Crypto Startup Launches Ethereum-based Sets; Tradable on 0x Protocol’s Radar Relay
Tuesday saw the Silicon Valley-based Set Protocol introduce a brand-new concept to the cryptosphere, publicly launching their beta version of TokenSets – a consumer-facing platform that allows users to explore, buy, sell, create, and manage sets. Accompanying today’s launch was the unveiling of three sets: Ethereum X (ETHX), StableSet (STBL), and DEXSet (DEX).
A set – as explained by the whitepaper of Set Protocol – is a tradable, ERC-20-compliant virtual token (e.g., ETHX, STBL, and DEX) that represents a basket of underlying component ERC-20 tokens. Generally, sets are defined thematically (e.g. by use case, risk profile, etc).
Per the Tuesday announcement shared by Felix Feng (CEO & Founder, Set Protocol), TokenSets will soon be “adding additional Sets and enabling functionality that allows any user to design and create their own Set.”
A Look at the Three Launch Sets
TokenSets’ Ethereum X comprises the top 10 ERC-20 tokens as of May 2018; providing crypto investors a streamlined way to “get exposure to the Ethereum ecosystem in one fell swoop.” These ten Ethereum-based tokens currently determining the value of ETHX are: VeChain (26.9%), ICON (15.3%), Zilliqa (12.2%), Aeternity (11.0%), 0x (9.7%), Populous (6.7%), Augur (6.1%), Status (4.9%), Basic Attention Token (4.1%), and Loom Network (3.2%).
Next, StableSet, as the name implies, represents a composite stablecoin. As described by TokenSets, STBL exists to “smooth out volatility and diversity risk of de-pegging with even distribution across various approaches.” As it stands, the token composition of STBL is equally-weighted between Dai (DAI) and TrueUSD (TUSD).
Finally, DEXSet consists of “the major decentralized exchange protocol tokens.” At the time of writing, 0x (ZRX) accounts for 77 percent of DEX’s underlying value, whilst Kyber Network (KNC) and AirSwap (AST) contribute 20 percent and 3 percent, respectively.
Hello world. TokenSets Beta is live. Bundle and unbundle your Sets today!https://t.co/pTQWMFnqGb
— Set Protocol (@SetProtocol) May 29, 2018
Trade Sets on Radar Relay
Notably, RadarRelay – a dApp built atop the 0x protocol which is designed for wallet-to-wallet trading of ERC-20 tokens – has made the ETHX, STBL, and DEX sets tradable.
Sets are live on Radar Relay!
– EthereumX: The top 10 ERC20 tokens weighted by market-cap
– StableSet: An equal-weighted mix of live stable coins
– DEXSet: A mix of the major decentralized exchange protocol tokens
— Radar Relay (@RadarRelay) May 29, 2018
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