How fast is your machine, and what size spindle do you have?
You're cutting too slow, at too many rpm's.
A 1/2" 3 flute compression bit needs to cut at about 1200ipm and 16,000 rpm for maximum tool life. You can probably get 100 sheets from one bit, but you'd need a $75,000 machine to do that.
I'd use a 3/8" bit, at about 13,000 rpm and 200-300ipm, if your machine can do it.
With a 1/4" bit, I'd try doing it in two passes, at maybe 18,000 rpm and 200-300ipm.
I've cut thousands of sheets of melamine, but on a much bigger machine. Normally at 700-800ipm with either 3/8 or 1/2" tools.