Enso mounting ‘vampire attack’ on six crypto index projects

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

A vampire attack is when a platform attracts users and liquidity of a competing platform by offering higher incentives for use. In September 2020, SushiSwap carried out a vampire attack that led to about $ 1.5 billion moving 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 combine the performance of a basket of assets in a particular niche, such as DeFi coins or NFT game tokens. Users will have to deposit indexes of those indexes on the Enso platform to earn a range of incentives. It aims to attract up to $ 1.05 billion in total value locked up (TVL).

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

Enso will reimburse gas fees, give away ENSO control tokens and fly Enso non-fungible tokens (NFT) to early adopters.

After users keep their migrated tokens on Enso for 3 weeks, Enso will burn the original tokens and publish wrapped versions of the underlying assets of that index.

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

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