Instadapp, a developer-focused DeFi aggregator, launches its governance token



In a blog post made yesterday, Decentralized Finance Management (DeFi) platform and protocol aggregator Instadapp announced the launch of its governance token, INST. Although currently not transferable by the average user, The token will be available at the end of the year to coincide with the transfer of control of the protocol to a DAO governance process in the second quarter of this year.

The project, which currently has more than USD 2.3 billion in its 18,000 “smart account” wallets, connects to a variety of DeFi protocols from a single interface and offers a suite of development tools in an effort to position itself as “middleware” for developers of DeFi products.

According to the Instadapp community manager, Steven Zapata (whom community members may know more about as “seb eth monk”), the turn to become a development platform is a key part of Instadapp’s growth strategy.

“Instadapp is known to be an aggregator, but we are much more than that,” he said. “Instadapp is a complete set of tools for building DeFi applications. As we transform our platform into a DeFi middleware, we are not only adding different protocols, but our platform will create unique use cases leveraging different components through DeFi.”

As examples, Zapata points to the ability of smart accounts to grant fund managers limited access to private assets, as well as aggregation of assets across multiple smart accounts for lending purposes.

Unlike other token advertisements, the team did not go around the bush that INST is a “worthless governance token.” “Implement fees” was mentioned as a governance option in a previous post, and token holders will be able to vote on key features of the protocol, such as which DeFi platforms to implement.

“Token holders will determine which protocols are added and which use cases receive funding and support,” Zapata said. “We believe that as the platform grows and more integrations and applications come to use and build on the Instadapp framework, the community is incentivized to integrate worthwhile products and create meaningful partnerships with other communities, as well as shape to the protocol for your benefit. “

Currently, the INST contract is active with a maximum supply of 100 million undistributed tokens. There are no concrete details about a future airdrop, only that the “protocol users” will have access to an initial distribution of an unspecified sum on an undefined date.

While Instadapp is the first aggregator to launch a token, it is likely not the last. It has long been rumored that Zapper is considering launching a token (though their documentation denies any “short-term” plans), and likewise DeBank has a popular 91-day-old proposal hanging around their forums where they mention their plans to launch a token.

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