DeFi Protocol InstaDApp ranked second in DeFi analytics platform DeFi Pulse – According to DeFi Pulse, InstaDApp is the second-largest entity in the global DeFi space, locking in assets worth $8.37 billion in smart contracts on the blockchain only second to Aave, which maintains the number one spot with a total asset value of $11.74 billion.
InstaDApp performed more than the likes of Curve Finance, which came third with $8.27 billion total assets and, Compound with $8.02 billion and Maker with $6.5 billion total assets, both coming in at fourth and fifth positions respectively. Other notable mentions include Uniswap, Convex Finance, Yearn. Finance, Sushiswap, and Liquity.
InstaDApp was created in 2018 to provide users with the opportunity to lend, borrow, trade cryptocurrencies and earn.
According to the founders, the project started as a hobby. Now, InstaDApp has become a key figure in the decentralized finance space.
For us, it all started just as a hobby but then we pursued it. – Sowmay Jain, InstaDApp CEO
Furthermore, their recent launch of governance token, which gives INST token holders the freedom to govern and control future underlying contracts and upgrades to the platform, presenting users with the opportunity of becoming active deciders of their fate.
Such a development will encourage community involvement in decision making while guaranteeing freedom and growth based on shared experiences.