This proposal is expected to appear on Snapshot for voting on Monday of September 5th, 2021 at 12:00 pm UTC.
TL;DR
- Proposal to whitelist INST
- Proposed co-investment is 900,000 BNT.
- INST is a fairly distributed governance token with a finite supply of 100m tokens; the tokens conform to the COMP token standard and contract changes occur through governance.
- There is no reason to doubt the legitimacy of the Instadapp project.
- The benefit to Bancor is clear.
INST token address (ETH): 0x6f40d4a6237c257fff2db00fa0510deeecd303eb
INST token address (Polygon): 0xf50D05A1402d0adAfA880D36050736f9f6ee7dee
Project Website: https://www.instadapp.io
Token Security
INST is a governance first token that does not have an elastic supply, or rebase mechanism. The INST token contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The INST token supply is fixed at 100,000,000, of which 17,823,239 are in current circulation. The contract with the highest concentration of INST token is the DAO’s Treasury which holds around 40% of the token supply; the other current large wallets represent the token vesting contracts for team, investors and future team. The other large wallets are primarily Uniswap v3 Liquidity. The team wallets and vesting contracts can be found by highlighting the question mark under Circulating Supply on CoinGecko here.
Project
Instadapp is a DeFi middleware platform that empowers DeFi protocols with powerful tooling, with a focus on creating modular functionality, being developer friendly and enabling new use cases to DeFi. Instadapp is powered through its DeFi Smart Accounts, a non-custodial smart wallet that enables access to the Instadapp platform and functions. Instadapp empowers users by enabling one-click transactions, refinancing, collateral and debt swaps and other composable DeFi operations. In July 2021 Instadapp shifted the administration and upgradability of its contract to its INST token holders.
Tokenomics
Instadapp’s native token, INST (ERC20), is a governance token for Instadapp community members to utilize in voting for the future of the protocol. To bootstrap the community, there was a retroactive airdrop for those who had positions within Instadapp and/or participated in DeFi either on Mainnet Ethereum or Polygon at snapshot block #12,644,000 and #15,773,000 respectively. Instadapp smart contract wallet users (DSA v.2) can earn INST by allocating funds to DeFi applications within the Instadapp protocol, these applications currently include MakerDAO, Compound, Aave V2. Another way to earn INST is by providing liquidity to the Uniswap V3 INST/ETH pool. Through these means of acquiring INST tokens, anyone has a fair and equal chance at acquiring a stake/voice in the future of the Instadapp protocol. In essence, the INST token is not just a governance token, but also a tool to incentivize user behavior.
Community and Communication
Instadapp is active on Reddit, Telegram, Discord. The Instadapp team also operates official Twitter and YouTube accounts. Activity on GitHub is frequent, with new updates appearing every week or so. The Instadapp team is accessible primarily through communication channels such as the Discord link listed above. Samyak Jain and Sowmay Jain are the co-founders of Instadapp who have steered the mission and vision of Instadapp since hackathon days back in 2018. Team members and advisors can be found on the Instadapp LinkedIn Page. The Instadapp website includes one contact e-mail:
- General Inquiries: [email protected]
Available Audits
Instadapp has been audited several times since 2018, by reputable auditors:
Market and Trading Data
- Instadapp’s price at the time of writing is $9.04
- All-time high: $24.40 (16th June 2021)
- All-time low: $2.62 (02 July, 2021)
- Price 90 days ago: $6.55 (16 June 2021)
- 17,823,239 tokens in circulation
- 100,000,000 maximum supply.
- The current market capitalization is $164,058,895.
- The INST token is available on Uniswap V3.
- The 24-hour spot volume is $2,286,141 (Uniswap V3)
- Dune Analytics Dashboard: Instadapp Key Performance Indicators
Instadapp x Bancor Future:
Instadapp is developing the DeFi infrastructure for future application development. There are many synergies and business opportunities where Bancor and Instadapp could collaborate and find mutually beneficial projects.
Upcoming Features from Bancor v3 and other uniqueness of Bancor’s liquidity solutions can be leveraged into the DeFi Smart Layer for increased exposure for Bancor but also for development of newer strategies and use cases. Instadapp’s platform would provide railing for Bancor to offer additional functionalities and to potentially build even more complex liquidity solutions.