The decentralized finance (DeFi) space is one of the most innovative spheres in the blockchain and crypto space. Despite its huge growth, this sphere still faces a lot of drawbacks with user experience (UX) and ease of navigation at the top of these drawbacks.
Instadapp (INST), however, is interested in changing this narrative. The powerful DeFi management platform is of the opinion that interacting with the decentralized finance (DeFi) space should not be difficult. Many also know Instadapp (INST) for bringing together different DeFi protocols. Furthermore, aggregating these different protocols into a single upgradeable smart contract layer and introducing ease-of-use to the fast-rising, yet nascent, DeFi ecosystem.
1/ Instadapp Lite is back with the north star security. After successfully mitigating the recent stETH/ETH depeg incident, we are more secure than ever, and here are the measures we took to mitigate any future risks!https://t.co/SyqP5w2cDd pic.twitter.com/rxwl3Zeu2V
— Instadapp (@Instadapp) May 26, 2022
Overview of Instadapp (INST)
Instadapp (INST), popularly known as the “DeFi Smart Layer,” helps to leverage the full potential of the decentralized finance (DeFi) ecosystem. Interestingly, the platform is open to all. This means that solo programmers, programming teams, and hacker groups are all welcome on Instadapp.
The platform focuses on helping developers design and launch dApps. Also, providing them with top-notch security and composability. Instadapp also functions as a bridge that helps to aggregate several DeFi protocols, combining them into a single smart contract layer. Therefore, making it possible for Instadapp to offer users and developers unrestricted access to the full potential of the DeFi ecosystem.
Instadapp protocol’s DSL will focus on account extensions and upgrades. This means that new extensions will both be upgraded and managed. Extensions will also provide developers and users on DSL with unique new functionalities. Therefore, creating a unique DeFi hub that is made up of use cases and extensions.
At the time of writing, Instadapp has a Total Value Locked (TVL) of $1,595,118,156. The platform is also well-known for its DeFi Smart Accounts and its 100% trustlessness.
How to Setup Your Instadapp Account
The importance of being able to seamlessly interact with DeFi protocols cannot be overemphasized, especially for beginners.
- To seamlessly interact with DeFi protocols using Instadapp, interested persons have to create a DeFi Smart Account (DSA).
- With the DSA, users and developers will be able to build extensions coupled with top-notch security and composability.
- Developers will also enjoy the possibility of creating multiple DSAs using a single Ethereum (ETH) address.
There are three major ways to set up a DeFi Smart Account (DSA).
- First on the list is to Create a Smart Account – Build ().
- Next is to locate all Smart Accounts owned by an Ethereum (ETH) address – getAccounts().
- Lastly, is to Set a Smart Account – setInstance().
INST is the native governance token of the Instadapp ecosystem. INST token holders also determine the evolution of the Instadapp ecosystem. The tokens also serve as a means of incentivizing users, developers, and even businesses on Instadapp.
Notably, INST token holders will govern the Instadapp ecosystem. Some of their expected functions include:
- INST token holders are the authority framework.
- They are also in charge of system upgrades.
- Token holders will also manage the decision of Instadapp’s liquidity source and bridges.
- Token holders will also determine the addition of extensions to the platform.
- Lastly, INST holders will also govern the allocation of Instadapp ecosystem funds.
To approve changes on Instadapp, the proposed change has to go through four governance flows.
- Community Engagement – The developer needs to share the proposal idea with Instadapp community members. The best way to introduce proposals to community members is on platforms like Discord and on the governance forum.
- Next is the developmental review where the developmental team will review and make any code changes.
- This is followed by submitting the proposal to the Instadapp DAO and also solicit support from INST token holders.
- Finally is the implementation of the proposal, if approved. The contract upgrades usually take place within two days.
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