The Instadapp Protocol is live and running! INST holders completed their first on-chain vote marking the first Instadapp Governance Proposal (IGP#1) and completing the transition to decentralized governance. We have seen amazing TVL growth following $INST launch and the community is starting to have discussions in the Governance Forum.
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🚀 Protocol Launch, The Recap 👋🏼
The $INST launch was a multi-tiered event with multiple rewards and different distribution schemes, so lets recap everything that occurred:
INST Allocation for All Current DeFi Users
Firstly, all active users of DeFi for the top lending protocols Maker, AAVE and Compound received an allocation of $INST This allocation was determined by the net value of those DeFi balances. Existing DeFi balances within Instadapp received a bonus allocation.
Liquidity Mining Rewards launched for on-going DeFi Balances
All current DSA v.2 accounts on Ethereum receive a mining reward for maintaining a DeFi balance on AAVE, Maker or Compound. The on-going mining event will allocate 3 million $INST tokens for the following three months. These tokens are distributed weekly. A great way to make a little something on your cBAT tokens.
Staking Uniswap V3 liquidity by utilizing G-UNI
Instadapp governance allocated 1.5M $INST to these two G-UNI pools where users can stake INST in automatically managed pools. G-UNI is a really innovative approach to managing Uniswap v3; it deserves its own section. Read more details below! 👇
If you missed the initial blogpost
This was a mini recap, for the full details please take a look at the original blog post.
[Action Item] Read our Blog Post
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🔱 Atlas Dashboard - Instadapp's Governance Portal
A sleek interface for delegating, managing and reviewing on-chain proposals. We launched Instadapp Atlas along with our $INST launch! If you would like to participate in voting start by delegating your $INST to yourself or to a Delegator. We will continue to improve and build on Instadapp Atlas to make it the go-to place for on-chain governance.
[Action Item] Visit the Delegation Page
🔱 Atlas Dashboard - Instadapp's Governance Portal
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📈 TVL breaks 6B! Flashloan Volume over 10B! 🚀
Instadapp is currently the 4th largest DeFi Dapp by holdings! Instadapp Protocol now has over 5B in TVL and about half of the TVL has migrated to the new DSA v.2! We want to thank the community for continued support and trust in our platform!
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🦄 G-UNI - Automated Uni v3 LP Management
A mage 🧙♂️ a unicorn 🦄 and a ghost 👻 walk into a Gelato parlour... G-UNI is a special ERC20 that manages and maintains price range positions on Uniswap v3. Uniswap v3 has some amazing capital efficiencies when prices are in range; but for the casual LP provider its quite an involved process and to earn those increased fees it becomes gas intensive to adjust concentrated liquidity to match with market conditions.
G-UNI provides a unique and elegant solution to the management needs required by providing targeted liquidity via automated price targeting. In the first day of launch we saw over $2m of value deposited into the G-UNI pool. For a deep dive in the mechanics behind G-UNI check out this post by Gelato.
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🏷 Nickname and Account Labeling
We know it gets hard to manage multiple DSA accounts; you use one for leverage, one for saving and one for your child's college fund. Now you can label the accounts on the Account Settings page. This label is only kept on the local browser.
📊 Liquidity Mining Rewards on Dashboard
Liquidity Mining rewards are earned by having a DeFi Balance in one of the major protocols AAVE, Compound or MakerDAO. You will find these rewards on the dashboard when logged in on a DSA v.2 account. (Only V2 accounts are eligible for rewards.) Rewards are dispersed weekly Thursday 12 UTC. There is no time limit on claiming rewards.
😎 Instadapp Co-Founders on Superpumped
Entrepreneurs Tanmay Bhat (@hetanmay) and Akshay (@akshaybd) interviewed co-founders Samyak and Sowmay they discussed the creation of Instadapp, why banking on Ethereum is better, how their parents wanted them to get a 'real jobs', and some of the innovations that they hope to see in DeFi. Overall this was a really fun interview! Thanks for having us @Superpumped 💪
Gov Forum Hot Topics Links
🌻 Get Involved, Join the Community
The Instadapp Protocol has the potential to be the protocol backend of future banking and financial infrastructure. Now is a great time to get involved; from deep coding, generating revenue, analytics, or helping guide Instadapp by helping create better products and services. The premier place for the protocol discussion is the Governance Forum. Here you can submit ideas, develop them into proposals or build a product and receive funding from the DAO.
[Action Item] Visit the Platform