DeFi Analytics

InstaDApp, one of the best DeFi Dashboards

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There are several interfaces, or dashboards, that allow accessing DeFi services in order to take advantage of their benefits and offers. One of these is InstaDApp, an intuitive interface optimized for users who have no particular technical or financial experience.

It is basically a smart wallet specifically designed to use decentralized finance services, thanks to which it is possible to perform complex activities, such as lending, leveraging, swaps, in a simplified way. In order to work, it needs to interact with a web3 ethereum wallet, such as MetaMask, Coinbase Wallet, TrustWallet or imToken, although an autonomous mobile app is planned to be launched in the future.

For the time being it is a platform that can be used through the InstaDApp.io website. The platform uses special smart contracts to protect transactions, which means that the funds are stored in the smart contract’s wallet. This allows transactions to be traceable, irreversible and publicly verifiable. Moreover, thanks to the web3 ethereum wallets, InstaDApp is in fact a non-custodial platform, as the funds always remain fully owned by the user.

InstaDapp: 6th DeFi Platforms in terms of locked funds

Screenshot from DeFiPulse (31.03.2020)

InstaDApp does not charge fees, though obviously some ETH is required to pay the gas of transactions, it does not have its own native token, and is available to anyone around the world. To date, the platform already has more than 8,600 smart wallets, with almost $24 million in locked assets, which puts it in sixth place, after Uniswap, among the DeFi platforms with the most locked funds. It was launched on the Ethereum mainnet in December 2018, while the second version was released in April 2019.

The user interface of the dashboard has been designed to be intuitive, so that it can be used also by non-expert users, and allows the use of DeFi tools such as MakerDAO, Compound, Uniswap, and others. This allows users to perform complex actions with simple pre-configured transactions, such as “Bridge” which allows users to migrate debts between Maker Vaults and Compound Finance. Another classic operation that can be performed easily is to lend assets, or add liquidity, to Uniswap pools to earn interest.

In reality, the team plans to add links to other protocols, and additional functionality in the future, with the long-term goal of becoming a kind of decentralized bank to drive mass adoption of DeFi tools. The fact is that although protocols such as MakerDAO or Compound are extremely interesting and innovative, they are often quite difficult to use for the average user. Therefore, a simple interface is required to bring DeFi tools to the masses, with a user experience (UX) accessible to all.

InstaDApp: One more step toward a Decentralized World

Decentalized World: Cool dream or Reality?

That’s why there are interfaces like InstaDApp, which provide users with much more accessible dashboards and allow them to use complex DeFi tools in a way that is easily usable by most people. For instance, InstaDApp was created to make it possible even for technically unprepared people to borrow from MakerDAO. Hence it originally allowed the opening of CDPs in an extremely simplified way, basically with a single operation. Subsequently, many other features were added to make it possible to perform many other operations, such as lending DAI to earn interest.

In addition, one of the main objectives of the project from the beginning was to bridge the gap between DAI and USD, thanks to a collaboration with SendWyre, which allows the conversion of DAI into US dollars. In the future, they hope to make it possible to integrate the service directly with traditional bank accounts so that they can manage tokens and dollars at the same time.

This is what they mean by “decentralized bank”, i.e. a platform that is managed like a bank account, but trustless, non-custodial, and connected to various DeFi features. Considering the banking sector as a basic infrastructure of the financial world, it is also possible to conceive that decentralized platforms can operate within it, which are very different from the traditional centralized ones, but with somehow similar purposes and uses.

InstaDApp Preview

For example, no traditional centralized bank can ever be trustless and non-custodial, while the use of decentralized blockchains such as Ethereum, and smart contracts, make it possible to finally conceive and realize a banking system without intermediaries and managed only by precise computer algorithms. However, to achieve this, these new tools must be as easy to use as a common bank account, which is why, in addition to DeFi tools, simplified interfaces must also be made available to the public.

On top of that, decentralized finance also allows functionality that has never been possible before. For example, InstaDApp wants to make it possible to use unused assets as collateral when borrowing DAI, for example, to put them to use on other revenue-generating platforms, such as Compound, Stacking, UniSwap, etc. This is a rather complex management, which must be simplified and automated to the maximum in order to make it usable by virtually anyone.

Suffice it to say that the value of collateral fluctuates continuously, and must never fall below a certain threshold. Therefore, a real-time automated management is necessary that continuously calculates how many locked assets are not needed as collateral, and allocates them instantly to other platforms so that they can be redeemed quickly and at any time if the value of the collateral required by the loans falls significantly.

In order to make tools of this kind accessible to most people, it is necessary to ensure that they can also be used by those who are not familiar with them. In other words, it must be possible to use them immediately, without being required to know how they work technically, but understanding their logic, especially from a financial point of view. All this must, of course, always allow the users to retain full ownership of their funds, otherwise, these tools will cease to be decentralized.

A World without Intermediaries

No more intermediaries

The absence of an intermediary is fundamental, so it must be the platform that guides the user, and not an intermediary. For this reason, it is not at all easy to create such platforms, and InstaDApp is certainly one of the best in this respect. To achieve this, it was decided to create a contract wallet for each user, able to interact with different protocols, also based on Ethereum, but allowing the user to retain ownership.

Moreover, the average user is not shown which protocols are used, which means that the user doesn’t even need the knowledge to be able to participate. Only the logic is shown, allowing the user to decide which functionality to choose, and why, making available all the additional information only to those who decide to go into detail. Clearly, in these cases, simplicity is a compromise with in-depth knowledge of the tools, but since the latter very often does not pertain to ordinary users, it turns out to be an acceptable compromise.

The project is still only in its infancy because, although much has already been done and the tools are working properly, the long-term objectives are much more ambitious. It will be necessary, however, to give the team time to be able to work and produce new high-performance, safe, and widely tested features.

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