Context

I was tasked to do a competitive analysis of TokenSets, focusing on its functionality, target user demographics, and product strengths and weaknesses.

I looked into the product and played around with it using my own wallet.

As a summary, TokenSets is a DeFi platform that allows users to create, manage, and invest in algorithmic trading strategies represented by sets of tokens. Users can select a pre-defined set of tokens created by others, including DAO, funds, and other communities, and recommended/sanctioned by the protocol.

After some brief research, I selected two other similar products to complete my competitive analysis:

• Enzyme

• PieDAO

Process and results

From there, I looked into their functionalities, target audience, and their strengths and weaknesses. I also leveraged ChatGPT to help with this — however, everything that ChatGPT provided had to be manually double-checked as I noticed it often gave outdated information. This was likely because:

• web3 products moved fast; and

• web3 products generally did not have professional level documentation.

Once that was done, I brainstormed the recommendations for TokenSets and how it could stand out from the crowd.

With all this information, I refined it into a short report. Please find below a download of the completed competitive analysis as a sample. Note that this was done in 2023 and therefore, will be outdated.