What is Instadapp? Instadapp project overview

• What is Instadapp?
• How does Instadapp work?
• Development team, investors and partners
• Development team
• Investors
• Partner
• What is INST token?
• Details about INST
• Use case of INST . token
• Reviews and conclusions

What is Instadapp?

Instadapp is an All-in-one asset management platform specially designed for both users and developers to exploit the full potential of DeFi, especially lending services. It uses DeFi Smart Layer (DSL), where Instadapp acts as middleware to link different DeFi protocols into one platform.

This means that users can directly interact with Layer 2 DeFi protocols such as Uniswap, Compound , AAVE… through the Instadapp platform. It also allows users to leverage their crypto assets.

There are many DeFi services that you can use on the Instadapp platform as follows:

• Lend your crypto to earn rewards.
• Borrow/borrow tokens by depositing your crypto as collateral and paying interest in the future.
• Swap/trade with non-custodial wallets.
• Leverage your crypto assets for high risk and high reward.

How does Instadapp work?

DeFi Smart Layer (DSL) is a financial framework that makes it easy for all users and developers to access the DeFi space. The DSL contains three main components, including:

• Permissions allow users to set the administrative level of DeFi Smart Accounts to manage assets.
• Smart Accounts are responsible for storing users' crypto assets.
• The connector connects and interacts directly with other DeFi protocols.

Instead of connecting wallets to the platform directly, Instadapp uses DeFi Smart Accounts connected to non-custodial wallets for portfolio management. It optimizes steps to interact with other available protocols. 

• Users can manage, provide liquidity, staking their coins on other protocols.
• Developers are provided with an SDK to connect and develop ideas (arbitrage bots, Dapps, instant loans ...) on the platform.
• The protocols benefit from Instadapp's aggregation network.

Users can use the account extension to easily integrate functions such as Flash Loan, Power Extension, Layer 2 Extension, etc.

Development team, investors and partners

Development team

Instadapp was founded by two Indian developers Samyak Jain and Sowmay Jain in their 20s after they participated in a hackathon organized by ETHIndia.

Investors

In October 2019, Instadapp raised $2.4 million in Seed Round led by Partera Capital along with amazing investors including Naval Ravikant, Coinbase Ventures, Balji Srinivasan, IDEO Colabs and Kyber's Loi Luu Network.

Partner

Chainlink is an Instadapp partner as a provider of real-time price data.

What is INST token?

Details about INST

INST is the governance token of Instadapp, the owner of this token has the right to participate in governance. As of June 2021, INST tokens have been active on the Ethereum mainnet with a total supply of 100,000,000 and distributed to the following entities:

• Community members: 55%
• Team members: 23.79%
• Investor: 12.07%
• Ecosystem: 7.85%
• Advisor: 1.27%

Use case of INST . token

Instadapp issues INST as its native token, which has the following functions:

Rewards : Users can earn token rewards for providing liquidity on the platform.

Transaction Fees : INST tokens are used to pay for platform services.

Governance : Instadapp states that on-chain voting governance will be passed on to community members as soon as the ability to upgrade the platform works as intended. On-chain voting will allow token holders to propose upgrades and protocol changes.

Reviews and conclusions

Currently, Instadapp is on its way to becoming the leading loan aggregator in the crypto space. To achieve that ambition, the Instadapp team is constantly optimizing the protocol. There are some highlights that you need to keep in mind before investing as follows:

Instadapp is focusing on both users and developers. They built a user-friendly interface to interact with other DeFi protocols and an SDK to guide users step-by-step to set up the extension for the platform. 

The protocols on Instadapp are limited to Ethereum and those projects are currently facing high gas fees and TPS challenges. So how does Instadapp overcome these challenges to grow? To find the answer, we need to observe a little more time. 

The Instadapp team does not reveal the Roadmap to develop the project, they seem to develop everything and then make it public. Therefore, many people will not know what features will be updated by Instadapp in the future and cannot set expectations on the project without knowing this information.

This can become a barrier for investors if they want to buy INST tokens to hold for a long time. It is still too early to answer the question, is Instadapp a good project or not? Therefore, readers need to research carefully before making a decision to invest in the Instadapp project. 

If you are interested in the Instadapp project, readers can follow more social networking platforms such as:

Website | Twitter | Discord

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