Announcing the Set Developer Platform

Felix Feng
Sep 7, 2018 · 3 min read

Today, we’re excited to announce the Set Developer Platform, a solution for developers to start building decentralized applications using baskets of tokenized assets. Our major updates are:

  1. Upgraded Protocol: We’ve made significant improvements to Set including the introduction of issuance orders, a rearchitected system, and rebalancing support. These contracts are live on Kovan and Ropsten test networks today.
  2. Developer Toolkit: A collection of javascript libraries, documentation, and tools to power applications utilizing tokenized compositions.

What’s New with Set Protocol?

We launched TokenSets a few months ago as a proof of concept of what’s possible with Set. We received invaluable feedback from the community, and used it to build the current iteration of the protocol. The major highlights are:

  • Issuance Orders: A major pain of issuing Sets was that users were unable to gather the underlying components required. We introduce issuance orders as a way for users to issue Sets by simply specifying the Set they want to issue and the components they need. Issuance orders enable the use of global liquidity from decentralized exchange protocols to fund Sets. We will initially be supporting 0x Protocol V2 and plan on adding support for others soon after.
  • Rebalancing**: Users have been telling us that the auto-updating was one of the biggest value proposition for Sets. Thus, we sought out to design a system where rebalancing can be performed trustlessly, without counterparty risk, minimizes execution cost, and with minimal user intervention. Our solution utilizes an oracle and dutch auction and allows users to own a Set that rebalances, requiring intervention only when opting out of a rebalance.
  • Modular Architecture: Finally, we redesigned the protocol to enable the aforementioned functionality, minimize deployment and execution gas costs, and make adding extensions such as new types of Sets and liquidity sources easy.

You can read in further detail with our updated whitepaper and our open source smart contracts. We plan on conducting a security audit on the new smart contracts in Q4 2018 and anticipate a Q1 2019 main net launch.

Developer Toolkit

Our mission is to empower developers and users to create token abstractions where the composition is more useful or valuable than sum of the individual components. To further our mission, we are excited about the tools and guides we are making available to developers to start building on Set which include:

  • setprotocol.js: an open-source javascript library that provides a number of abstractions that makes building with Set just a few lines of code away. We’ve added many goodies including preloaded blockchain snapshots for local development, exported Typescript types, and blockchain utilities.
  • Developer Portal: a one-stop website for everything you need to know to get started including tutorials, set up instruction, concepts explained, project inspiration, and API reference.

Wondering what kind of projects you could start building? Some exciting projects you can get started with that take advantage of the protocol’s updated functionality include:

  • Issuance Order Relayers: Set Relayers operate a decentralized application and database that host issuance order messages in a centralized order book for compensatory fees.
  • Robo-Advisors: Developers can build decentralized algorithmic management platforms like Wealthfront and Betterment that allow users to keep custody of assets.

What’s Next?

We’re on the road the next few months. Come meet us at ETHBerlin, ETHSF, and DevCon! If you’re excited about building using Set, get in touch with us through our Telegram. Also, if you want to help build the decentralized future, we’re hiring. Follow our progress on our different channels:

** Rebalancing is still under active development.

Thank you Max Fiege for early drafts of this article.

Set Labs

Grow your crypto using automated asset management strategies

Felix Feng

Written by

Founder of Set. Investor @TuringCap. Previously @Radius & @21.co. B.S. @UCBerkeley

Set Labs

Set Labs

Grow your crypto using automated asset management strategies

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