InstaDapp, a DeFi bridge used to integrate and connect complex services on Ethereum, has just announced the completion of a $2.4M seed round. The round was led by a number of noteworthy investors including but not limited to Pantera Capital, Naval Ravikant, Balaji Srinivasan, Coinbase Ventures, IDEO Colab, Robot Ventures (Robert Leshner of Compound Finance) and Loi Luu (Kyber Network).
Similarly, InstaDapp also welcomes Edward Moncada, CEO of Blockfolio and Ming Ng, a collaborator on many well-known projects including Handshake, Kyber, and Blockfolio to their advisory board.
This announcement supports InstaDapps rapid rise to the #4 position on DeFi Pulse in terms of Total Value Locked (TVL). The platform currently holds over $31.6M USD with an estimated 171k ETH held via their smart contracts at the time of writing.
What is InstaDapp?
For those unfamiliar with InstaDapp, many have come to call the platform your “DeFi bank account” due to the nature of being able to integrate a variety of financial services into one dashboard. As it currently stands today, InstaDapp’s beta supports three prominent DeFi services: Compound, MakerDAO and Uniswap.
Once connected via MetaMask, the platform automatically scans and aggregates all of your positions on supported services into one intuitive dashboard. As such, InstaDapp offers a user-friendly service to quickly manage and overlay different DeFi services through the use of a smart wallet interface and bridge contracts.
“The best example is (InstaDapps) protocol bridge between Compound and Maker, which allows users to switch debt positions between the two protocols in a single step, without the need to tediously monitor interest rates across these markets, perform expensive capital redeployments, and perform multiple complex transactions.”
How Does this Help Defi?
For new participants to the digital assets ecosystem, it can be difficult to digest the requirements various DeFi platforms require to get started. Furthermore, while DeFi is largely connected thanks to the Ethereum protocol, most of these services still require users to navigate different websites in order to interact with their respective holdings and positions on said service.
“Instadapp is focused on becoming the portal to open finance, and is innovating in an area where most teams are stagnant — delivering an exceptional user experience.— Robert Leshner, Compound”
To echo Robert’s statement, InstaDapp may prove to be a crucial piece of infrastructure as the DeFi ecosystem continues to grow. Beyond the enhanced user experience, InstaDapp’s supported services could become a strong beacon of trust when it comes to determining which platforms should be used. Moving forward, it’s very likely that InstaDapp will expand it’s support to other emerging DeFi platforms such as dYdX or Set Protocol to encompass even more use-cases.
Conclusion
As DeFi continues to grow, support from the prominent investors listed above signals strong interest in the long-term viability of the ecosystem as a whole. If one thing is for certain, user-friendly tools will be vital to unlocking the next wave of adoption. InstaDapp has surely done it’s part and we’re excited to see what’s to come with the pending launch of the full product at some point in the next year.
“While other DApps are just interfaces for DeFi protocols, (InstaDapp) has created a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions, including lend/borrow, leverage and switch debt positions.”
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.