Victor Ugochukwu · Dec 14, 2020 . 5min read
Set Protocol Launches Set V2 with an Array of Features
Set Protocol launches Set V2 which comes with Multi-asset, Yield farming and Gas Economy Support
By Victor Ugochukwu · Aug 6, 2020 . 6min read
Set Protocol, a non-custodial protocol built on Ethereum that allows for the creation, management, and trading of Sets, ERC20 tokens launches Set V2 with an array of features.
As a response to user needs to gain automated exposure to DeFi — whether it be via buying a Robo or Social Set, trading a token, or farming some yield, Set Protocol launches Set V2.
Set Protocol’s Set V2 Features
Set V2 will see Set Protocol supporting more assets, especially DeFi tokens, Liquidity providers and a suite of stablecoins. The earlier version sees Set supporting just a handful of assets comprising only ETH, WBTC, USDC, DAI and LINK. Surely, DeFi governance tokens like AAVE, COMP and even highly liquid BAT tokens among many others would see Set Protocol users excited to have them available on the protocol.
Yield Farming Support
Set V2 is out to keep the yield farming trend booming. With Set V2, it lowers the user experience – UX barriers like complexity, time wastage and others. With Set V2, users can now enter or exit a strategy without having to pay excessive gas costs. Consequently, users will be accessing a wide range of protocols and only pay upon entry or exit. Additionally, as the community suggests, it also plans to keep introducing yield farming strategies.
Gas Cost Economy
Rising gas cost is always a problem for any infrastructure built on Ethereum. Set V2 aims to address this problem, especially during buying/selling a Set. Without much information on how it aims to achieve this, Set Labs promises to apply this solution to Sets deployed in the future by traders.
This update, however, even though trader-centric also considers portfolio managers and developers. Set Labs in its roll-out of Set V2 comes with more flexibility with the new Set Portfolios features. An improved function like high liquidity and low slippage among a set of portfolios comes easy for managers.
Lastly, even Set V2 iteration is trader-centric, developers are equally not left out. With this iteration, developers can easily integrate with popular DeFi protocols such as Balancer, Curve, Synthetix, AAVE, and Compound. Additionally, upon integration with the DeFi protocols, portfolio mangers platform will be able to receive airdrops and liquidity mining rewards from these protocols (BAL, CRV, SNX and COMP).
Although Set Protocol do not possess a native token, Tokensets is its first user-facing application. This allows social trading sets with strategies executed by human traders and robo sets. As at publication time, Set Protocol has a TVL of $23.8 million according to data from DeFi Pulse.