Set Labs Inc., a blockchain company based in the US, unveiled TokenSets, a platform for automating crypto portfolios. The first two strategies target bitcoin and ether: one buys during price declines
Set Labs Inc., a blockchain company based in the US, unveiled TokenSets, a platform for automating crypto portfolios. The first two strategies target bitcoin and ether: one buys during price declines and sells during rallies, while the other holds through long-term volatility.
The momentum strategy purchases an asset when its price drops, then sells when it climbs. The buy-and-hold strategy caters to long-term believers. It rebalances each month, keeping the asset mix constant despite short-term price swings.
Both strategies work through Strategy Enabled Tokens, or Sets. These are ERC20 tokens that hold bundles of other assets, including bitcoin as WBTC, ether as WETH, and the stablecoin DAI. One Set token gives you exposure to the entire portfolio without managing multiple positions.
Sets trade on 0x, Kyber, and Uniswap. Traders can short them on dYdX, lend them for yield on Compound or Dharma, or use them as collateral on MakerDAO.
TokenSets runs on the Set Protocol, infrastructure for creating and managing ERC20 token baskets. Set Labs built the protocol and develops the applications that run on top of it.
Felix Feng, chief executive of Set Labs, described the problem the platform solves. "Effectively managing a portfolio requires a high degree of technical knowledge, time, and discipline. Not everyone can do it," he said. TokenSets changes that calculus. "With TokenSets, employing the same best practices and strategies that professionals utilize has become an order of magnitude easier. This is a significant step forward in making wealth creation tools accessible to everyone in the world."
The company plans to expand its offerings. Moving averages, stop losses, and dollar-cost averaging strategies are on the roadmap. Traders will gain the ability to design and deploy their own strategies.
Set Labs raised $2 million in seed funding in 2018. Craft Ventures led the round, alongside Vy Capital, DFJ, and angels including Scott Belsky.
