Set COMP Distribution Update

In this post, we’ll detail what the current situation is regarding COMP tokens within Set Protocol and what it means for Set holders.

The Situation Explained

Every time Set Protocol accrues COMP tokens through utilization of cTokens within Sets, these COMP tokens are placed into the Set Protocol Vault. As it currently stands, the COMP tokens are effectively locked because the Set Protocol smart contracts were not originally built to handle liquidity mining, airdrops or any other mechanism that deposits arbitrary tokens into the vault.

This means that the COMP tokens that accrue to the Set Protocol Vault are lost and we are unable to distribute these to Set holders. We understand that this may not be the outcome that Set holders hoped for and we apologise for the inconvenience.

Future Plans

With liquidity mining and “yield farming” heating up, we anticipate that assets and features that we add in the future will be able to take advantage of these new opportunities. To that end, we will be designing future iterations of the protocol with liquidity mining/airdrops in mind so that we can safely and securely distribute any of these tokens to Set holders.

Stay tuned for more information about this soon!

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