TL; DR Breakdown
- Enso Finance is planning a vampire attack on crypto index platforms
- The protocol wants users to migrate for incentives
- The protocol’s co-founder is optimistic about the move
The majority of the users in the crypto sector have one notion in mind coming into the sector, which is making as many profits as possible. But while that is seemingly achievable, it all boils down to the offers of their platforms. While centralized platforms provide a little route to make profits and rewards, decentralized platforms provide traders with maximum profit-taking opportunities. In this regard, Enso Finance has announced that it will float its platform off a vampire attack on six leading index projects in the decentralized finance sector.
Enso Finance wants traders to migrate and earn incentives
A vampire attack is a well-versed phenomenon among experienced traders in the decentralized finance sector. It is a move by a new exchange to pull in users from other top exchanges by providing them with mouth-watering offers in the DeFi sector. One major vampire attack on the decentralized finance sector was Sushiswap last year.
In its vampire attack, the platform could lure users from the close competition, Uniswap seeing about $1.5 billion in value moving across the two exchanges. Listing the companies they would be targeting in the attack, the Enso Finance team announced on Twitter that dHEDG, Index Coop, PowerBook, among others are on their list.
One particular thing that ties all these exchanges together is offering crypto index services to users. A crypto index platform is a platform that allows users to track the performances of several tokens in a sector. Users have been mandated to deposit their tokens on Enso Finance to earn rewards, causing them to leave the close competitions.
Enso Finance boss optimistic about the move
In its statement, Enso Finance said it had set its sights on a Total Value Locked of about $1.05 billion at the end of the attack. EnSo Finance is a protocol that enables traders across the DeFi sector to create their special trading strategies. After creating the strategy, Enso Finance allows them to share it among platform members. The first few people who cross into Enso Finance will enjoy mouth-watering airdrops of ENSO tokens, no gas fees on trades, among other incentives.
Users would be open to earning wrapped ENSO tokens on the platform provided they adhere to the strict guidelines of holding their token on the platform for about three weeks. Giving his review about how much he believed in the move, Enso Finance boss Conor Howe was optimistic about achieving its goals. He mentioned that the company wants users to know they are serious about the business, hence the array of profit-earning opportunities.