Introducing the TokenSets Weekly Market Report
Weekly updates on Set performance, DeFi growth, market activity and much more!
Welcome to the first edition of the new TokenSets Weekly Market Report! In these newsletters, we’ll be covering the events of the previous week including a report on Set performance and rebalance events, a brief overview of recent crypto market activity, relevant on-chain metrics, a learning section and links to resources, blog posts, podcasts and videos that caught our eye.
The newsletter will hit your inbox every Sunday night (Pacific Time)! If you aren’t subscribed yet, simply head here to sign up.
This weeks edition covers updates from the 25th of November to the 1st of December, 2019.
Set Updates
Last week, we introduced Set Social Trading to the world. Set Social Trading is a marketplace and network that enables traders to create their own trading pools where they can enact trades on commodities such as ETH, WBTC, USDC, DAI, cUSDC, and cDAI. Followers can then join these trading pools, copying every single action the Trader (or trading algorithm) enacts. This feature is expected to go live in early 2020 but if you’d like early access simply fill out this form.
TokenSets Update
Market Update
After a brutal drawdown of the entire crypto market a couple of weeks ago (due to uncertainty surrounding China and crypto), both BTC/USD and ETH/USD have slightly recovered — up 5% and 5.4% respectively — but are currently marching sideways.
Most of purchase volume this week was for the ETH Range Bound Min Volatility so traders may be expecting sideways/choppy markets in the short-term.
Key indicators:
- The 20 day simple moving average is currently at $163.76
- The RSI for ETH is currently at 28 (slightly oversold)
- The 12 day exponential moving average is currently at $154.75
DeFi Metrics
- Total ETH locked in DeFi is down slightly from 2.657 million to 2.622 million (a change of -1.4%)
- God’s Unchained users have traded ~$300k worth of cards over the last 7 days
- ~43% of Sai supply has been migrated to Dai so far
- Over the last 3 months, Kyber Network and Uniswap have grown to account for ~60% of total decentralized exchange market share
Set Sunday School
Social trading (sometimes referred to as mirror trading or copy trading) is a form of investing that allows people to follow the trading behaviour of more experienced traders in order to gain exposure to a myriad of investment strategies.
Social trading can help prevent amateur investors from making poor trades or investment decisions, reduce their emotional stress, give them optionality in which trader they want to copy, and allows them to verify results of traders before making a commitment.
Ecosystem Bits
- Fidelity Starts to Reward Employees in Crypto: The company is using a token based on the ERC-1404 security token standard for the rewards.
- Network Effects in an Open Financial World: Ivan Martinzed from the Prysmatic Labs team breaks down exactly why Ethereum’s network effects are so strong.
- A New DeFi Explorer was just launched: Now you can easily track MakerDAO CDPs and Vaults using the DeFi Explorer interface.
- Take the ultimate non-custodial test: Matthew from mobile wallet creator Argent breaks down how Argent keeps your crypto-assets safe.
- InstaDApp launches their Compound MCD migration bridge: Compound cSAI holders & SAI borrowers can use this new tool to seamlessly move to a new DAI position in just one click.
Learn more about Set and join our community
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