Instadapp which is a decentralized finance (DeFI) manegment and protocol aggregator platform, has reported the inauguration of their governance token, INST.
The token is set to go live later in the year to go in tandem with a transfer control over the protocol to DAO governance process in Q2. Though it is not yet transferable by the average user.
The project connects to plethora of DeFi protocols from a single interface and gives a development toolkit in an effort to position itself as ‘middlewar’ for devs building DeFi products. However, the project recently counts over $2.3 billion in its 18,000 ‘Smart accounts; wallets.
According to Instadapp community manager Steven Zapata (who may be more familiar as ‘seb eth monk‘ to community members), the pivot to becoming a development platform is a key part of Instadapp’s growth strategy.
“Instadapp is known as being an aggregator, but we are much more than that,” he said. “Instadapp is a complete toolkit for building DeFi applications. As we transition our platform into a defi middleware, we are not only aggregating different protocols but our platform will create unique use-cases by leveraging different components across defi.”
As of now, the INST contract is live with a max supply of 100 million undistributed tokens. There are no concrete details about a forthcoming airdrop, only that “protocol users” will have access to an initial distribution of a unspecified sum at an unspecified date.
While Instadapp is the first aggregator to go live with a token, they’re likely not the last. Zapper has long been rumored to be considering a token (though their documentation denies any “short term” plans), and likewise DeBank has a popular proposal to launch a token on their forums 91 days old.