The Enso team now hopes to capture more than one billion dollars in total value locked (TVL) from the stunt, but the users need to remain staked for more than three weeks to see some benefit.
Enso Finance is a metaverse-based social trading platform. It announced its plans to unveil its platform by performing a ‘vampire attack’ on six of the major crypto index projects on December 9. The vampire attack is when a platform entices users and liquidity from a competing platform by providing higher incentives for use.
In September 2021, SushiSwap introduced a vampire attack that resulted in around $1.5 billion moving from Uniswap to SushiSwap. The Enso team tweeted on December 7 that the attack would focus on dHEDGE, Powerpool, Index Coop, Tokensets, Indexed, and PieDAO.
Each of the available protocols offer crypto index products that aggregate the performance of a basket of assets in a specific niche, including NFT game tokens and DeFi coins. The users need to deposit index tokens from these indexes onto Enso’s platform to earn a variety of incentives. It strives to attract around $1.05 billion in total value locked (TVL).
Enso is a social trading platform that will enable individuals, decentralized autonomous organizations (DAO), and communities to create trading strategies or yield farm strategies. They will then manage to share their keys to a successful strategy on the platform. Enso said that it will reimburse gas fees, give away ENSO governance tokens and airdrop Enso nonfungible tokens (NFT) to early adopters.
After the users keep their migrated tokens staked on Enso for about three weeks, Enso plans to burn the original tokens and then issue wrapped versions of the index’s underlying assets. Connor Howe, Enso co-founder was highly optimistic about the stunt’s potential. He commented:
“Liquidity is the fuel that powers DeFi and it is the essence of Enso’s platform. 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.”