Set Protocol live on Polygon — Pushing boundaries in Asset Management
We’re excited to announce the launch of the Set Protocol on Polygon, lowering the barrier of entry significantly and bringing us one step closer to enabling asset management and strategy creation for the masses.
Set’s Mission to Accelerate the Adoption of DeFi Asset Management
In an internet-first world, we believe in the inevitability of an internet-native financial system that is global, 24/7, permissionless, and transparent. This new system will have all the elements of the existing financial system including trading, borrowing / lending, derivatives, insurance and enable new use cases we can’t imagine today. In this new paradigm, Set’s mission is to accelerate the adoption of DeFi asset management.
What’s Next
Alongside this launch, Set has also developed a framework for rapidly expanding into the multi-chain ecosystem with the goal of enabling any strategy with any asset. More on this to come.
Getting Started
The easiest way to get started today is through our native dapp TokenSets. We will continue to drive as many new protocol and chain integrations through TokenSets over time.
New integrations will always be available on the network layer first before coming to the UI. To keep up to date, join us in our Discord and follow along with our Documentation.
In this rest of this article, we will briefly cover the following to give you a quick primer on why we are excited about Polygon and how you can get started today using TokenSets.
Overview
Polygon is an EVM-compatible scalability solution for Ethereum that allows us to further enable users access to the world of decentralized asset management at a fraction of the cost. Whether you are a beginner just wanting to dip your toes into TokenSets or an experienced portfolio manager that frequently trades, we heard you and listened. Our Polygon deployment will allow you to deliver in a more efficient way by lowering the barrier to entry for all participants by significantly cheaper transaction fees and transaction times than L1.
With how easy it is to deploy to Polygons PoS Chain, why only now if lowering the protocol fees was the goal? Liquidity! An asset management protocol such as Set requires ample amounts of liquidity and asset choice to make deploying a viable proposition. This is important because Sets are 100% collateralized and hold all the underlying tokens required within their own deployed contracts, so when a user invests in a particular Set, there has to be on-chain liquidity to facilitate the acquiring of the underlying assets required to issue the Set token and send to the investor. Who solved the pre-requisite for us? Our friends at 0x for efficient order routing & Sushi for liquidity, who have both shared previous success stories with their respective Polygon launches.
How do I access TokenSets on Polygon?
To help you along the way, we will cover the essential onboarding information:
- How to move tokens from Ethereum to Polygon using Polygon Bridge.
- How to access TokenSets on Polygon.
Moving tokens from Ethereum to Polygon
The first method to move your tokens over to the Polygon network is direct via Polygon Bridge
The Matic Bridge to convert the assets in the wallet between Ethereum and Polygon (Matic) network.
Connect your MetaMask wallet on Polygon Bridge.
Input the amount you’d like to move to Polygon, click “Transfer” and then “Continue”. Below we are bridging ETH to the Polygon network so that we can invest in Sets on the TokenSets platform.
Once the transaction is sent, you will see the balance updated in around 10 minutes. This means that your tokens have been successfully transferred to the same wallet address under the Polygon network.
You should now see your bridged assets within your wallet such as MetaMask, there are also portfolio trackers that support Polygon assets such as Zerion & Zapper. Additionally, you should receive a small quantity of MATIC tokens provided by the Polygon team to support your first transactions on the Polygon network.
How to explore Polygon Sets on TokenSets
Currently, we only support Metamask to access TokenSets on Polygon. To connect your MetaMask wallet, use the Sign In button at the top-right of the home page and unlock your wallet.
Switch the network you are connected to on MetaMask by clicking the network switch at the top of the extension window and selecting Polygon (Mainnet) from the dropdown list.
On TokenSets, click the network switch button on the navigation bar and select Explore on Polygon to show Sets currently available on the Polygon Network.
You are now connected to Polygon on TokenSets! ✅
In the next section, we’ll cover how investors, managers, and developers are using the protocol today and essential resources for you to join them.
How can you use TokenSets today?
Today some of the largest, most successful indices by AUM and reputation in the cryptocurrency ecosystem are built using Set Protocol, such as the popular DeFi Pulse Index, ETH Flexible Leverage Index, or Metaverse Index.
Below is a comprehensive role map that will help you identify what type of user you are and the resources that will best guide you going forward on the platform. Remember, the community and team would love to help you on your journey, don’t hesitate to join our Discord server and get in touch with any questions!
— Investors
Investors allocate capital, receiving the Set tokens that represent their share in the portfolio of structured products. Investors retain full custody of assets as funds are inaccessible to managers outside of managing the Set via the underlying smart contract.
Want to invest in the diverse array of Sets available today? Here are some guides that will help you understand the actions you can take on TokenSets.
📕 Discovering Sets to invest in
📗 Buying & selling Sets using TokenSets / 📽 Video Guide
📘 Issuing and redeeming Sets using TokenSets
📙 Tracking the performance of my Sets
— Managers
Managers create and maintain structured products in the form of Sets to cater to their use-case, whether they intend to offer their Sets as an investment opportunity for investors as an individual or organization, or a DAO with a treasury needing an investment opportunity on-chain, transparent method of management. Managers can use streaming fees to monetize their products and build lucrative avenues of income through their products as they grow.
Want to manage your own Set? Our guides below will take you through the entire process so you can get going in minutes!
📕 Set creation using TokenSets / 🎥 Video Guide
📗 Set management using TokenSets
📘 Trading assets within a Set using TokenSets
📙 Customizing my Set icon and description
— Developers
Developers build the next generation of financial applications using the Set Protocol layer as their base and achieve their objectives faster. Whether you are running an algorithmically rebalanced cryptocurrency index or a long-only large investment portfolio that caters to an existing customer base — the Set Protocol has limitless opportunities on what innovative projects can be built, with TokenSets being a core example.
Got a brainwave of how you can programmatically interact with the protocol for your own project? Here’s what you need to know.
Additional Guides
Visual learner? Say no more, we’ve got you too. Check out these video guides below to get your basics down on how to use TokenSets.
🎥 Buying & Selling On TokenSets | DeFi Asset Management
🎥 How To Create A Set On TokenSets | DeFi Asset Management
Resources
If you experience issues that are not covered in this guide, please reach out to the Set team directly via Discord and we’ll be happy to help.
