Announcing the deprecation of Set Protocol V2 and TokenSets
We’d like to inform the community that neither Set Protocol V2 nor the TokenSets user interface will continue to be under development by Set Labs, and that we will be taking certain measures to fully decentralize the protocol.
From the inception of Set Protocol V2 in 2020, our focus has been on creating a unified interface that allows anybody to build non-custodial and fully decentralized funds and structured products, while enabling thousands of investors to benefit from easy access to innovative DeFi products.
We’re proud to have made these tools accessible to DeFi users around the world, and are thankful to those who have supported us along the way. Although this was a hard decision, we ultimately believe that the following actions are in the best interest of the protocol and our community.
What measures will we be implementing?
Relinquishing Set Labs’ Multisig owner rights over Set Protocol V2
Firstly, we will transfer all owner rights from the Set Multisig owned by Set Labs to a 0 address. This means the Set Labs multisig will no longer be able to manage or make upgrades to the protocol, and that it will become fully decentralized.
TokenSets website deprecation and deployment to IPFS
Additionally, we will deprecate the existing TokenSets website and redeploy it to IPFS, with an interface that will allow users to easily withdraw or redeem funds from any Sets in which they may hold funds.
Discord Community
Lastly, although our Discord community and other social media platforms will remain open, they will no longer be moderated or maintained by Set team members. This also means that no customer support will be offered to existing holders or managers of Sets.
Next Steps
In order to allow community members to take any necessary actions, the above measures will be executed on May 31st, 2023. In the meantime, please keep an eye on our main communication channels (Medium, Discord and Twitter) for any new announcements.
We realize that these changes may cause disruption for some of our users, and we’re committed to supporting you during this transition. We are here to answer any questions you may have or provide any necessary support during this time. Please don’t hesitate to contact us through the contact information provided below if you need assistance.
FAQ
What happens to existing Sets deployed on Set Protocol V2?
These will continue to function as usual, as Set Protocol V2 will continue to operate autonomously.
How can I sell my Sets or redeem the underlying assets?
Until the deprecation date, users can continue to use TokenSets to withdraw funds from existing Sets. Just visit www.tokensets.com, search the Set you want to withdraw from and choose “Sell” or “Redeem”.
Will I still be able to create Sets using Set Protocol V2 after the deprecation date?
Yes, as Set Protocol V2 will continue to function autonomously. Those who want create new Sets may still do so using the smart contracts. For more information, visit our documentation.
I think I may still have assets on Set Protocol V1. What’s its status and how can I recover any assets remaining in old V1 Sets?
Set Protocol V1 was deprecated on April 6th, 2021 (you can read our original announcement here).
If you have assets in any deprecated Sets that were launched on Set Protocol V1 and wish to redeem them, we recommend following the instructions contained in this article to manually redeem your Sets using Etherscan or MyEtherWallet.
Contact Info:
✉️ alejandro@setprotocol.com
Resources:
