Accounts, Authority and DeFi
Instadapp has been focused on improving user experience from day one. Allowing users to interact with this space and manage their assets and positions efficiently, whilst encouraging complete ownership.
Recently, we launched the DSA platform that will serve as a foundation to allow developers (including ourselves) to easily and quickly build user friendly yet powerful DeFi apps.
We are continuing to build out Instadapp as the most user friendly and powerful interface to access all the major protocols, built on top of the new foundation.
We have lots of interesting features in store for the our new portal to enable better manageability of your DeFi assets. So, to start, here's the 3 things you can do on the dashboard.
One of the primary goals on Instadapp is to bring extreme modularity by introducing better account management. For instance, my ethereum address could have multiple smart accounts, with one of them being managed by an expert with permission to access my assets.
Say, you want one account for active trading purposes and another just to accrue interest on your idle assets (let's call it a Savings Account), or maybe you'd want to divide 2 accounts for taxation purposes.
Generally, this means creating 2 accounts on a web3 wallet like Metamask, and managing them separately, which is an extremely cumbersome process (and a pain in the ass for a standard user). With DSA, you can create multiple accounts for different use cases with just one address, right on a single dashboard.
Multiple purposes of using crypto = Multiple Metamask accounts
Multiple Metamask accounts = Multiple private keys
Multiple private keys = Cumbersome Management
Multiple purposes of using crypto = Single Metamask account
Single Metamask account = DSA
DSA = Multiple Accounts
More so, you can now name each smart account. Naming your account gives you better understanding of the different purposes of each account, like I've done here!
Currently, one of the hurdles to scaling DeFi for users is not being able to set roles to manage specific assets or be able to delegate a person to vote on behalf of you. On the dashboard, users will be able to add and remove whoever they wish, according to their level of comfort and trustlessness.
This is important for DeFi usability because it allows the user to assign more owners to their smart account for different use cases. For instance, you could assign someone as a manager to manage your assets. Or you could add someone as a delegatee to be able to vote on behalf of you.
It is important to mention, how adding multiple owners minimising the risk of losing your assets. The biggest obstacle for managing crypto for a normal user is the loss of your private keys, assigning multiple owners to your smart account from different devices, could help you recover your assets in case you lose your private keys.
On interface level, right now, our dashboard only allows you to manage owners and we are in the process to introduce more auth modules like Managers, Stakers, etc.
We developed one of the most user friendly interfaces to the main protocols, while building out several key features that accelerated our growth tremendously.
DeFi can be to your current bank account, but with better security and better manageability. On Instadapp, we're constantly looking forward to integrating protocols, according to the user's needs. At this moment, you can use lend and borrow on MakerDAO and Compound.
Our focus has always been reducing barriers to using DeFi while creating important use cases that allows users to maximize their utilization of DeFi.
Keep an eye out for my next article explaing all the interesting DeFi stuff you can do on our portal.
Moving forward, on Instadapp you will be able to manage and track funds separately but also use different protocols, run analytics, or extend with shared ownership and delegation on each separate account. Create multiple accounts for multiple usages, often managed by multiple people!
User: Hop on to our new portal and let us know if you've any feature request.
Developers: These powerful features are not only limited to Instadapp. Now, you can also code, build and run interesting usecases on your own! Check out our docs to explore more.