INSTADAPP: BUILDING FINANCIAL ECOSYSTEM (DAPPREVIEW)
WHAT IS INSTADAPP
Instadapp is a decentralized bank built on the MakerDao protocol in order to simplify our banking needs. People sometimes wonder what MakerDao means?
MakerDao is an opensource tool developed for banking protocol that gives an avenue for people to create a collateralized debt position called (CDP). CDP means issuing of debt to yourself in DAI or any other pegged coin. This protocol is governed by only the community involved with it. Instadapp was created in other to fix the problems that arose wit MakerDao. Instadapp has issued +61,000 DAI with over 1,100 ETH locked as collateral and 65 CDP's opened so far.
INSTADAPP BUILT MAKERS CAN IN CONJUNCTION WITH MAKERDAO PROTOCOL
Makerdao is a financial protocol that has been under innovation which has been difficult for users to use. So instadapp was created with its own sleek UI/UX to make it easy for people who are not tech savy nor familiar with financial terms to be able to navigate around the blockchain by taking a loan with MakerDao. And while building a summary dashboard for InstaDapp, they build a completely standalone intuitive MakerDAO Explorer, MakerScan to make it easy for users to understand how to use the overall protocol.
BENEFIT OF INSTADAPP
Instadapp allows ETH to remain the main collateral asset in the system but this dapp allows collateralization of multiple tokens.
Just like every other platform with its collateral rule, on instadapp the borrower must have 1.5 multiply ETH amount of the debt as a collateral with 0.5% interest rate.
Users are allowed to earn lots of interest savings for stacking DAI in the system hereby bridging the complete banking need for instadapp.
Instadapp gives users with no prior knowledge about blockchain a very smooth platform to take a loan.
Instadapp helps to turn your collaterized debt position (CDP) into a wallet by making use of the borrow and send feature on the platform by allowing users to m int DAI and also transfer it out in a single cell.
Instadapp gives you opportun ity to publicly wipe DAI or add ETH in CDPs which you don't pre-own. By wiping this the dapp uses USD and withdraw DAI loan into our bank account thereby bridging the gap between DAI and USD(Fiat).
MakerDao: This protocol allows users to ceate a debt position.
Uniswap: This is a protocol that allows automated token exchange between ETH and ERC20.
Kyber: An on-chain liquidity open protocol to allow both contribution of liquidity sources and ultilising the on-chain liquidity pools.
FEATURES OF INSTADAPP
- Debt Position
- Swap Tokens
- Uniswap Pool
- CDP Exchange
First, you need to integrate a metamask into your device because without this you cannot access your dashboard. You then go ahead to download the makerscan which will enable you to access all your digital asset and also be able to start with the loan.
Instadapp is committed into growing the MakerDao ecosystem and building innovative products around the protocol to bring the mainstream adoption of overall Decentralised Finance. They are making it easy for new users to find their way easily by giving us a good tool to use on makerdao.
I will be rating them 4/5.