In a blog post yesterday, decentralized finance (DeFi) management and protocol aggregator platform Instadapp announced the launch of their governance token, INST. While not currently transferable by the average user, the token is set to go fully live later in the year to coincide with a transfer of control over the protocol to a DAO governance process in Q2.
The project, which currently counts over $2.3 billion in its 18,000 “Smart Accounts” wallets, connects to a variety of DeFi protocols from a single interface and offers a development toolkit in an effort to position itself as “middleware” for devs building DeFi products.
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