Jun 2026 | $274.33 | -- | -- | -- |
| May 2026 | $469 | -- | -- | -- |
Comparison
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People
About Mellow Protocol
Mellow Protocol is a modular institutional vault platform. Its core product, Core Vaults, lets institutions deploy structured products onchain. The system separates strategy execution from vault infrastructure, using a modular architecture that connects to both DeFi protocols and centralized exchanges.
Core Vaults handle deposits, withdrawals, valuation, and strategy execution through a unified framework. They enforce over 60 onchain permissions at the contract level, including asset whitelists, venue limits, and oracle checks. This allows compliance rules to be embedded directly into the vault, rather than bolted on externally.
The main market pain point Mellow addresses is the gap between idle stablecoin balances and risky yield chasing. For institutions holding large cash positions, leaving assets idle loses yield, while chasing high APY often means taking on unacceptable risk. Mellow provides a middle path: vaults with clear mandates, verifier-based controls, and time locks, enabling strategies like tokenized treasuries, lending, and basis trades without giving up custody.
In the past six months (March to September 2026), Mellow has focused on expanding its Core Vault documentation and use cases, particularly around stablecoin strategies. The team published detailed architecture guides and stablecoin-specific vault examples. No major security incidents or public failures were reported during this period. However, the platform remains relatively early in adoption, and its success depends on attracting both institutional asset managers and verifier networks.
Mellow Protocol, founded in 2021, initially focused on automated liquidity management (ALM) for Uniswap v3, later pivoting to modular vault infrastructure. Its core development: Core Vaults, a modular architecture orchestrating DeFi and centralized exchange integrations, enabling institutional-grade structured products. Key milestones: partnership with Symbiotic for restaking, supporting Lido stETH and LRT issuance, and reaching $488M TVL with 37M Symbiotic points. Strategic long-term moves include LayerZero cross-chain interoperability for EVM and BTCFi connectivity, and Lido v3 integration allowing node operators to stake ETH via Mellow. The platform emphasizes curator-driven vaults, receipt tokens for secondary use, and an aggregation layer for liquid restaking tokens to scale against monolithic competitors.
Over the past six months (2026-03-01 to 2026-09-01), Mellow Protocol has achieved significant milestones:
TVL surged past $300M in mid-March 2026 (from ~$180M), driven by institutional demand and multi-layered points farming (Mellow + Symbiotic + Ethena).
The flagship Lido stRATEGY Vault paused new deposits after reaching capacity, signaling deliberate risk management.
Mellow partnered with Blockaid to deploy onchain monitoring across its vault infrastructure, strengthening institutional-grade security.
Lido Earn integration brought Mellow's Core Vaults to a wider retail audience, with the stRATEGY Vault delivering ~3.7% APY.
The protocol continued expanding its MultiVault architecture, aggregating restaking, leveraged looping, and delta-neutral strategies.
Official roadmap priorities: modular vault expansion across new chains, deeper institutional tooling (permissioned vaults, compliance hooks), and potential token generation event as points farming concludes. Mellow emphasizes "vaults as a service" infrastructure, letting curators define mandates while maintaining full transparency and security.
Nick Stoev (CEO, Founder): Previously CEO at Secret Lab, Executive Director at Sberbank, CPO at Yandex Delivery. Background in high-load web/mobile services and blockchain infrastructure. Education: MSU, Computational Math & Cybernetics.
Alex.K (CTO): Technical lead at Mellow Protocol, prior roles in blockchain and fintech development.
Andrey B. (VP Engineering): Oversees engineering at Mellow Protocol, with experience in scalable systems and DeFi protocols.