This essentially means they can carbon copy the experienced trader’s strategies on their own sets to gain a profit by following the experienced traders moves. Second, less-experienced traders (essentially anyone else on the platform) browse different trading strategies and their performance and can “mint” trading strategies from experienced traders. They execute trades with various Sets on the platform and Set Social open sources their trading strategies to public users.
Like any digital marketplace, Set Social Trading can be largely thought of as having two-sides.įirst, experienced traders (as determined by the Set team) apply to join the Set Social platform. TokenSets offers 20 sets and have 1600 unique users that own a set, which puts $2 million into the platform. Sets essentially automate the management and rebalancing process across multiple assets, allowing traders to focus on trading strategies and not necessarily the legwork required to execute them.
They have some built-in functionality like automatically rebalancing portfolios to enable simple execution of any portfolio strategy. It doubles as a marketplace, where users can trade Sets and generate a profit like they normally would, and a social network that allows users to share, copy, and learn from each other’s trading strategies to optimize their own profit opportunities.Īt a high level, a Set is an ERC-20 token that digitally represents a collateralized portfolio of cryptocurrency assets –– like Bitcoin, Ethereum, etc. Set Social Trading is a platform that runs on top of TokenSets that allows the public to observe and copy trading strategies from experienced traders. So, what is Set Social Trading and how does it solve this? Mentorship and learning from tried-and-true trading strategies are one key mechanism for that. Much of the necessity in modern crypto is to educate and introduce users interested, but not familiar, with cryptocurrency about how such markets operate and what opportunity is available. Yet, many of these markets are fairly inaccessible to mainstream audiences and even experienced traders blockchain protocols can be incredibly complex and the very idea of trading an asset or security that’s not tied to something tangible like a share in a company or a government bond is daunting. Given its growth since the original Bitcoin whitepaper, it’s hard to deny that cryptocurrency does produce economic value –– particularly when we consider things like decentralized finance and crypto trading. On bringing more people into the crypto worldĬryptocurrency, being a technically complex and fairly recent trend, has stirred up tons of confusion and controversy in the past decade. It also greatly increases mainstream confidence in crypto trading, as higher returns show users the vast potential of the space. Set Social Trading is an incredible step forward in terms of maximizing trading returns for both experienced traders (via entry fees) and everyday users (via higher returns) alike.
The platform takes incredible advantage of the social sphere of crypto (discussions of trading on Twitter, Reddit, etc.) and consolidates it into a legitimate marketplace for people to buy and sell strategies. There are 18 Sets available on the platform with 13 traders, including notable ones like CryptoCat and the Wyre CEO. The platform currently supports Sets of WBTC, ETH, USDC, and DAI. The entire process is automated with smart contracts. Everyday users can then “purchase” (via an entry fee of 0-5%) to mint these trading strategies, which basically tells Set Social to automatically copy every trade execution that the experienced trader makes with the everyday user’s set. Experienced traders apply to join the platform and then open-source their trading strategies to the public. Set Social Trading is a platform that runs on top of TokenSets that doubles as a marketplace to trade Sets (ERC-20 tokens representing a portfolio of crypto assets that automatically rebalance) and a social network for users to discuss and evaluate various trading strategies. The product runs on smart contracts and is a neat way for folks to gain exposure to the industry. Set Social Trading launched last week and is a way to learn a bit about trading and smart contracts with a little bit of fun and speculation involved.
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