Ask about Set Protocol · freeSet Protocol
Total Value Locked$9.95m
TVL by Chain
Ethereum$9.95m
Key Metrics
Total Raised$16m
Dec 17, 2018$2mRound: SeedInvestors: Andrew Lee, Craft Ventures, GMO VenturePartners, Erik Ford, Kindred Ventures, Haystack, Matthew Ocko, Pascal Levy-Garboua, Scott Belsky, Social Capital, Threshold, VY Capital
May 28, 2021$14mRound: Series AInvestors: 1kx, Bossanova Investimentos, Coinbase Ventures, Craft Ventures, DeFiance Capital, Eric Conner, Hashed, Mechanism Capital, ParaFi Capital, The Spartan Group, Threshold
Protocol Information
A protocol for building portfolios as digital assets (ERC-20) that represent a fully collateralized digital asset (ERC-20) that represents a fully collateralized portfolio of other assets including Bitcoin (WBTC), Ethereum (WETH), and fiat-pegged coins (DAI).portfolio of other assets including Bitcoin (WBTC), Ethereum (WETH), and fiat-pegged coins (DAI).
Audits:
Hacks
Date: Jul 30, 2026
Amount: $9,600
Classification: Reentrancy
Technique: Reentrancy
On July 30, 2026, Set Protocol was exploited for ~$9.6K via reentrancy in Index Coop's ExchangeIssuance contract. Attacker supplied malicious manager pre-issue hook that inflated positionMultiplier mid-issuance. Unlocked state allowed the hook to mutate position accounting, causing overpayment of assets.
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Date: Oct 6, 2026
Amount: $21,873
Classification: Token & Share Accounting
Technique: Rounding Error
ETHMACOAPY’s actualizeFee() rounded redemption backing upward even when no fee was payable. Attackers donated collateral to trigger recalculation, temporarily acquired Set tokens, then redeemed them for more collateral than they contributed, with the difference coming from existing holders’ backing. Two separate EOAs repeated the process across two transactions, draining approximately 8.11 WETH
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Competitors
Closest by TVL
Set Protocol history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Apr 6, 2021 to Nov 14, 2026.
All-time high TVL: $607.74m on Nov 9, 2021. All-time low TVL: $8.73m on Jun 7, 2026.
Daily TVL, Oct 16, 2026 to Nov 14, 2026
| Date | TVL |
|---|---|
| Oct 16, 2026 | $12.92m |
| Oct 17, 2026 | $12.78m |
| Oct 18, 2026 | $12.63m |
| Oct 19, 2026 | $12.6m |
| Oct 20, 2026 | $12.59m |
| Oct 21, 2026 | $12.96m |
| Oct 22, 2026 | $13.09m |
| Oct 23, 2026 | $12.51m |
| Oct 24, 2026 | $12.38m |
| Oct 25, 2026 | $12.19m |
| Oct 26, 2026 | $12.06m |
| Oct 27, 2026 | $12.14m |
| Oct 28, 2026 | $12.08m |
| Oct 29, 2026 | $12.18m |
| Oct 30, 2026 | $11.23m |
| Oct 31, 2026 | $11.83m |
| Nov 1, 2026 | $11.85m |
| Nov 2, 2026 | $11.89m |
| Nov 3, 2026 | $11.58m |
| Nov 4, 2026 | $11.65m |
| Nov 5, 2026 | $12.22m |
| Nov 6, 2026 | $11.48m |
| Nov 7, 2026 | $11.54m |
| Nov 8, 2026 | $11.56m |
| Nov 9, 2026 | $11.17m |
| Nov 10, 2026 | $11.27m |
| Nov 11, 2026 | $10.94m |
| Nov 12, 2026 | $10.72m |
| Nov 13, 2026 | $10.52m |
| Nov 14, 2026 | $10.15m |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $73.9m |
| Jan 31, 2025 | $67.52m |
| Feb 28, 2025 | $43.43m |
| Mar 31, 2025 | $26.68m |
| Apr 30, 2025 | $23.18m |
| May 31, 2025 | $26.84m |
| Jun 30, 2025 | $26.65m |
| Jul 31, 2025 | $32.59m |
| Aug 31, 2025 | $31.96m |
| Sep 30, 2025 | $28.8m |
| Oct 31, 2025 | $22.57m |
| Nov 30, 2025 | $18.31m |
| Dec 31, 2025 | $16.78m |
| Jan 31, 2026 | $14.82m |
| Feb 28, 2026 | $11.66m |
| Mar 31, 2026 | $11.53m |
| Apr 30, 2026 | $12.14m |
| May 31, 2026 | $10.7m |
| Jun 30, 2026 | $9.16m |
| Jul 31, 2026 | $10.38m |
| Aug 31, 2026 | $12.42m |
| Sep 30, 2026 | $14.78m |
| Oct 31, 2026 | $11.83m |
| Nov 14, 2026 (latest) | $10.15m |
TVL at each year end, Dec 31, 2021 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2021 | $409.15m |
| Dec 31, 2022 | $60.34m |
| Dec 31, 2023 | $91.75m |
| Dec 31, 2024 | $73.9m |
| Dec 31, 2025 | $16.78m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/set-protocol
Frequently asked questions
What is Set Protocol's TVL?
As of Nov 14, 2026, Set Protocol has $9.95m in total value locked. TVL has decreased 22.2% over the past 30 days.
What chains does Set Protocol operate on?
Set Protocol operates on Ethereum. Ethereum holds the largest share at 100%.
How does Set Protocol's TVL compare to similar protocols?
Among Indexes protocols tracked by DefiLlama, Set Protocol ranks #6 by TVL. The category holds $253.46m across 80 protocols, and Set Protocol accounts for 3.9% of that total. Similar protocols include SoSoValue Indexes, Enzyme Finance, Reserve Protocol, Chamber Vaults, Index Coop, Asymmetry Finance, Drakewell SPYdw, Alongside, SHPRD, and PieDAO.
Has Set Protocol ever been exploited?
Set Protocol has 2 recorded security incidents. The most recent incident occurred on Oct 6, 2026 and involved $21,873. It was classified as Token & Share Accounting.