ETH50SMACO launched, Set Protocol added to DeFi Pulse, Bug Bounty Program launched and much more!

Anthony Sassano
Sep 3 · 5 min read

Welcome to the second Set Community Update! In these updates, we’ll give an overview of everything that happened in the Set universe over the last month including new product releases, community and media engagements, growth metrics, partnerships, where we’ve been and more. Let’s dive in!

News and Product Releases

A Milestone Rebalance

We kicked off August with the first rebalance of the ETH20SMACO Set with $315k USDC being auctioned off for ETH and only 0.8% slippage for Set holders. This resulted in an additional 23% ETH accumulation in the Set. A few days later, on August 9th, the ETH20SMACO Set was rebalanced again — this time changing from ETH to USDC. Since then, the Set has not met the criteria for another rebalance and continues to outperform ETH.

Profit Pools

Our CEO, Felix Feng, introduced the idea of Profit Pools — a smart contract that pools together profit-seeking capital. Basically, it would allow people to pool their funds together to participate in DeFi-related events such as Maker CDP liquidations or Set rebalances. Interested in working on this with us? Send us an email: hello@setprotocol.com.

Bug Bounty Program

We launched our on-going Bug Bounty Program to seek help from the global community to publicly audit our codebase. The program will pay up to $50,000 for critical exploits and is open to anyone interested in helping to improve the security of Set Protocol.

DeFi Pulse

Set Protocol was added to popular DeFi tracking site DeFi Pulse so users can now track the protocols total value locked (or assets under vault) in real time by visiting the Set Protocol page of the site.

The ETH50SMACO Set

We ended the month with the launch of the second Trend Trading Set — the ETH50SMACO. This Set is similar to the ETH20SMACO in that it trades against the simple moving average technical indicator but it gives users the option of diversifying their exposure by using the medium to longer term 50 day strategy.

Set in the Media

Set made various appearances in the media over the last month:

  • Crypto Bobby made a ‘What is DeFi’ video and features an overview of Set around the 17 minute mark (timestamped here).
  • The Block researcher John Dantoni analyzed Set’s growth in his piece here.
  • Ryan Sean Adams included Set in his recommended ‘Market opportunities’ in his new Bankless newsletter.
  • Set was featured in Centre’s USDC report
  • DeFi Tutorials has a nice guide on using Set and TokenSets here.

Growth

After the successful launch of the Trend Trading Sets in July, we decided it was time to focus our attention on improving the Set Protocol back-end infrastructure before continuing to release new Sets (which we put on pause until late August). For those that are curious, we’ll soon be publishing a blog post that gives an overview of what we did to improve our back-end infrastructure.

Despite our focus on the back-end, the protocols assets under vault (AUV) remained steady and the number of unique addresses holding Sets increased from 664 to 865 (over the period of August 1st to August 31st).

Set Protocol’s AUV growth for August
Set Protocol’s unique address growth for August

Community Updates

The Ethereum community continues to think up new and innovative Set ideas that we love!

Community Builders

Timur Badretdinov hacked on Set and created a ‘Set.diy’ tool at ETHBerlin that allows users to create, buy and sell a basket of tokens (currently supporting popular ERC20 tokens such as DAI, MKR and KNC). He also created a subgraph for Set on The Graph protocols website here. Great job Timur!

Community Engagements

August 1st marked the 1st year anniversary since DeFi was conceptualized by our very own co-founder Inje Yeo! It’s also fun to look back and see that other terms such as ‘Open Horizon’ and ‘Lattice Network’ never really took off.

Set Meme Station

Looking for the perfect wedding gift? Why not gift a Set?

Events

Anthony flew out to the Set Headquarters in San Francisco to work with the team for a couple of weeks before he headed off to Berlin Blockchain Week. We decided that this was the perfect time for a company retreat so we spent 4 days in beautiful South Lake Tahoe! Pics below (unfortunately Justin couldn’t make it but he was there in spirit).

The kids were much better at zip-lining than us
We rented a boat & jet-ski and spent a day on the lake
Does this make us Bitcoin maximalists? From left to right: Anthony, Richard, Inje, Felix, Brian and Alex

After spending 2 weeks in San Francisco, Anthony headed to Berlin Blockchain Week to attend MetaCartel Demo Day and Dappcon — you can read his short recap here.

One of our co-founders, Inje Yeo, attended the Meter Up event in San Francisco where key members from the Ethereum/crypto community (including those from 0x, Compound, dy/dx) discussed the state of decentralized finance. You can watch the video of the panel here.

Where You’ll Find Us This Month

Set is co-hosting a DeFi Meetup in London with 0x, DeversiFi and Uma — you can RSVP here.

Our CEO Felix Feng will be at the London meetup and he’ll also be speaking at the Ethereal Summit in Tel Aviv on September 15th alongside peers from MakerDAO, Kyber Network and Zerion.

We’re Hiring!

We’re currently looking for a passionate Software Engineer to aid us in our goal of building open financial products for the world. If this sounds like an opportunity that you’re interested in, you can check out the role on Cryptocurrency Jobs here.

We’re also looking for additional market makers to participate in our Set rebalances. If this sounds like something you or your team are interested in, please send an email to markets@setprotocol.com.

Learn more about Set and join our community

TokenSets | Website | Medium | Twitter | Telegram | Slack |

Set Labs

Grow your crypto using automated asset management strategies

Anthony Sassano

Written by

Marketing at https://www.setprotocol.com/ | Co-founder of https://ethhub.io and Co-host of the Into the Ether podcast

Set Labs

Set Labs

Grow your crypto using automated asset management strategies

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