On Monday, Set announced that TokenSets, the first platform that enables traders and crypto enthusiasts to automate asset management strategies, is officially live.
1/ Today, we are thrilled to announce that TokenSets is live after the last few weeks in beta. 🚀
For the first time, anyone in the world can acquire a single token to automate trading strategies for crypto.
— Set (@SetProtocol) April 22, 2019
According to the announcement, TokenSets initially supports 6 Sets over two categories:
“Range Bound Sets are for you if you are neither bullish or bearish on the target asset. The Range Bound strategy automates buying on price dips and selling on price rebounds to capture local maxima and minima simply by holding a Set token. The Set buys a target crypto asset when prices go down, and sells to a stable asset when prices go up to lock in gains.” (more)
“Buy And Hold Sets are for you if you are bullish crypto, but want to diversify your risk over multiple tokens. The Buy and Hold strategy automatically rebalances the underlying crypto to maintain a fixed ratio over time. Protect yourself from over exposure to a single token if you believe in the long term outlook of crypto.” (more)
“We’re seeing an explosion of activity in DeFi particularly in stablecoins, lending, decentralized exchanges, and derivatives,” said Pantera Capital Partner Paul Veradittakit. “Unleashing Set to the world adds asset management for the first time to the mix of financial products available to [the] Ethereum ecosystem.”
Each set is based on an underlying smart contract, which performs the predefined strategy. These contracts can utilize data from a variety of sources (Chainlink, Augur, etc.) to verify conditions. Additionally, the fact that these investment vehicles are ERC-20 tokens means they can be exchanged, shorted or lent out to earn interest. They can also potentially serve as collateral on platforms like MakerDAO or BlockFi.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.