Nick Chong · 2 days ago · 2 min read
InstaDApp, a portal that simplifies interactions between major DeFi protocols, raised $2.4 million in seed funding from a line-up of high profile strategic investors.
InstaDApp raised a $2.4 million seed round from a host of strategic investors. Notable venture funds involved in the round include Pantera Capital, IDEO Colab, and Robot Ventures headed by Robert Leshner of Compound Finance.
InstaDApp helps makes decentralize finance more accessible by simplifying interactions between multiple DeFi protocols. The service was founded by Sowmay and Samyak Jain, 21 and 19, out of Andhra Pradesh, India.
As an example, the service bridges positions between leading lending DAOs Compound and Maker, allowing users to switch debt positions between the protocols in fewer steps, the service claims.
So far, the service is fourth in terms of dollar value locked in its contracts, totaling $31 million, trailing MakerDAO, Compound, and Synthetix. In July, the DApp saw explosive growth, with locked dollar value growing from under $5 million to $42 million in less than a month. Since then, the dollar value locked in InstaDApp contracts has remained stagnant, according to data from DeFi Pulse.
“InstaDapp is a very talented team out of India looking to make decentralized finance more accessible,” said Balaji Srinivasan.
In a message to CryptoSlate, co-founder Sowmay Jain said:
“Along with our investors and community, we look forward to building the next generation of systems that will allow the masses to make the most of their decentralized assets.”