Enso Finance Launching ‘Vampire Attacks’ on Six DeFi Protocols

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Enso Finance Launching ‘Vampire Attacks’ on Six DeFi Protocols

Enso Finance has revealed plans to launch a “vampire attack” on six decentralised finance protocols: Token Sets, Index Coop, Indexed, PieDAO, dHegde, and PowerPool. The team says the vampire attack is designed to attract liquidity to Enso Finance.

Enso Finance Launches Vampire Attacks on Six Protocols

Following in the steps of Sushiswap, the now-popular decentralized finance protocol that forked Uniswap to create its own ecosystem, Enso Finance, a DeFi platform that claims to be focused on allowing users to create permissionless trading strategies, yield farming, liquidity mining and more, is launching a vampire attack on six protocols.

However, unlike the historic SushiSwap vampire attack on Uniswap, Enso Finance claims it’s not forking any of the six protocols its vampire attacking, instead, it’s creating a more robust platform that would give users better experiences and benefits.

“Enso’s strategy is similar [to SushiSwap], but more technically complex as it’s not a fork of any of the protocols it’s targeting. This helps showcase the composability of Enso, a platform that allows anyone to create custom indices, sets, or strategies, which puts it well above the technical capabilities of its older peers. Any strategy deployed on other protocols can be replicated with even more features on Enso by the Community,” explains the team.

The Enso Strategy

The Enso team says its liquidity bootstrapping strategy aims to attract existing users from six Gen 1.0 protocols including Token Sets, Index Coop, Indexed, PieDAO, dHedge, and PowerPool. The team says starting from the day of Enso Arcade launch, users will be able to migrate their strategies, sets, and indexes (or buy new ones through built-in exchange support with Sushi and Uniswap V2/V3) with a few simple clicks.

“Liquidity is the fuel that powers DeFi and it is the essence of Enso’s platform,” said Connor Howe, co-founder of Enso Finance. “We want to show the community just how innovative we are, and there’s no better way of doing so than incentivizing existing users to migrate. This is the first time anyone’s attempting to attack six protocols at once, so we are very anxious to get started.”

Notably, the team has made it clear that it plans to reward its early adopters handsomely and compensate them for their spent gas fees during the migration process. Enso users will be rewarded with super rare Enso NFTs, which the team claims contain hidden gems that need to be redeemed as soon as users start staking on the platform and before the beginning of the migration.

“Migrators will also be rewarded with Enso native tokens after the “vampire attack” is complete. The potential total value locked (TVL) that could migrate to Enso is $1.05 billion, though stakers could choose to supply fresh assets to these protocols. However, the migration duration is limited and does not have a public deadline,” the team declared.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.