Set Protocol launches platform for automated crypto asset management

The team of Set Protocol, a solution to create, manage, and obtain baskets of tokenized assets, has announced the initial launch of Strategy Enabled Tokens on TokenSets, a platform that enables traders and crypto enthusiasts to automate asset management strategies by simply acquiring a token.

TokenSets initially supports 6 Sets optimized based on how bullish or bearish the user is of the crypto market. Hold the ones that most align with your sentiment:

There are no management fees, no minimums, and no counter-party risk when acquiring a Set token on TokenSets. Users maintain custody of their funds . The system enables users to put their idle crypto assets on exchanges or wallets to work on TokenSets in a  set-it and forget-it fashion.

[perfectpullquote align=”full” bordertop=”false” cite=”Richard Liang, Set Protocol” link=”” color=”” class=”” size=””]”With the launch of TokenSets and Set Protocol today, we are another step closer to our mission to make wealth creation tools accessible to anyone. We are excited to be adding decentralized asset management to the mix of lending, decentralized exchanges, derivatives and stablecoins products available in the DeFi ecosystem. As we continue to evolve, we plan to roll out more Sets with complex portfolio strategies to truly level the playing field in this new open financial system.”[/perfectpullquote]

User Experience

The team of Set Protocol built TokenSets with simple user experience in mind. In addition to MetaMask, TokenSets supports a novel phone login system via Fortmatic, an easy to use and highly secure wallet that utilizes SMS and PIN. A user simply inputs their phone number, creates a PIN, and transfers ETH from an exchange or wallet to start purchasing Sets in just a few clicks. TokenSets supports the most popular mobile wallets including Coinbase Wallet, imToken and Trust Wallet to make Sets accessible from anywhere.

[perfectpullquote align=”full” bordertop=”false” cite=”Paul Veradittakit, Partner at Pantera Capital” link=”” color=”” class=”” size=””]“We’re seeing an explosion of activity in DeFi particularly in stablecoins, lending, decentralized exchanges, and derivatives. Unleashing Set to the world adds asset management for the first time to the mix of financial products available to Ethereum ecosystem.” [/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”Loi Luu, CEO and Co-Founder of Kyber Network” link=”” color=”” class=”” size=””]“Set enables an easy way for users to manage their assets efficiently and effectively, while providing trustless security to end-user funds. The native integration with Kyber also shows the power of decentralized on-chain protocols to be able to work together and enable a connected decentralized financial stack.” [/perfectpullquote]

As mentioned above, there are no management fees for using TokenSets. However, there may be some slippage during each rebalances and purchases of Sets using Kyber Network’s decentralized exchange. The Set Protocol team reports they will quickly be following up this launch with more customizability with the thresholds in the Range Bound Sets, and also include support for stablecoin purchases.