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Helping the average John guy understand the Defi space : Decentralized fund management and TokenSets

<!-- SC_OFF --><div class="md"><p><strong>John is now curious how he should take care of the money that he got from being such a successful crypto investor. I got you John. I present to you the DECENTRALIZED FUND MANAGEMENT :</strong> This is like taking care of your money, but without a traditional manager. Instead, smart computer programs handle your investments. These programs follow specific rules you set, so you can pick the strategy that fits your goals and saves on fees. Token Sets are an example of how this works in the world of decentralized finance (DeFi). </p> <p>​</p> <p>​</p> <p><strong>"And what are those tokens? Token sets?"</strong> It's Token sets John. Here is your answer : </p> <p>TokenSets is a platform where you can get Strategy Enabled Tokens (SET). These special tokens come with built-in plans for managing your crypto investments. They do the work for you, so you don't have to constantly watch the crypto market or make emotional decisions. Each SET is like a basket of different cryptocurrencies that automatically adjusts based on your chosen strategy. It's like having a token that follows a specific crypto trading plan. </p> <p>​</p> <p>​</p> <p><strong>"What kind of Sets are there?"</strong> Only 2 main types John :</p> <p>In the past, there used to be Social and Robo Sets, but they were phased out in early 2021. Now, there are two main types of Sets: Index Sets and Yield Farming Sets. </p> <p>​</p> <p>​</p> <p><strong>"Could you describe in simple terms both of those?"</strong> Sure thing. Here is an explanation :</p> <p>Index Sets are like bundles of assets that allow users to easily own a variety of cryptocurrencies with just one token, saving on transaction fees. One popular Index Set is the DeFiPulse Index (DPI), which tracks the performance of various DeFi tokens based on their market value.</p> <p>As of April 2021, DPI includes 14 DeFi assets:</p> <ol> <li>Uniswap (UNI)</li> <li>Aave (AAVE)</li> <li>Synthetix Network Token (SNX)</li> <li>Sushiswap (SUSHI)</li> <li>Maker (MKR)</li> <li>Compound (COMP)</li> <li>Yearn.Finance (YFI)</li> <li>REN (REN)</li> <li>Loopring (LRC)</li> <li>Balancer (BAL)</li> <li>Kyber Network (KNC)</li> <li>Harvest Finance (FARM)</li> <li>Cream Finance (CREAM)</li> <li>Meta (MTA)</li> </ol> <p>By owning DPI, you essentially have a piece of all these different cryptocurrencies in one convenient token.</p> <p>​</p> <p>​</p> <p><strong>"And what about Yield farming sets?"</strong> You haven't let me finish John. I was gonna describe those next:</p> <p>Yield Farming Sets make it easier to earn rewards in the world of decentralized finance (DeFi) without the hassle of many small transactions. These Sets use smart strategies to automatically claim rewards, convert them into preferred assets, and reinvest them. It's like DeFi's way of compounding interest, saving you time and gas fees. </p> <p>​</p> <p>​</p> <p><strong>"Ok man,but how do Sets exactly help me?"</strong> They do help you John, trust me bro : </p> <p>Sets are like digital tokens that represent different trading strategies. If you want to try out specific strategies, like buying a mix of different assets, Sets make it simple. However, remember that past success doesn't guarantee future gains in the volatile crypto market. Do your research and choose a strategy that makes sense for you.</p> <p>One popular type of Set is the DeFi Pulse Index Set, which follows a strategy based on the market value of its assets. It has shown significant growth since its creation. While it might not beat individual assets, it often outperforms most of them. If you don't have a unique strategy, using Index Sets for diversified exposure can be a smart choice.</p> <p>​</p> <p>​</p> <p><strong>"Maybe I will get into this in the future. Got any directions?"</strong> Yep. Here is my personal step-by-step guide : </p> <p><strong>Step 1 :</strong></p> <ul> <li>Go to <a href="https://www.tokensets.com/"><strong>https://www.tokensets.com/</strong></a></li> <li>Click "Sign In" in the top right corner.</li> <li>Choose to sign in with your Metamask wallet or any other wallet you prefer.</li> </ul> <p><strong>Step 2 :</strong></p> <ul> <li>You'll be taken to a new page.</li> <li>A pop-up may ask for your email address, but it's optional, so you can skip it if you want.</li> </ul> <p><strong>Step 3 :</strong></p> <ul> <li>Eventually, you'll reach the Explore page.</li> <li>Here, you'll find a list of Sets available.</li> <li>Index Sets usually have "Index" in their names, and Farm Index Sets have "Farm" in their names.</li> <li>For instance, you might see "DeFi Pulse Index" or "ETH-USD Yield Farm."</li> </ul> <p><strong>Step 4 :</strong></p> <ul> <li>Let's see how to buy one of these Sets. We'll use "DeFi Pulse Index" as an example.</li> <li>Click on "DeFi Pulse" from the Explore page.</li> <li>Then, click "Buy."</li> <li>A pop-up window will appear.</li> <li>You can choose to buy it using one of the four supported currencies.</li> <li>Let's say you want to buy $80 worth of "DeFi Pulse Index" (DPI).</li> <li>Click "Submit."</li> </ul> <p><strong>Step 5 :</strong></p> <ul> <li>You'll need to approve TokenSets to spend your USDC (a stablecoin).</li> <li>Click "Confirm" in your Metamask wallet.</li> </ul> <p><strong>Step 6 :</strong></p> <ul> <li>Once your approval is confirmed, you can submit your purchase.</li> <li>Another transaction approval is needed.</li> <li>Click "Confirm" in your Metamask wallet.</li> <li>That's it! You're done Johny. See, it wasn't that hard!</li> </ul> <p>​</p> <p>​</p> <p><strong><em>TL;DR :</em></strong></p> <ul> <li><strong>Decentralized Fund Management:</strong> It's like automated crypto investing without a traditional manager. TokenSets is an example.</li> <li><strong>Types of Sets:</strong> Two main types - Index Sets bundle crypto assets, and Yield Farming Sets help you earn rewards in DeFi.</li> <li><strong>How Sets Help:</strong> They simplify trading strategies. Do your research, choose one, and invest.</li> <li><strong>Getting Started:</strong> Visit tokensets.com, choose a Set, specify your investment, and confirm it. Ez!</li> </ul> <p>​</p> <p>​</p> <p>All of the info above was written by me with the help of the How to Defi book from Coingecko. Hope it helped others like it did for our boy John here!</p> </div><!-- SC_ON -->   submitted by   <a href="https://www.reddit.com/user/Natural_NoChemical"> /u/Natural_NoChemical </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/16o8a8f/helping_the_average_john_guy_understand_the_defi/">[link]</a></span>   <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/16o8a8f/helping_the_average_john_guy_understand_the_defi/">[comments]</a></span>