Enso mounts 'vampire attack' on six crypto index projects

Metaverse-based social trading platform Enso Finance has announced plans to launch its platform by performing a “vampire attack” on six m...



Metaverse-based social trading platform Enso Finance has announced plans to launch its platform by performing a “vampire attack” on six major crypto index projects on December 9.

A vampire attack occurs when a platform attracts users and cash from a competing platform by offering higher incentives to use. In September 2020, SushiSwap performed a vampire attack this led to a transfer of about $ 1.5 billion from Uniswap to SushiSwap.

The Enso team tweeted on December 7, that the attack would focus on Index Coop, Tokensets, PieDAO, dHEDGE, Powerpool and Indexed. Each of these protocols offers crypto index products that aggregate the performance of a basket of assets in a particular niche, such as DeFi coins or NFT gaming tokens. Users will need to deposit index tokens from these indexes on the Enso platform to earn an array of incentives. It aims to attract up to $ 1.05 billion in total blocked value (TVL).

Enso is a social trading platform that will allow individuals, communities or decentralized autonomous organizations (DAO) to create trading strategies or agricultural production strategies. They will then be able to share their keys to a successful strategy on the platform.

Enso will reimburse gasoline costs, distribute ENSO governance tokens, and drop non-fungible Enso tokens (TVN) to first users.

Once users have kept their migrated tokens on Enso for 3 weeks, Enso will engrave the original tokens and issue encapsulated versions of the underlying assets of that index.

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Enso co-founder Connor Howe was optimistic about the stunt’s potential.

“Liquidity is the fuel that powers DeFi and it is the essence of the Enso platform. We want to show the community how innovative we are, and there’s no better way to do that than to get existing users to migrate.