In a blog post yesterday, the DeFi platform (decentralized finance) and the protocol aggregator platform Instadapp announced the introduction of their governance token INST. While the token is not currently transferable by the average user, it will go fully live later in the year to coincide with the transfer of control of the protocol to a DAO governance process in the second quarter.
The project, currently holding over $ 2.3 billion in its 18,000 “Smart Accounts” wallets, connects to a variety of DeFi protocols through a single interface and provides a development toolkit to become a ” Middleware “for developers developing DeFi products.
Steven Zapata, Instadapp Community Manager (perhaps better known to community members as “seb eth monk”) said the linchpin for developing a development platform is an integral part of Instadapp’s growth strategy.
“Instadapp is known as an aggregator, but we’re much more than that,” he said. “Instadapp is a complete toolkit for building DeFi applications. While we are converting our platform into a Defi middleware, not only are we aggregating different protocols, but our platform will create unique use cases by using different components across Defi. “
As an example, Zapata points to the ability of smart accounts to give fund managers limited access to private assets and to aggregate assets across multiple smart accounts for credit and lending purposes.
Unlike other token announcements, the team wasn’t shy that INST is a “worthless governance token”. A previous blog mentioned “implementation fees” as an option for governance, and token holders can vote on key logging functions, such as: B. about the DeFi platforms to be implemented.
“Token holders determine which protocols are included and which use cases are funded and supported,” said Zapata. “We believe that as the platform grows and the instadapp framework continues to grow in use and build, the community will be incentivized to integrate worthwhile products and build meaningful partnerships with other communities and shape the protocol in their favor.”
The INST contract is now running with a maximum offer of 100 million undistributed tokens. There are no specific details about an impending air drop, only that “log users” have access to an initial distribution of an unspecified amount at an unspecified time.
While Instadapp will be the first aggregator to go live with a token, they probably won’t be the last. It has long been rumored that Zapper is considering a token (although the documentation does not deny any “short-term” plans), and DeBank also has a popular suggestion to post a token on the 91-day-old forums.