Set Protocol Partners With DeFi Pulse To Launch A 10 Token DeFi Index (DPI)

  • Set Protocol partners with DeFi Pulse to introduce the DeFi Pulse Index (DFP).
  • The index is the first development feature since the Set Protocol V2 rollout.
  • DFP Index will start by pricing the top 10 carefully vetted DeFi tokens.

Set Protocol partners with DeFi Pulse, a decentralized finance data aggregator, to launch the DeFi Pulse Index (DFP), consisting of the top tokens in the DeFi space. The DFP index is available for purchase on Set Protocol’s TokenSets, and associated partner exchanges, including Uniswap, Dharma, Pillar, Zapper, among others.

A blog post published on Tuesday, September 15, the DFP Index follows a “rigorous methodology to determine which DeFi tokens are included” in a bid to increase the safety of investors in the precarious market. Experts on the DeFi Pulse team are eft the responsibility of selecting the various tokens and their weighting on the Index.

At launch, the DFP Index will consist of Aave (LEND), Yearn Finance (YFI), Compound (COMP), Synthetix (SNX), Maker (MKR), RenVM (REN), Kyber Network (KNC), Loopring (LRC), Balancer (BAL) and Augur’s REPv2.

The Index aims to make it simpler and cheaper for DeFi investors to buy a basket of tokens without manually buying each token –saving on gas fees. This opportunity saves the users the pain and stress of creating portfolios centered around DeFi products, Set Labs CEO, Felix Feng said.

“This led to stress for users when they were trying to make portfolio allocation decisions, and it was difficult for them to ascertain which DeFi projects are high quality and worthy of their investment.”

The DFP Index is not a derivative of the ten available tokens but a wrapper around them. The wrapper means that users can directly exchange their DFP tokens for each of the tokens represented on the Index on TokenSets and get equal value. The tokens will rebalance automatically every month.

Notwithstanding, several rules are set in place on how the tokens are listed. First, every token must be available on Ethereum except wrapped or synthetic tokens. Options and futures are also not listed on the DeFi Pulse Index, and tokens must be functional or operational for at least 180 days before they are included on the index.

Feng further states the coin will be available to be staked on DeFi pools and could even be used for yield farming. He stated,

“I think one of the things that are really exciting about the DeFiPulse Index is we think it’s going to be a pretty key asset in the entire industry. We anticipate that this asset will be used for yield farming.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI Plunge Might be Over After Record Number of Addresses Unload All their Tokens

In the past three days, the DeFi darling YFI has lost more than 36% of its value, going from $34,400 to $21,950 today. At the...

Financial Firms & Law Enforcement Find Cryptocurrencies More Risky Than Opportunistic: RUSI Survey

Financial firms, government, and the private sector all see cryptocurrencies as risky, found a survey by the Royal United Services Institute think-tank and the...

Kadena to Launch DEX to Rival Uniswap; Touts Higher Speeds and Multiple Protocol Support

Kadena announced on Tuesday that it would roll out a Decentralized Exchange (DEX) dubbed ‘Kadenaswap’ towards the end of 2020 in a bid to...

Crypto Exchange Bitpanda Raises $52 Million in Series A Round to Offer Access to Stock Markets

Cryptocurrency exchange Bitpanda has raised $52 million in its first major funding round, Series A led by PayPal co-founder Peter Thiel’s Valar Ventures. Other...

Coinbase Launches Staking Program For Cosmos, ATOM Holders Can Earn 5%

In a blog post released on Wednesday, Coinbase introduced staking on ATOM, promising up to 5% return per annum on the value staked. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today