Instadapp is an Ethereum-based open-source platform with DeFi smart contract accounts (DSAs) and an Integrated wallet functionality that enables users to manage their DeFi assets on multiple protocols across multiple blockchains.
It serves as a DeFi "middleware" and DeFi Smart Layer (DSL) and also provides a complete toolkit for developers to build their dApps on its framework.
Instadapp was founded in August 2018 by Sowmay Jain and Samyak Jain, the former is currently the CEO while the latter is currently the CTO. The native token of the instadapp protocol tagged "INST" was launched in June 2021 and was subsequently used to raise $10 million in a Series A external round.
At Glance
● Instadapp serves as a one-point connection to all DeFi protocols making the optimization of your crypto assets across multi-chains easier.
● Instadapp is the first known DeFi aggregator that has a native token tagged "INST" that confers governance rights to its holder.
● Instadapp can be likened to DeBank in functionality, but it is laced up with more DeFi toolkits for both the user and the developer.
● Instadapp has its Integrated non-custodial smart contract multi-network wallet it tagged "Avocado"
● Instadapp protocol serves as a DeFi smart layer (DSL) , an infrastructure layer that makes access to data on DeFi protocols and platforms easy for both a user and a developer.
● Instadapp can be used to lend, borrow, leverage and swap your crypto assets between various protocols across multi-chains.
● Instadapp allows access to DeFi platforms like Aave, Uniswap, MakerDSO (DAI) and lending protocols like Compound, Morpho and Euler.
● Instadapp DeFi smart accounts (DSAs) enable your instadapp account to have Multiple Owners, DeFi Composability, Assets Optimization and Authorities.
● Instadapp is a product of a 2018 hackathon held in Bengaluru, India tagged "ETHIndia". Sowmay Jain and Samyak Jain emerged winners of the Hackathon with the initial version of the Instadapp.
How Does Instadapp Work?
Having crypto assets in different blockchains and on their various protocols has a downside to it. The downside is the time and effort required to track their data, swap them and ultimately use them. You'll need to be switching and visiting different protocols a lot hence forcing you to use different interfaces with their different functions and complexities and honestly for a newbie specifically to the DeFi space it can get really confusing and tiring.
Hence the purpose of instadapp: connect your wallet and bring all those protocols across different blockchains in one single interface or dashboard that'll have all the tools needed to track, swap and use them seamlessly all in that single interface. For example, you can transfer your tokenized assets on Aave to Compound protocol and then lend them while you're still in the instadapp interface and this is applicable to all the blockchains and protocols integrated on the instadapp.
Instadapp can do this because of the DeFi smart layer (DSL) and underlying structure whose main function is to enable the aggregation of DeFi protocols across multiple chains, it does this by using three components namely; Smart Accounts, Connectors, and Authority. Smart accounts also called DeFi smart accounts (DSAs) are trustless accounts on the instadapp that grants users the full functionalities of the instadapp dashboard and allow access to Connectors.
Connectors are the smart contracts designed module or program that links or connects the instadapp to protocols across multiple blockchains. They're like the window between the instadapp platform and all the supported protocols and blockchains on the instadapp platform. Authority is the set of customized rules that are preset by users and subsequently executed automatically in respect to what they want their DeFi smart accounts (DSAs) to do in their absence.
What Can You Do With Instadapp?
Lend & Borrow: Instadapp can be used to access lending & borrowing protocols like Compound, Morpho and Euler with just a few clicks. Tokenized assets can be transferred to these protocols and lent, you can also borrow tokenized assets from these protocols all while still in the Instadapp dashboard.
Collateralize Assets: Still in tune with the lend & borrow use case, Instadapp can be used to collateralize assets or collateralize a debt position (CDP) in the sense that it can make any compatible assets with value collateral to facilitate or execute the borrowing or loaning of another asset, all in one single interface mostly using the MakerDAO (DAI) access point in the Instadapp platform.
Swap Tokens: Uniswap decentralized exchange which is the largest DEX on Ethereum can be accessed from the Instadapp platform. Instadapp happens to be an Ethereum-based platform so the interaction with Uniswap will assuredly be seamless and optimized for your tokenized trades.
Provide Liquidity To Pools: You can track or monitor your liquidity pools across different blockchains and you can subsequently add liquidity to the same blockchains through the Instadapp platform. Instadapp has a liquidity-optimized interface which can be also used to stake tokenized assets on supported blockchains on the Instadapp platform.
How To Use Instadapp?
First of all, you'll have to own an Ethereum-compatible non-custodial crypto wallet, like Metamask. Then you visit the instadapp website at "Instadapp.io" and connect to the wallet to use the flagship dashboard functionality. Other advanced and optimized functionalities of the Instadapp will be accessed when you create a DeFi smart account (DSA) but this will cost you gas in ETH, around $11 - $16 worth as of March 2023.
What Is Avocado?
Avocado is the integrated non-custodial smart contract crypto wallet of the Instadapp platform enabling multi-network transactions. Avocado was launched in March 2023 and its most outstanding feature is its "Network Abstraction" which not only shows balances on all networks but can also execute transactions on all networks without the need to switch between them.
What Is INST?
INST is the ERC20 native utility and governance token of the Instadapp platform. It was first distributed to core team members and investors which subsequently made up the initial DAO of the Instadapp ecosystem.
A complete handover of governance enabling on-chain voting and general decision-making to all token holders who will be part of the Instadapp decentralized autonomous organization (DAO) is said to come in the near future.
One INST token is valued at $1.50 as of March 2023 according to CoinMarketCap. The total supply of INST tokens is known to be up to 100 Million. There is an estimated amount of 18 Million INST tokens in circulation.
Is Instadapp Safe?
Instadapp is a centralized DeFi aggregator that is transitioning into a decentralized DeFi aggregator centred around the Ethereum blockchain. It is presently governed by a decentralized autonomous organization (DAO).
The DAO has rid it of its central authority and this makes it practically safe with respect to the security standards of decentralized platforms. Also, its wallet functionalities maintain the non-custodial nature of decentralized crypto wallets.
Why Choose Instadapp?
Instadapp will grant access and full token functionality to all tokenized assets in different protocols across multiple chains in one single user-friendly interface. This way trading becomes easier and your experience becomes more optimized.
With a portfolio dashboard laced with connectors to the biggest DEX on Ethereum and sundry lending protocols like Compound, alongside a complete developer guide and toolkit, Instadapp will efficiently provide solutions to all your DeFi complications.
STAY INFORMED
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