Southeast Asia DeFi Week 2- Day 2Event
InstaDApp presents an easy to understand front end portal with an underlying smart wallet layer that visualizes a user’s position across a variety of DeFi platforms. It also leverages smart contracts to translate simple user actions ( like moving an asset from one platform to another) to the necessary computational steps necessary to execute those actions. InstaDApp is also entirely non-custodial, which means the decentralization of products and user ownership of assets is still preserved; the only difference is that experience of asset management is significantly easier. DeFi (decentralized finance) is one of the fastest growing verticals in technology today; new developments in blockchain architectures, of product for lending, borrowing, swapping, and trading cryptocurrency assets. There’s no one central agency that provides a user with all of the tools it needs to successfully manage their assets. One might access two products for lending, another for borrowing, and so on to optimize factors like interest rates and maximize returns. Navigating these platforms and their interactions is a particularly difficult problem, one that might inhibit more individuals from joining the DeFi space. InstaDApp is a user interface that allows individuals to track their blockchain assets distributed over a breadth of products and move them around based on financial paradigm and real time market data. The product makes it infinitely easier for users to move assets and set up financial paradigms to maximize return. It’s essentially a front-end for the collective decentralized financial ecosystem,significantly reducing the barrier to entry for users, particularly non-technical ones. InstaDApp summarizes all this information in one-view, drastically reducing the effort necessary to manage one’s assets well. More importantly, when users identified a more optimal asset management position, users would previously need to execute a series of complex transactions to move their assets around; they would have to work with each platform individually to complete these steps, making asset movement an incredibly complicated and frustrating problem. They take no fees for any of these executions; the user only needs to supply the funds to pay the gas price for moving assets. This makes them the 3rd largest DeFi platform in the world, only after MakerDAO and Compound (which they integrate with). Their 9-fold increase in value after a very short period of time is highly promising, indicating high interest in a front-end product like this and also growing general interest in the DeFi ecosystem. Ultimately, InstaDApp significantly simplifies the experience of assets management in the decentralized finance world. It preserves the benefits of decentralization by operating as non-custodial and leveraging smart contact to ensure that users always have 100% control and ownership of their assets. It is much easier for new users to engage with the decentralized space, creating a promising future for the product, but also the ecosystem of the DeFi itself.
Uniswap is an Ethereum based exchange that allows anyone to swap ERC20 tokens. Traditionally token swaps require buyers and sellers to create liquidity, Uniswap creates markets automatically. Uniswap was designed to help solve decentralized exchanges’s liquidity problem. Decentralized exchanges solve many of the problems of their centralized counterparts including risk of hacking, mismanagement, and arbitrary fees. However, decentralized exchanges have their own problems, mainly lack of liquidity which means a lack of money sloshing around an exchange that makes trading faster and more efficient. It’s trying to solve decentralized exchange’s liquidity problem by allowing the exchange to swap tokens without relying on buyers and sellers creating that liquidity. Uniswap is protocol on Ethereum for swapping ERC20 tokens. Unlike most exchanges, which are designed to take fees, Uniswap is designed to function as a public good as a tool for the community to trade tokens without platform fees or middlemen. Uniswap was created by Hyden Adams who was inspired to create the protocol by a post made by Ethereum founder Vitalik Buterin. Uniswap’s main distinction from other decentralized exchanges is the use of a pricing mechanism called the “Constant Product Market Maker Model.” Any token can be added to Uniswap by funding it with an equivalent value of ETH and the ERC20 token being traded. For example, if you wanted to make an exchange for an altcoin called Poop Token, you would launch a new Uniswap smart contract for Poop Token and create a liquidity pool with for example -$10 worth of Poop Token and $10 worth of ETH. As a result, the price of tokens on Uniswap can only change if trades occur. Essentially what Uniswap is doing is balancing out the value of tokens, and the swapping of them. Whenever new ETH/ERC20 tokens are contributed to a Uniswap liquidity pool, the contributor receives a “pool token”, which is also an ERC20 token. Pool Tokens are created whenever funds are deposited into the pool and as an ERC20 token, Pool Token can be freely exchanged, moved, and used in other dapps. The Uniswap protocol can be accessed through its front-end at uniswap exchange. From there, anyone with an Ethereum wallet such as MetaMask can swap tokens or add tokens to a Uniswap liquidity pool. Since Uniswap is an open protocol of smart contract, anyone can build a front end user interface on top of it. For example, InstaDapps allows you to add funds into Uniswap pools without needing to access the official Uniswap user interface. At this rate, we should expect to see many more integrations between Uniswap’s unique token swapping system and new DeFi product in the coming
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