Instadapp

Originally based in India, Instadapp is a DeFi protocol that acts as a middleware that aggregates multiple DeFi protocols into one upgradeable smart contract layer to enable users and developers to build applications compatible across multiple DeFi protocols. The Instadapp protocol (DSL) can be used for creating account extensions and providing upgradeability, with use cases including a flash loan module, authority extension, and L2 extension. Developers can also build use cases and monetize their models to earn a return. The protocol uses the native governance token “INST,” which allows users to govern the platform and vote on authority frameworks, system upgrades, liquidity and bridges, account extensions, and allocation of ecosystem funds. 

In March 2023, the company introduced Avocado, a non-custodial DeFi wallet, which enables users to hold and trade tokens across over 13 networks. It features account abstraction tools, cross-chain sends, DEX aggregation, and transaction building (with plans to launch transaction batching). As of May 2024, the solution served over 7,500 users, with a 99.9% transaction completion rate. The company also plans to launch a mobile version of the wallet on iOS and Android.

In January 2024, the protocol launched its own borrowing and lending solution named Fluid. The solution is built on top of a liquidity layer that aggregates liquidity from several protocols to enable users to automate limits for protocols, manage utilization rates, and deploy various rate models. Moreover, the solution includes a “smart debt and collateral” feature that transforms debt and collateral into productive assets via smart contracts. Users can earn returns by either leveraging debt as liquidity for trading or by lending their collateral and borrowing against it.

Funding and financials

In June 2021, the company raised USD 10 million in funding from venture capital firm Standard Crypto and strategic partners including Andre Cronje, DeFi Alliance, and Longhash Ventures, among others. The funds were used to expand its team of 15 employees as of the same date as well as invest in new projects and product development. Total value locked (TVL) in DeFi projects across Instadapp amounted to USD 2.5 billion as of May 2022.