InstaDapp is a smart wallet for DeFi which allows users to seamlessly manage multiple DeFi applications to maximize returns across various protocols in a fraction of the time. With InstaDapp, users can take advantage of sector-leading projects like Compound, MakerDAO, and Uniswap all in one easy to use portal. On top of making them easier to use, InstaDapp also adds additional benefits and use-cases for the supported projects that aren’t natively supported.
The project is focused on making DeFi easier for nontechnical users by maintaining a decentralized ethos while abstracting a lot of the confusing jargon a lot of products bring with them. Their philosophy revolves around “keeping things as minimal as possible, [and] easy to understand”.
InstaDapp was founded in fall of 2019 by Sowmay Jain and Samyak Jain, and the backstory behind its creation is quite the whirlwind of emotions. It started off as a cool interface built on top of Maker, first created during the ETHIndia 2019 hackathon. Sowmay and Samyak’s winning submission extended into an open innovation grant offer by Kyber Network to “build whatever service they felt was needed in the space”.
At this point, both of the brothers dropped out of school to go full-time DeFi. After accepting the innovation grant, they continued their core philosophy of simplifying DeFi with minimalistic interfaces. Eventually, they shifted their focus to building their own smart contracts which allowed them to simplify complex transactions for users, and begin the “smart wallet” layer for their project.
InstaDapp then conducted a successful seed round in October 2019 led by Pantera Capital, and raised $2.4 million to build out their project’s vision. The round included several other notable investors like Coinbase Ventures, Kyber Network’s Loi Luu, and even Naval Ravikant.
One of the main advantages of using InstaDapp over these protocols individually is that everything is in one easy to use access portal, all in one location. You can manage your MakerDAO vault, adjust your Uniswap liquidity pool, and even lend or borrow from Compound. On top of having everything centrally located in a simplified interface, InstaDapp has crafted their own smart contracts which aid users in making their DeFi experience even more seamless. These smart contracts are what enable the “smart wallet” functionality of the product.
One example of these simplified smart contracts is the “save” feature when managing your Maker Vault through InstaDapp. By using the traditional Oasis front-end, to close a Vault with the collateral inside of it you’d have to withdraw your ETH in smaller increments, sell it for DAI, and use that DAI to pay back your vault. When using InstaDapp’s save feature, it initiates a reverse loop to pay back your debt with the collateral inside of it, all in one single transaction. Another popular feature by InstaDapp is the “bridge” feature, which allows you to migrate your position from Maker to Compound.
InstaDapp has several features for Maker (both single and multi-collateral variants), which include borrows, deposits, repayment, and leverage. With Compound, you’re able to supply assets to start earning interest, as well as borrow assets directly from InstaDapp’s simple UI. Lastly, you can manage all of the Uniswap pools you currently provide liquidity for by depositing more liquidity into it, or removing the liquidity you previously provided.
Getting Started at InstaDapp
To get started, visit InstaDapp.io. Once you access the dashboard in any web3 supported browser, you’ll be asked to create the smart wallet assigned to your address.
When clicking “Create Smart Wallet”, users are prompted to approve a transaction in their connected web3 access point. This is the transaction that deploys the smart contract which InstaDapp uses. Once the transaction is approved, users are greeted with this success popup.
After a smart wallet has been created, InstaDapp is at the user’s disposal! Here users can find all of their features on the left-hand column directly on the dashboard.
The MCD Migration feature lets users easily migrate old CDPs from Single Collateral Dai to the new Vault version (MCD) in one easy step. “Lend & Earn” lets users earn income on either DAI or USDC through Compound, while Protocol Bridge lets you migrate your positions from MakerDAO to Compound and vice versa. The other menu buttons let users directly interact with the specified projects such as MakerDAO and Uniswap using InstaDapp’s interface.
To stay up to date with InstaDapp, follow the project on Twitter, Discord, and Telegram! For future blog posts, check out the blog section of their website, and finally for updates, subscribe to their newsletter.