InstaDApp (INST), debuted first in 2019, is a decentralized application (DApp) built on Ethereum (ETH) that integrates several decentralized finance (DeFi) protocols. It connects with other DApps and provides a centralized platform for users to manage all of their funds. INST is now trading at $6.35 per token, with a circulating supply of fewer than 18 million tokens and a market worth of $121 million.
What Kinds of Services Does InstaDApp Provide?
To use InstaDApp, a user must have a Web3-enabled Ethereum wallet, such as MetaMask or Metamak alternatives, and link it to the InstaDApp dashboard. Following the connection, users will have access to a platform that has all of the features that InstaDApp has to offer. The platform is referred to as “DeFi Smart Accounts (DSAs)” by InstaDApp. DSAs let users manage, delegate, and optimize assets from many protocols. Additionally, developers can build on top of DSAs to allow account holders to perform additional cross-protocol transactions.
Prior to InstaDApp, users would manually manage their assets on each platform and discover appropriate interest rates, collateralization ratios, and other factors. Due to the complexity, users may discover that manual monitoring necessitates a significant amount of effort. The introduction of InstaDApp’s DSA into the DeFi domain simplifies this by connecting the different protocols, acquiring the appropriate data, and summarizing it all on the dashboard. As a consequence, users may manage their cross-protocol assets with ease.
Additionally, prior to InstaDApp, users would have to go through a series of processes on each platform to transfer assets. The stages’ complexity can confuse and frustrate users, resulting in mistakes and losses. InstaDApp automates this procedure with smart contracts, requiring users to only modify the settings and conduct the transfers with a few clicks.
Why InstaDApp is Safe.
InstaDApp does not charge users for transfer fees. To move assets through the Ethereum network, users simply need to set some money aside for the gas fee. The DApp stores assets in non-custodial wallets, which means that users retain custody of their cash at all times and that InstaDApp has no access to those funds. Moreover, InstaDApp, like other blockchain-based apps, saves immutable records regarding transactions and assets on the blockchain.
The DeFi Smart Layer (DSL) was developed by InstaDApp as the underlying technology that allows the aggregation of DeFi protocols from various platforms. The DSL is made up of three components:
- Smart accounts that users can rely on Accounts are also used by users to store assets and perform transactions across connectors.
- Connectors are standardized modules that connect with DeFi protocols and provide access to DeFi services to smart contracts. Developers create smart contracts, which then perform DeFi transactions across protocols.
- Users are given the ability to appoint guardians, managers, or automation bots to administer their DSAs. Users can define unique permissions based on the specified modules so that addresses under certain modules can only do particular operations.
What Platform Integrations Does InstaDApp Offer?
MakerDAO (DAI), Compound Finance (COMP), and Uniswap are the current platforms that operate with InstaDApp (UNI). By integrating these services into InstaDApp, users may use the dashboard to lend, borrow, swap, manage liquidity pools, and generate collateralized debt positions (CDP). The following are the specific functions made possible by the integrations:
Compound Finance: The lending and borrowing DeFi protocol’s interface is offered by InstaDApp. Users may therefore borrow money using any supported cryptocurrency asset as collateral on the InstaDApp dashboard or lend cryptocurrency supported by Compound to earn interest.
Uniswap: The InstaDApp network now includes Uniswap, a decentralized exchange (DEX) with liquidity pools made up of token pairs. As a result, after selecting their token pair of choice, users may exchange tokens with one another using InstaDApp without the involvement of a third party. Users of InstaDApp that support Uniswap pools with liquidity may also simply manage their current pools from the InstaDApp dashboard.
MakerDAO: Much like Compound, the incorporation of MakerDAO enables the formation of collateralized debt positions. As a result, InstaDApp users may produce DAI, the platform’s stablecoin, on the dashboard and lock compatible crypto assets as collateral.
In interop, you will be able to migrate your entire AAVE position from one network to another just by using this bridge. However, you have to take into account that you will only be able to migrate the positions and tokens that are also in the other network. For example, in Matic, you will not be able to migrate it to Avalanche. But if you have, for example, BTC or USDT, or USDC, you will be able to directly migrate your position to another network.
This is especially helpful when you consider the incentive programs introduced by some networks, like Avalanche or Polygon, where you can easily and quickly transfer your tokens and receive a higher yearly percentage when moving to a network with a better reward scheme. You can find all the details at the bottom but bear in mind that it is still in beta.
However, employing this Instadapp option might help you save a lot of transactions and commissions if you wish to switch networks.
The list of supported networks to bridge is as follows:
Is InstaDApp’s INST Token Safe to Use?
INST, the governance token of InstaDApp, was just introduced on the Ethereum public blockchain. The transition from team to decentralized governance won’t happen overnight; instead, it will happen gradually as InstaDApp distributes tokens with its community. InstaDApp will first distribute a portion of the token supply to the investors and team members, creating the Micro Decentralized Autonomous Organization (DAO). The network governance will be overseen by the core team of InstaDApp until the on-chain voting, and contract upgradeability features perform as planned. Following that, they will transfer control of the protocol to the DAO, where the holders of INST tokens will oversee the following:
New features: Token holders are able to suggest brand-new protocol integrations, functions, and applications centered on idle assets in DSAs.
Protocol upgrades: INST token holders have the ability to vote on code modifications such as system upgrades and platform parameter changes.
Bridges and liquidity: Token holders can vote on how the InstaDApp’s liquidity sources and bridges, which link it to other protocols for refinancing and cross-chain asset management, are managed.
Ecosystem funds: holders of INST tokens have a vote in how money is spent on the growth of the InstaDApp ecosystem and the DAO’s treasury. They choose how the funds for the DAO, the community, partnerships, liquidity, and integrations should be used by InstaDApp.
InstaDApp is an Ethereum-based DApp that combines DeFi protocols into a single platform for convenient asset monitoring and administration. Users may monitor their assets across protocols using the InstaDApp dashboard, choose the best DeFi settings, and perform transactions using the underlying smart contracts. Users of InstaDApp may also monitor liquidity pools, collateralize assets, lend, borrow, and trade crypto assets, as well as offer liquidity.
The blockchain’s safe and decentralized features are combined with a centralized platform for asset management by InstaDApp. InstaDApp has had phenomenal growth and has billions of dollars locked in its smart contracts as a result of its strong connections with the top DeFi platforms, including MakerDAO, Compound, and Uniswap. Also, token owners now have the opportunity to propose and vote on ideas thanks to the creation of the company’s governance token. As a consequence, InstaDApp could expand even more as it incorporates the suggested features and new protocols.