In the crypto world, every DeFi project is going different ways to achieve as much liquidity as possible. This seems divergent that similar projects are competing with each other. Hence, there are too many options for DeFi services, confusing new users.
Founded in 2018 by two Indians in their 20s, Instadapp offers a full solution to tackle the issue when it raised $2.4M from investors in Oct 2019.
The article below will provide all the detailed information about Instadapp, including:
- What is Instadapp? How does it work?
- All the detailed information about INST’s Tokenomics and how to buy, get INST tokens.
- Roadmap, updates and details about the team, investors, and partners.
- Is Instadapp a good investment?
Let’s find out how they built everything from scratch together!
What is Instadapp?
Instadapp is an all-in-one asset management platform specially designed for both users and developers to reach the full potential of DeFi, especially lending services. It uses the DeFi Smart Layer (DSL) – the Instadapp process as the middleware to link various DeFi protocols into one platform.
This means users can interact with layer 2 DeFi protocols such as Uniswap, Compound, AAVE, and so on directly via the Instadapp platform. It also allows users to leverage their crypto assets.
There are multiple DeFi services that you can use on the platform as follows:
- Lend your crypto to earn rewards.
- Borrow tokens by depositing your crypto as collateral and pay interest in the future.
- Swap/trade with non-custodial wallets.
- Leverage your crypto assets for high risk and high rewards.
How does Instadapp work?
DeFi Smart Layer (DSL) is a financial framework that makes DeFi accessible for all users and developers. DSL contains three main components, including:
- Authority allows users to set the administrative level of DeFi Smart Accounts for management.
- Smart Accounts are responsible for storing the crypto assets owned by users.
- Connectors connect and directly interact with other DeFi protocols.
Instead of directly connecting the wallet to the platform, Instadapp uses DeFi Smart Accounts connected with the non-custodial wallet for portfolio management. It optimizes the steps to interact with other available protocols.
- Users can manage, provide liquidity, stake their funds across other protocols.
- Developers are provided with the SDK to connect and develop ideas (arbitrage bot, Dapp, Flash loans, etc) on the platform.
- Protocols benefit from the aggregation network of Instadapp.
Users can use Account Extensions to leverage their power with functionalities such as Flash Loan, Authority Extension, Layer 2 Extension, etc.
The Instadapp platform is designed for developers to build programs with the highest security level. They wrote detailed documentation of how to install, set up, and conduct commands via DeFi Smart Layers with the SDK tool.
What is INST Token?
INST is the Instadapp governance token that will put the Instadapp protocol under the control of the community. Since June 2021, INST tokens have been live on the Ethereum mainnet and distributed as scheduled.
This will form a fully decentralized platform that is transparent and community-oriented.
Detailed information about INST Token
INST Key Metrics
- Token Name: InstaDapp.
- Ticker: INST.
- Blockchain: Ethereum.
- Token Standard: ERC20.
- Contract: 0x6f40d4A6237C257fff2dB00FA0510DeEECd303eb.
- Token Type: Utility and governance.
- Max Supply: 100,000,000 INST.
- Circulating Supply: 17,946,349 INST (self-reported).
INST Token Allocation
The INST Token has a total max supply of 100,000,000 tokens distributed as follows:
- Community members: 55%
- Team members: 23.79%
- Investors: 12.07%
- Future team and ecosystem partnership: 7.85%
- Advisors: 1.27%
INST Token Sale
INST Token Release Schedule
All 100,000,000 INST will be minted at the genesis and will be distributed over the course of 4 years as follows:
- 55% to Instadapp community members and it will be distributed via reward distribution programs: DeFi User Distribution, Liquidity Mining, Uni-v3 Staking.
- 23.79% to current team members with 4-year vesting.
- 12.07% to investors with 4-year vesting.
- 7.85% for future team members and ecosystem partnership.
- 1.27% to advisors with 4-year vesting.
Note: All vesting processes are conducted by the smart contract.
INST Token Use Case
Instadapp issues INST as its native token, having functionalities as follows:
- Rewards: Users can earn token rewards when providing liquidity on the platform.
- Transaction fees: INST tokens are used to pay for the platform services.
- Governance: Instadapp claims that on-chain voting governance will be passed on to community members as soon as the platform upgradability is operating as intended. The on-chain voting will allow token holders to propose upgrades and changes to the protocol.
How to get INST Token
You can get INST through multiple decentralized exchanges: Uniswap, 1inch, etc.
Instead of buying on different exchanges, INST tokens can be earned by participating in token distribution programs: DeFi User Distribution, Liquidity Mining, Uni-v3 Staking.
How to buy INST tokens
You can buy INST token on Coin98 Exchange by clicking the swap button at the bottom of this article and following these simple steps on:
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search INST.
- If the result does not come up, you can paste the contract of INST into the search box: 0x6f40d4A6237C257fff2dB00FA0510DeEECd303eb;
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
Roadmap & Updates
Team, Investors, and Partners
Instadapp was founded by two young Indian brothers in their 20s after they participated in the hackathon organized by ETHIndia.
In Oct 2019, Instadapp raised $2.4M in the seed round led by Partera Capital alongside with amazing investors including Naval Ravikant, Coinbase Ventures, Balji Srinivasan, IDEO Colabs, and Kyber Network’s Loi Luu.
Interestingly, the Jain brothers were 21 years old and 19 years old in 2019, however, they dropped out of school and decided to devote their lives to the crypto industry.
Instadapp trusts Chainlink for price-feed data because Chainlink is the biggest oracle company in the crypto space.
Is Instadapp (INST) a good investment?
Currently, Instadapp is on its way to being the top lending aggregator project in the crypto space. To achieve that ambition, the Instadapp team is constantly optimizing the protocol. There are some notable highlights from Coin98 for investment considerations:
Instadapp is focusing on both users and developers. They built a user-friendly interface to interact with other DeFi protocols and a step-by-step instruction SDK for setting up the extension to the platform. The docs are only for developers to explore while users have to go straight to the platform and explore the features themselves. We should follow the recent movements on social media to see if they announce the news.
Protocols on Instadapp are limited to only Ethereum, not multiple blockchain platforms. All the projects on Ethereum are now facing high gas fees and TPS challenges. How Instadapp overcomes these challenges to thrive?
Istadapp provides an effective and secure tool for managing funds and offers strategies for Collateral Swap, lending/borrowing, leverage in one click. Furthermore, Instadapp is now available on Arbitrum and Polygon and they also have bridges between them. This signal is so good that Instadapp is turning over a new leaf.
Aggregating all the existing DeFi protocol is a big ambition for two young founders. Until now, they have achieved some initial success in persuading large investors, developers, and other top DeFi protocols to come into their ecosystem.
Instadapp is technically an all-in-one liquidity aggregator that optimizes other platforms’ liquidity, including Aave, MakerDAO, Compound, Uniswap, and Liquity . As a result, its TVL rises higher and higher whenever a new protocol is integrated with the platform. Nevertheless, it’s just a relative number because it doesn’t reflect the actual amount of liquidity on the platform.
The Instadapp team has no clear roadmap, they seem to develop everything then public to the community. Therefore, many don’t know what they are expecting. The road is dark and empty so investors should be informed of what the team is doing.
In my perspective, Instadapp completes all the components and should consider a long-term future plan. And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.
Instadapp is a prominent project with great ideas built on the Ethereum blockchain, so it also has numerous competitively large lending projects, namely:
- MakerDAO: The Maker protocol on the Ethereum blockchain issues DAI USD-pegged stablecoin offering DeFi products such as trading and lending with over $6B in TVL.
- Liquity (LQTY): A lending protocol built on the Ethereum blockchain that aggregates liquidity by allowing others to build UI on top of its protocol.
Besides lending aggregators, there are many projects with a similar principle that aggregates DEXs and Yield Farmings such as 1Inch Exchange, Beefy Finance, OpenOcen, etc.
Instadapp is placed at a higher layer above other existing protocols since it aggregates all the liquidity and optimizes them for users’ greatest benefit.
And that is all you need to know about Instadapp and its INST token. I hope you’ve gained helpful insight to understand the potential behind Instadapp.
If you want to know further about Instadapp, please leave a comment below and join Coin98 Community for further discussions about Crypto.
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