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Enso Finance Raises $5 Million To Build Composable, Social Trading DeFi Platform

Enso Finance Raises $5 Million To Build Composable, Social Trading DeFi Platform

The strategy-creation platform announced today that it has closed a $5 Million private fundraising round co-led by Polychain Capital and Dfinity Beacon Fund. The funds will be used to bolster the platform’s development and community expansion.

Enso Finance is the first social trading platform built for decentralized finance, it offers a strategy-creation platform open to anyone who wants to create a composable and permissionless set of strategies for frictionless trading. Conceptualized during the third Ethereum Community Conference in 2020, the platform is now on its way to a Q2 2021 mainnet launch.

The private fundraising round was also participated in by Multicoin Capital, P2P Capital, Spartan Group, Zola Global, and The LAO. Angel investors from AngelList, Dfinity (Artia Moghbel), Synthetix (Kain Warwick), Status (Jarrad Hope), Fantom, Nexus Mutual, Aave (Stani Kulechov), and Messari have also supported the project since its inception.

Ethereum’s smart contract composability is a core component of the ecosystem. The most common “interface” in Ethereum is the ERC-20 standard token, a set of function signatures (or “type signatures”) that allows interaction among a set of compatible tokens and networks built on top of Ethereum’s main chain. It defines the functions that a contract should implement in order to be validated on Ethereum, and allows it to freely interact across a set of chains.

Enso Finance believes that the growth and development of decentralized finance (DeFi) should not be hindered by or limited to whitelisted integrations and should remain completely open. With Enso’s platform, an unlimited number of trading strategies could be created, including all ERC-20 tokens and yield farming integrations.

“Composability is one of the unique aspects that makes DeFi magical. With Enso we’re lowering the barrier to capturing composability by gathering all of the major decentralized finance platforms and making it simple to follow the best traders who use these platforms, or create novel strategies between them,” shared Enso co-founder Connor Howe.

By creating a unified trading platform built with native social trading, Enso solves the expanding complexities of participating in the open finance movement by allowing users to create and discover composable strategies which they could follow. Traders on Enso can batch purchase assets on AMMs (automated money markets), yield farm, liquidity mine, rebalance based on tolerance bands, restructure debt, execute flash swaps, or run arbitrage trades.

Traders are also allowed to create meta strategies by following other traders and fusing strategies for increased efficiency and yield. Enso’s platform enables users to invest in the strategy directly, or support the strategy’s creator by purchasing the creator’s token. Aside from individual strategies, the platform also enables traders to invest into multi-signature syndicates, as well as decentralized autonomous organizations (DAOs) that operate and implement strategies.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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