What Is Instadapp?
Instadapp is a smart contract wallet DeFi tool with an easy to use interface built on top of some of the most popular DeFi projects such as MakerDAO, Compound, Aave, and Uniswap. The Instadapp Dashboard helps users manage their DeFi positions and digital assets. Instadapp is optimized for users who have or don’t have advanced technical or financial experience but also provides those savvy enough a place to code certain actions - https://terminal.instadapp.io/.
Instadapp allows users to perform complex actions such as taking on leverage against digital assets or lending digital assets with a click of a button. Users are given best available market prices and lowest costs when swapping one asset for another on the Instadapp Dashboard. Two of Instadapp's popular features are its Collateral/Debt Bridge and Mainnet/Layer 2 Bridge which allows users to migrate assets between popular DeFi protocols and bridge assets to a Layer 2 solution such as Polygon.
In June 2021, Instadapp launched its governance token, INST. Through the release of INST, the Instadapp protocol was handed over to the community. INST token holders govern and control the underlying contracts and future upgrades to the platform.
There are currently two ways to earn INST through Liquidity Mining. The first is by importing or creating a MakerDAO, Compound, or Aave V2 position using the Instadapp V2 account. The second is by adding liquidity to the INST/ETH Uniswap V3 Pool.
How to complete the Instadapp Quest on Rabbithole
Tutorial: Setting up Instadapp DSA smart contract wallet.
First: Download an Ethereum Wallet
1.) Download Ethereum Wallet Extension (Metamask on Desktop) (Chrome, Brave, Firefox)
Click “Install Metamask for ___(Your Browser)___”
Click “Add to ___(Your Browser)___”
Click “Get Started”
2.) Create Ethereum Address
Two options - “Import wallet” or “Create a Wallet”
Read the Message and Click “I Agree”
3.) Create Password to Protect Ethereum Wallet (Only applicable to desktop Metamask wallet)
4.) Secure Your Wallet
Click “Click Here To Reveal Secret Words” and Write Phrase on Paper in Order
5.) Fund Your Wallet
Two options - Buy ETH through Wyre OR Receive ETH from another wallet/exchange
Choose “Continue to Wyre” or “View Account”
Second: Navigate to the Instadapp Platform
1.) Visit https://defi.instadapp.io
2.) Connect Ethereum Wallet to Instadapp
Check the Account to connect and Click “Next”
Verify the message reads “View the addresses of your permitted accounts (required)” and Click “Connect”
3.) Create DSA V2 Account “Create Account”
“Confirm” Transaction by paying GAS FEE to BUILD Account
4.) Create MakerDAO, Compound, Aave V2 Position by “Supply” ETH, DAI, etc…
MakerDAO: Click “Supply”
Compound: Click “Supply”
Aave V2: Click “Supply”