Introducing Pay with Stablecoins – Set Labs
You’ll now see a new buy and sell modal on the TokenSets website when buying or selling Sets. In the new buy flow, USDC or DAI can be exchanged for Set tokens and in the new sell flow Set tokens can be exchanged for USDC or DAI. The new buy flow will also allow you to easily approve your tokens for trading within Set Protocol so that you can get started as quickly as possible!
In order to buy/mint a Set using DAI or USDC you will first need to approve your tokens for use within Set Protocol. For example, if you choose to mint a Set using DAI then once you open the new buy modal, you will be greeted with an Approve your DAI for trading button. Note that this process only needs to be done once per token per address.
Once approved, you can use your DAI (or USDC) to mint any Set listed on TokenSets. It’s important to note that if a Set is currently positioned in DAI or USDC then you can now simply mint a Set without performing any trades (which means zero slippage). For example, if the ETH20SMACO Set is positioned in USDC you would simply approve your USDC tokens for trading, select the amount of Sets you would like to mint, hit Buy and your USDC will be deposited into the Set Protocol Vault and ETH20SMACO Set tokens will be issued to your wallet.
There’s now also a new flow for selling/redeeming a Set on TokenSets that will allow you to sell part or all of your Sets for DAI or USDC (in addition to ETH). For example, if you had 10 of the ETH12EMACO Sets, you could sell 3 for DAI, 3 for USDC and 4 for ETH — all from within the new TokenSets sell interface!
In addition to this, if a Set is positioned 100% in USDC or DAI, no trades will take place if you choose to sell/redeem into USDC or DAI — you will simply exchange the Set tokens for the collateral locked up in the Set Protocol Vault contract. For example, if the ETH20SMACO Set is positioned in DAI you would simply approve your DAI tokens for trading, select the amount of Sets you would like to mint, hit Sell and your Sets will be destroyed and DAI will be withdrawn from the Set Protocol Vault into your wallet.
We’re excited for you to dive in and experience the new buy and sell flows as well as how seamless we’ve made it to pay with both DAI and USDC!
If you have a stablecoin that you’d like to see as an exchange option on TokenSets, please don’t hesitate to reach out to us.
Developers interested in working with us can also reach out to our friendly team by emailing us at hello@setprotocol.com or by joining our Telegram chat.
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Published at Wed, 02 Oct 2019 21:21:12 +0000
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