In a blog post yesterday, decentralized finance (DeFi) management and protocol aggregator platform Instadapp announced the launch of the governance token INST. While currently not transferable by the average user, the token will be fully implemented later in the year to coincide with the transfer of control over the protocol to a DAO governance process in Q2.
What is the project aiming at?
Currently over $ 2.3 billion in 18,000 “Smart Accounts” wallets, the project connects to various DeFi protocols from a single interface and offers a development toolkit in an effort to position itself as the “middleware” that creates DeFi products for developers.
According to Instadapp community manager Steven Zapata, the pivot of being a development platform is an important part of Instadapp’s growth strategy.
“Instadapp is known as an aggregator, but we are so much more than that. Instadapp is a complete set of tools for creating DeFi applications. As we transform our platform into a defi middleware, we are not only combining different protocols, but our platform will create unique use cases by leveraging different components. ”
As examples, Zapata cites the ability of Smart Accounts to give fund managers limited access to private assets, as well as combine assets into multiple Smart Accounts for borrowing and lending purposes.
Unlike other token announcements, the team did not hesitate that INST is a “worthless management token”. “Implementation fees” was mentioned as an option for governance in a previous blog, and token holders will be able to vote on key protocol features such as which DeFi platforms will be implemented.
As of now, the INST contract continues with a maximum supply of 100 million undistributed tokens. There are no concrete details about an upcoming airdrop. Only “protocol users” will be able to access the first distribution of an unspecified amount on an unspecified date.