DeFi Ethereum

Ethereum Banking Platform InstaDApp Unveils “DeFi Smart Accounts”

InstaDApp, a mainstream-minded banking portal for Ethereum's decentralized finance sector, just rolled out DeFi Smart Accounts
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InstaDApp, a mainstream-minded banking portal for Ethereum’s decentralized finance sector, just rolled out DeFi Smart Accounts, a game-changing platform set to make it easier to manage and customize “money lego” creations.

Announced on March 3rd, the Smart Accounts platform will serve as a “a single point of integration to access all the DeFi protocols,” InstaDApp’s Ming Yeow Ng said in an introductory post.

The system was created in response to the fact that Ethereum accounts are token-centric, while the recent ascension of the DeFi arena and the novel assets therein have given rise to “much higher … complexity in terms of management, admin, analysis,” Ming noted.

DeFi Smart Accounts, Source

A Powerful, Trustless Money Lego Machine

The promise of Smart Accounts, then, is to give users the ability to simplify what’s complex and unify what’s disparate in the DeFi sector, all in an openly customizable fashion and with extensibility options in perpetuity.

And InstaDApp knows a thing or two about streamlining; the project enjoyed a flash of breakout success last year after creating an early portal for helping users automate lending position migrations between the Maker and Compound apps, a feat that had previously required more than a few manual steps.

To that end, the new Smart Accounts platform essentially extends the possibilities of that early Maker-Compound bridge in every direction, toward any DeFi project created or to come.

The key to the system is its powering of cross-protocol transactions without having to constantly deploy new infrastructure, Ming explained:

“[O]nce new protocols are connected to DeFi smart accounts with connectors, any developer can then easily extend their product to include cross-protocol transactions for those protocols by writing simple Web2 code without new smart contracts. This also leads to a much higher level of usability and security for users.”

What to Expect

Per InstaDApp, the new Smart Accounts platform can help builders readily undertake a range of innovative actions, including:

  • Creating and managing multiple account owners within one Ethereum address
  • Delegating control of accounts to others
  • Creating new kinds of delegation-based revenue streams
  • Developing cross-protocol systems without knowing how to code
  • Helping new projects integrate efficiently with DeFi
  • Developing more flexible Ethereum smart wallets

To that last point, Ming noted that wallet projects could use the Smart Accounts system to more easily add advanced in-wallet features:

“Think of the regular Ethereum account as the checking account, and DeFi accounts as the savings and investment accounts for the users, which you will be able to both offer new seamless use cases easily while being able to generate fees by performing key actions on behalf of the users.”

Rising DeFi Stars

With their latest innovative platform, InstaDApp, which was created by the brothers Sowmay Jain and Samyak Jain, is off to a productive start in the new year.

However, it’s not necessarily a surprising start considering how the project closed out 2019. Last fall, the InstaDApp team raised $2.4 million USD in seed funding from firms like Coinbase Ventures and Pantera Capital.

The raise was a testament to the talent and high-quality work of the Jains, who dropped out of school to build on Ethereum, and also to the growing promise around the DeFi space itself.

“We have been living and breathing crypto and DeFi for almost our entire formative lives, including accepting grants, doing payrolls and financing our expenses from ETH backed collateralized loans,” Somway Jain said at the time.

This experience is evident in the user-friendly design of InstaDApp’s platform, a design that has led to the project securing some $80 million in user funds at present, as well as the distinction of being a top 5 DeFi project by size.

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William M. Peaster is a professional writer and editor who specializes in the Ethereum, Dai, and Bitcoin beats in the cryptoeconomy. He's appeared in Blockonomi, Binance Academy, Bitsonline, and more. He enjoys tracking smart contracts, DAOs, dApps, and the Lightning Network. He's learning Solidity, too! Contact him on Telegram at @wmpeaster

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