The appetite for DeFi is rising again as blue chips are rallying and yield-earning strategy-sharing platforms, like Enso, are on the rise.
Enso, a platform where users can share yield-earning strategies, raised $5 million on April 13 from top U.S. venture capital firms including Polychain Capital and Multicoin Capital.
Synthetix (SNX) founder Kain Warwick, Aave founder Stani Kulechov, Dfinity COO Artia Moghbel, and other prominent angels took part in the round.
The high-profile fundraising round comes as Yearn.finance (YFI) achieved a new all-time high above $50,000.
Why is the demand for yield-earning protocols rising?
The appetite for high-risk and high-return plays is clearly increasing, as the cryptocurrency market as a whole enters price discovery.
The term price discovery refers to a technical trend when the price of an asset or the valuation of a market hits a new all-time high.
From late February to mid-March, the total value locked (TVL) of DeFi asset management protocols dropped off quite significantly from $4.3 billion to $2.7 billion.
However, since late March, the DeFi asset management sector began to see renewed momentum, driving demand to protocols like YFI where users can earn yield on their assets.
Naturally, the resurgence of asset management and yield-earning strategies in DeFi led to a spike in venture capital interest.
Enso, for example, recently raised $5 million from a round led by leading venture capital firms like Polychain Capital Multicoin Capital, whose assets under management (AUM) exceed a billion dollars.
Enso allows users to access alpha yield farms, batch yield farms, batch AMM purchase, flash swaps, collateralization, and restructuring, which allows users to maximize how they earn yield…