Instadapp, a leading DeFi management and protocol aggregator platform, advocated the launch of their governance token, INST. INST intends to govern the Instadapp Protocol, which the team has defined as a “DeFi Smart Layer.” Currently, the token is not fully transferable by an average user. However, the token will go fully live later in the year. It will correspond with a transfer of control over the protocol to a DAO governance process in Q2.
In the blog post, Instadapp stated that its DeFi Smart Accounts (DSA) platform core contracts are now completely audited and live on the Ethereum blockchain. The blog post also mentioned the role that the new INST governance token would perform for the platform. It also included three new concepts like account extensions, decentralized governance, and Layer 2 integration. The blog post also briefs that INST will help govern the protocol’s future, particularly enhancing its decentralization state. INST will initially launch with a 100 million supply at genesis and borrow from the same governance standard pioneered by Compound.
Instadapp to Distribute the First Batch of INST Tokens to Shareholders
Instadapp reveals that it will distribute the first batch of tokens to its shareholders. It involves the core team and investors to form the Micro DAO. The team will handle the protocol until on-chain voting and contract upgradability launches. At that point, Instadapp will distribute INST to its users. Instadapp hasn’t revealed the extensive criteria for INST recipients. However, full details will release sometime this quarter. Various projects such as Instadapp have distributed governance tokens via airdrops as a method of repaying early users. Airdrops are a widespread phenomenon in DeFi.
The DeFi wallet and management platform introduced a service called Instadapp Actions on February 4. This allows users to access automated debt refinancing within several DeFi lending protocols to stop expensive collateral liquidations. While Instadapp is the first aggregator to go live with a token, they’re probably not the last. There have been rumours that Zapper has been considering a token, though their documentation rejects any short term plans. Similarly, DeBank has a famous proposal to launch a token on their forums 91 days old.
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