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Set Protocol V2 supports anyone to create a Set collection, and includes functions such as trading, lending and governance.
Original Title: ” New DeFi Gameplay丨Set Protocol V2 Asset Management Suite Officially Launched “
Written by: Felix Feng
Compilation: Porridge Overnight
After running the public beta version for 3 months, the Set Protocol V2 asset management suite is officially launched today. Its purpose is to accelerate the adoption of on-chain asset management. It is reported that the assets currently managed by Set Protocol have exceeded 1 One hundred million U.S. dollars.
In September last year, the Set Protocol team quietly launched the Set V2 version, which included two new products, DeFi Pulse Index (DPI) and Uniswap Income Set, which demonstrated the multi-asset, transaction and liquidity mining of the asset management protocol. Mine function.
Since the release of V2, we have seen some DAO organizations, DeFi fund managers, and crypto analysis platforms use the Set protocol as an infrastructure solution.
The existing solutions still have the following problems:
- Building by yourself is expensive and difficult, and requires a lot of development and security resources.
- Other solutions may not support out-of-the-box user functions, such as discretionary trading, liquidity mining, margin trading, etc.
Set Protocol V2 version
The Set Protocol V2 version is designed to allow anyone to create a tokenized basket (“Set”), then accept user funds, implement charging options, and access DeFi. It can be used by the following users:
- Developers or asset issuers who want to create structured products or social trading services;
- Investors who want to display their track records in a low-cost manner;
- Individuals who want to launch separate DeFi products for their friends/family;
By using Set Protocol V2 version, you can:
- Create a Set collection: You can deploy a Set ERC20 token that represents a basket of digital assets without anyone’s permission;
- Accept user funds: Users can mint Sets in a variety of ways, including basic release (carrying all components) and NAV release (using a single component to mint, which will be launched soon).
- Perform DEX transactions: Integration with Uniswap, Sushiswap, 0x, 1inch and KyberNetwork, allowing the Set protocol to adjust Set allocation.
- Set cost options: Set creators can set fees based on usage.
- Participate in protocol governance: use the tokens in the Set to vote on the governance-enabled protocol (coming soon, please refer to the documentation for current usage).
- Conduct margin trading: Through integration with Compound and AAVE, managers can use assets as collateral and use borrowed funds for margin trading (coming soon).
- Borrowing: Entering the currency market, such as borrowing and lending operations on Aave.
- Participate in liquid mining (coming soon): Enter the liquid capital pool (such as Uniswap / Sushiswap / Curve) to earn Set income.
The Set protocol is open source, anyone can propose a new transaction/adapter in its resource library.
1. Index Coop : Set is the infrastructure of the DeFi Pulse index product (locked assets of approximately US$70 million). It has successfully executed trustless rebalancing and meta-governance activities.
2. Yam Finance : DAO treasury management has a lot of overhead, and Yam is using Set to manage DAO funds.
3. Ember Fund : Ember is a mobile application that allows retail investors to invest like a cryptocurrency hedge fund. It is currently using Set to quickly access the market;
4. Scifi Finance : This is an anonymous DAO encrypted index fund, and its current asset management scale is approximately US$2 million.
Although the project party has audited the Set protocol, fund managers and users still need to pay attention to some known behaviors:
- Rebase tokens and non-ERC20 tokens are incompatible with the current system. These tokens may cause accidental dilution or loss of user funds.
- There are no inherent restrictions on the behavior of fund managers. Although fund managers cannot take users’ funds directly, it should be noted that they can trade users’ funds into any tokens, which means that fund managers may do evil (by converting valuable coins into worthless coins) ；
- Fund managers can adjust the fees themselves;
Although some Sets will be managed by smart contracts to help reduce these behaviors, you should know that many Sets are not like this, and users need to trust the fund manager to take appropriate actions. In addition, as more features are added, there are more malicious behaviors not listed here.
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