DeFi: InstaDapp grows 3000% in a month
DeFi: InstaDapp grows 3000% in a month

DeFi: InstaDapp grows 3000% in a month

By Alfredo de Candia - 15 Jul 2020

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These are record numbers for the InstaDapp platform, an aggregator of protocols in the decentralized finance (DeFi) environment.

In just one month, the volume managed by this platform increased by 3000%, from $6.4 million to over $184 million.

Instadapp defi

The project was launched during ETHIndia in 2018 and since then it has been constantly updated and has included other protocols and tools such as Debt Swap, which allows users to swap assets from USDT to DAI and get more COMP, or reallocate with wBTC.

The advantage of InstaDapp lies in interacting with different smart contracts and protocols, but also in tracking activities through different socials, hence it can be described as a decentralized smart wallet.

When a user interacts with this platform a smart contract is created that is linked to the user’s address and where all the various CDPs are imported in order to manage all the tools related to DeFi such as lending, leverage, swaps and so on.

InstaDapp doesn’t have its own token, thus it is more a tool at the service of users than a service to be used with a proprietary token, even though in the future it might implement a token and, who knows, maybe one used for governance.

Record-breaking DeFi

As we have seen from the previous chart, decentralized finance shows no downturn and, if anything, is grinding numbers and setting new records. In fact, this month the 2 billion dollars locked within the various protocols and assets have been exceeded.

A boost certainly stimulated also by the issuance of the Compound token (COMP) that has seen an increase in its triple-digit price and that has changed the way tokens are distributed.

After reaching price records of up to $300, Compound lost half of its value and is now trading at around $160. Nevertheless together with Maker it is the dominant token of the DeFi industry. Maker and Compound alone hold 60% of the dominance of decentralized finance.

Furthermore, only yesterday the Fulcrum token (BZRX) was launched.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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