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‘Vampiric’ Enso Finance aims to leech $1 billion from competing DeFi platforms |

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“We are one of the very few companies that has a patent pending on cryptocurrency-based trading.”

Defi is a new cryptocurrency that aims to compete with other decentralized financial platforms. The Vampiric Enso Finance project is an attempt to leech $1 billion from competing DeFi platforms. Read more in detail here: what is defi crypto.

‘Vampiric’ Enso Finance aims to leech $1 billion from competing DeFi platforms |

Bybit

Enso Finance, a social trading platform, has disclosed a month-long “vampire assault” against six decentralized finance (DeFi) index projects in an attempt to suck roughly $1 billion in liquidity.

Enso co-founder Connor Howe said, “Liquidity is the gasoline that propels DeFi and it is the core of Enso’s platform.” “We want to demonstrate to the community how inventive we are, and there’s no better way to accomplish that than to encourage current customers to move.” We’re quite excited to get started since this is the first time anybody has attempted to target six protocols at once!”

We’re coming for your cash and customers.

Incorporating the joy of Defi 1.0 into Defi 2.0. https://t.co/qsM1gZ9MYw

December 7, 2021 — Connor (@ConnorSB13)

 

The platform’s pitch, according to Enso’s website, is to provide users and decentralized autonomous organizations (DAOs) tools to “build trading strategies with unlimited possibilities and share the rewards with friends and the Enso community.”

A vampire attack, on the other hand, is an effort to shift liquidity from one project to another using different digital assets that users have locked up on a platform. SushiSwap, a fork of prominent DeFi protocol Uniswap, attempted to syphon the latter’s liquidity last year, which was the most notable vampire assault to date.

In the indexes, what we do

Index Coop, Set Protocol, PieDAO, dHEDGE, Powerpool, and Indexed Finance are among the projects targeted by the assault. Each of them focuses on different crypto index products that are linked to asset values such as DeFi tokens or NFTs.

The total value locked (TVL) on these platforms is presently about $930 million, according to analytics tracker DeFi Llama. The majority of the money comes from Index Coop ($409 million locked) and Set Protocol ($453 million).

In the meanwhile, PieDAO ($13.8 million locked), dHEDGE ($20.8 million), Powerpool ($18 million), and Indexed ($11.4 million) have a total liquidity of around $64 million.

Naturally, a “vampiric” platform would try to persuade customers to transfer their assets by luring them with attractive incentives. Enso, for example, pledged to repay gas expenses and give out ENSO governance tokens and unique NFTs to early adopters.

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Related Tags

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