DFINITY Ecosystem | EnsoFinance: Raising the Bar in the Cryptocurrency DeFi Space
DFINITY will officially launch Internet Conputer Genesis and mainnet beta at 7pm on May 7, 2021.
All DFINITY fans should reserve a seat firstly: https://dfinity.org/mercury#utm_source=homepage&utm_medium=banner&utm_campaign=prereg
After registration, we will start our topic today - EnsoFinance: Raising the Bar in the Cryptocurrency DeFi Space.
Official website: https://www.enso.finance/
Decentralization is one of the major reasons why the adoption of cryptocurrency is becoming more and more popular recently. This can be seen in the growth rate witnessed by projects who offer such service in the digital world.
Often shortened to DeFi, decentralized finance has witnessed a huge acceptability, it is a blockchain-based form of finance with no reliance on central financial intermediaries such as brokerages, exchanges or banks to offer traditional financial instruments and instead utilizes smart contracts on blockchains, the most common being Ethereum.
Majority of the currency DeFi platforms are based on the Ethereum blockchain, but recently, projects are looking to other blockchain to launch their DeFi platform not just because of the recent unbearable transaction fees on the ethereum blockchain but also due to the potential of other blockchain in terms of speed, consensus, e.t.c which gives a better DeFi experience.
EnsoFinance: Utilizing the Dfinity Chain to Deploy a Whole New DeFi Experience
Boasting some high caliber names in terms of partnership and having raised $5 million in several fundraising rounds, Enso finances is working towards deliver a Composable Trading Strategies and Social Trading in DeFi. Created with the intention to deliver a decentralized financial system which is not limited to a set whitelisted integration thereby making it completely open in line with the goals of decentralization.
Enso platform will enable the creation of an unlimited number of strategies which will combine all ERC-20 tokens available in the DeFi ecosystem with yield farming allocations integrations. This will be made possible through a simple yet innovative and intuitive UI which enables users to discover and create strategies and meta strategies by subscribing to — or follow — other traders or combining strategies together regardless of prior experience level in DeFi which will be combined with the social trading aspect of the platform where users can create and invest in other strategies, multisig syndicates and decentralized autonomous organizations(DAOs).
Advantages of Enso Finance
Enso intends to make DeFi completely decentralized and open to all. While other platforms’ major focus is on either active or curated passive strategies, Enso will be a fully compliant customizable platform which will enable anyone to become a fund manager with the click of a button.
Traders using Enso will be able to make batch purchases of assets on automated market makers (AMMs), yield farming, liquidity mining, rebalance based on tolerance bands, restructure debt, execute flash swaps or run arbitrage trades in an efficient yet easy manner.
With its mainnet date close looming large, Enso Finance is set to restructure the estimated $128 billion DeFi industries with its innovative concept of decentralization which will create a new trend in DeFi and build an open system which will be beneficial to all.