In six crypto index projects, Enso mounted a “vampire attack”

Over a billion dollars in total value locked will be captured from the stunt, but users must remain staked for at least three weeks to receive any benefits.

Enso Finance, a Metaverse-based social trading platform, has announced that it plans to launch its platform on Dec. 9 by running a “vampire attack” on six major crypto index projects.

A vampire attack occurs when a platform entices users and liquidity away from a competitor by offering greater incentives for use. In December 2020, SushiSwap conducted a vampire attack which led to about $1.5 billion moving from Uniswap to SushiSwap. According to the Enso team on Dec. 7, the attack will target Index Coop, Tokensets, PieDAO, dHEDGE, Powerpool, and Indexed. These platforms aggregate the performance of a range of cryptocurrencies in a particular niche, such as DeFi coins or NFT game tokens. In order for users to earn incentives, they will have to deposit index tokens from those indexes onto Enso’s platform. The project aims to attract up to $1.05 billion in TVL.

In essence, Enso is a social trading platform that allows individuals, communities, or decentralized autonomous organizations (DAOs) to design trading strategies or yield farm strategies. On the platform, these individuals and organizations will share their successful trading strategies.

Enso will reimburse gas fees, give away ENSO governance tokens, and airdrop Enso nonfungible tokens (NFT) to early adopters. Within 3 weeks of users’ migrated tokens being staked on Enso, the original tokens will be burned and wrapped versions of the underlying assets of the index issued.

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

“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.”