Set Labs — Set AMA Series
This is a transcript of a recent AMA that was held between Set Labs (our team!) and the Set community in our Discord channel. The AMA was held on the 24th of June at 12:00PM PDT, 2020.
You can read about the Set Labs team here.
If you want to be involved in future AMA’s, be sure to join our Discord channel.
Inje: Hello everyone! Let’s get started!
We have Felix, Alex, Inje, Justin, Richard, Anthony, Dylan and Punia from the Set team to answer your question!
As a reminder for everyone participating — please keep the discussion respectful at all times.
As an intro to Set, we’re an asset management protocol that allows people to spin up their own asset management strategies. You probably already know, but our product is here at www.tokensets.com.
With that, I’d like to open it up to any questions you guys have for us on the Set team!
Amrullah: How does the Set team intend to monetise or keep themselves sustainable in the long-run?
Felix (team): Currently, we are sustained by VC funding (in which we expect to do so for the next few years). In the longer-run, we imagine some sort of fee based on the volume that flows through the system.
Andrew: When can I create a multi-basket set?
Richard (team): You can right now using the protocol layer and using the dev docs https://dev.tokensets.com/. However, we have not built it into TokenSets / social trading yet. There are some other items on the roadmap we’re working on before enabling multi-asset Sets such as limit orders / stop losses and margin. There’s also some operational lift in terms of rebalancing needed to keep rebalance slippage low
Andrew: Any plans to help lower rebalance fees for Social Traders?
Punia (team): We’re working on making our contracts much more gas efficient, introducing gas token mining, and potentially incorporating meta-transactions. Also going to leverage any L2 improvements once they are ready and scalable.
Andrew: Who has the best beard on the team?
Dylan (team): Anthony the OG yield farmer is the only beard on the team!
FrostyHalcyon: With the recent rise of governance tokens in the DeFi space, does Set plan to release a similar governance token to bootstrap liquidity for the platform (i.e. rewarding traders or those that invest in sets)?
Felix (team): It’s something we’re considering and is currently in the design phase. We plan for it to better incentivize our network participants (managers, market makers, etc.) rather than simply bootstrapping liquidity. Rewarding traders, users, and other participants will be part of the design.
AJ: What’s the roadmap look like and what other exiting things are you guys currently working on?
Inje (team): We’re currently working on better trade execution, finding the best traders, and unlocking more complex strategies/baskets possibly through margin and multi-asset Sets. If you have any traders you want to refer to the platform, let us know.
Amrullah: If the Set team has an anthem or a song/music/album that explains the phase of growth/pain/explosion they are experiencing right now, what would the name and title of the song be and why? What song best describes the team right now?
Felix (team): Lil Nas X — Old Town Road (Bitcoin Version) Lil Bubble
Pentagrade: Are there any plans or conversations going on regarding how TokenSets will work in the ETH 2 world or is it too soon to say right now?
Brian (team): It’s still unclear what the implications are of ETH2 are for DeFi, especially for a protocol like ours that wants to be able to interact across protocols. I think until there’s more clarity on the ETH 2.0 implementation and some alignment across DeFi on how we want to handle interoperability in an ETH2 world it’s pretty hard to say.
FZ: What new assets and strategies can we expect in Sets?
Richard (team): We’re looking to add any tokens that have sufficient demand from the community, interest from traders, and liquidity for rebalancing. What tokens would you like to see on TokenSets?
FZ: KNC, ZRX, Compound BAT, SNX and more DeFi tokens!
Rmossion: Can you provide more context on rebalance slippages and what liquidity looks like? Are you using Kyber?
Alex (team): We do not use Kyber. We have a number of different participants right now, some interact directly with our UI. During a rebalance, Sets attempt to sell the old collateral for the new collateral. Market makers bring the new components to the rebalance and take a spread. Others send transactions to our smart contracts directly and use DEX liquidity which includes Kyber, Uniswap, Balancer, and 0x.
FZ: What are the differences between Melon and Set Protocol?
Brian (team): Honestly not terribly familiar with Melon’s smart contract architecture or what they’re working on. I’d say at this point we seem to have the ability to handle larger trade volumes as well as a more approachable product. I think one main difference we’ve tried to emphasize is being able to build mechanisms (like our auctions) that are able to relatively trustlessly handle large scale rebalances. We’re also pretty actively maintaining the protocol and pushing out new features and seeking to be responsive to user needs.
