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Introducing INST

Instadapp Governance is live!

Instadapp

• 3 min read
Introducing INST

We built Instadapp three years ago to make DeFi more accessible and easier to use. Since then, Instadapp has become a mission-critical piece of DeFi infrastructure, having achieved the following milestones -

  • Nearly 55,000 Instadapp DSA created.
  • More than $5B TVL in Instadapp DeFi Smart Accounts.
  • Over 50% of all flash-loan volume on Ethereum originated via Instadapp.

Today we're proud to announce that we are putting the Instadapp protocol into the hands of the Instadapp community. INST governance is live on Ethereum mainnet. From this point onwards, all protocol upgrades will occur transparently through open community discussion and INST-holder voting.

INST Allocation

100 million INST (100,000,000 INST) have been minted at the genesis and will become accessible over the course of 4 years. The initial allocation is as follows:

  • 55% (55,000,000 INST) to Instadapp community members.
  • 23.79% (23,794,114 INST) to current team members with 4-year vesting.
  • 12.07% (12,078,714 INST) to investors with 4-year vesting.
  • 7.85% (7,851,941 INST) for future team members and ecosystem partnership.
  • 1.27% (1,275,231 INST) to advisors with 4-year vesting.

Note: The vesting occurs continuously via a smart contract.

INST Distribution and Rewards

We believe that DeFi users are the most responsible stakeholders, and should share the ability to upgrade the protocol. Upon launch, there will be three reward distribution programs:

1) DeFi User Distribution (16/06/2021)

At launch, there will be 10,000,000 INST immediately available to claim by +312k users that manage DeFi positions on Maker, Compound, or Aave on Mainnet. Similarly, there will be 1,000,000 INST available to claim by +50k users that manage Aave positions on Polygon. These tokens can be claimed by upgrading your account to DSA v2 on the Instadapp protocol. Details on the retrospective distribution:

  • The net value (collateral minus debt) is used as the base to calculate how much INST a user receives.
  • To ensure fair INST distribution, the INST distribution has a diminishing increment as the net value increases.
  • To reward Instadapp users, those using Instadapp to manage their positions will have their net value counted double while calculating the distribution chart.

The position snapshot is taken from block number #12644000 on Mainnet and #15773000 on Polygon. Once the rewards are claimed, partially or entirely, it's not claimable again.

Instadapp users can migrate here, and external users can migrate here. These INST are not subject to vesting or lock up.

2) Liquidity Mining (16/06/2021 to 16/09/2021)

Upon importing to DSA v2, you’ll be eligible for a 3-month long liquidity mining program. A total of 3,000,000 INST will be distributed proportionately to the net value of your Maker, Compound & Aave positions on Ethereum Mainnet.

The INST will be available to claim weekly on the Instadapp dashboard. These INST are not subject to vesting or lock up.

3) UNI-v3 Staking (16/06/2021 to 16/09/2021)

The first-ever liquidity mining on top of the Uniswap v3 price range pool is live with the ERC20 implementation on the Ethereum mainnet. The following pools are eligible for INST rewards in the 3-month staking program.

  • Pool #1 has 0.01 ETH/INST as the minimum and 0.04 ETH/INST as the maximum price. This pool is eligible for 250,000 INST rewards.
  • Pool #2 has 0.04 ETH/INST as the minimum and 0.1 ETH/INST as the maximum price. This pool is eligible for 750,000 INST rewards.

You can manage the Uniswap v3 pool with ERC20 implementation here, and INST will be available to claim immediately. These INST are not subject to vesting or lock up.

INST Token Contracts

Governance contracts

The initial governance parameters are as follows:

  • 1% of INST supply required to submit a proposal.
  • 4% of INST supply needed to reach quorum.
  • ~3 day voting period.
  • ~2 day timelock delay on execution.

Next steps