DeFi Index Project Launch With Vampire Attack on Index Coop, Others

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A new platform for investment and index fund of decentralized finance (DeFi) is celebrating its main launch in a macabre fashion.

Enso Finance, a platform for building, sharing and trading index-style crypto currency portfolios, announced in a blog post plans for a vampire attack on six leading DeFi index platforms.

Vampire attacks in DeFi occur when a competitor to a current protocol – often a fork of the “victim” code – offers superior incentives designed to entice users to move their repositories from one platform to another.

In the case of Enso, the platform targets Index Coop, TokenSets, dHedge, PowerPool, PieDAO and Indexed Finance, which account for nearly $ 500 million in total value locked (TVL) between them.

Read more: DAO Behind DeFi Pulse Index Gets $ 7.7M From Galaxy Digital, 1kx

In an interview with CoinDesk, Enso founder Connor Howe declined to specify the type of APY users you can expect while migrating, but it is supposed to be generous – many of Enso’s platforms are looking for liquidity from already encouraging users over 30 .% APY in domain token emissions.

In addition to a liquid mining program, Enso is also launching with a scaled panel, NFT rewards and will cover the gas costs associated with migration. The team also suggested that the NFTs could be of further use in the future.

New features

Once users have done the migration, Howe hopes that the various features and functions of Enso will be able to keep them around.

CoinDesk saw a demo of the platform that enabled users to build indexes from a wide range of assets, yield vaults and income assets, as well as with other indexes, allowing them to create “ETFs of ETFs,” like Howe. put it on.

Index creators can also set performance fees as well as time locks for how often index managers are allowed to exchange assets in and out of the index. These indexes can also be checked by multi-sig, meaning the product can serve as a fiscal management solution as well.

“Anyone can create a strategy, and that’s the key differentiator here,” Howe said.

‘Fun experiment’

The index or structured product market has largely lagged behind DeFi in general, occupying only a fraction of the sector’s $ 280 billion in TVL. One possible reason is constantly playing catch-up: When a platform created a new index, the market may have moved on to a new story.

It is a point of pain that Enso focuses on. One upcoming feature called “recipes” will allow users to add any yield vaults and new contracts they want, allowing users to add new farms or product strategies when they come to market.

The team is also planning a contest that will measure the performance of user-built indexes and reward the best winners.

“It’s going to be a fun experiment,” Howe added. “The whole team is excited to see this live.”

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