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Investors back InstaDApp with Seed Funding
InstaDApp, a decentralized “autonomous banking portal” that integrates Compound, announced that they raised $2.4M in seed funding from top-tier venture capital investors. InstaDApp is an example of a well executed hackathon project that was able to scale quickly to over $42M in assets.
An Interview with Sowmay and Samyak Jain, InstaDApp founders
Q: How will this funding help you and your company?
A: We are excited to receive the funding so we can continue to grow. We plan to expand the team, improve our legal structure, hire talented developers and maintain a strong focus on the security infrastructure of the smart contracts. Our primary focus has always been to "simplify DeFi" and that won’t change. Additionally, we will aggressively solve the short term problem that users are facing with all the protocols--specifically in borrow & lending.
Q: What has your experience been like developing with Compound Finance?
A: We fundamentally like the way that Compound Finance works—the concept of cTokens is very impressive. We had a great experience building on top of Compound and to be honest, we found it to be the best of all the protocols; both from the simplicity of smart contracts and the ease of use of the developer documentation. We liked how the documentation is focused on smart contact integration along with DApp integration.
Q: What would you say to other young developers around the world who are thinking about participating in the DeFi space?
A: Go for it! It doesn’t necessarily require any high-level technology experience to start contributing to decentralized finance. Any developers with even a basic understanding of programming can start building on top of the DeFi protocols and begin disrupting the traditional financial system. Don't worry, keep BUIDLing and most likely good things will happen.
Q: Is there anything else you would like to share?
We are grateful to the entire Ethereum and DeFi community. We feel very thankful to our many supporters, investors and to all of our customers. We are just getting started and we look forward to many years of building great DeFi products for people all around the world to use. And thank you to Compound and your community for all your support!
DeFire allows developers to connect to Compound and the world of open finance with a simple integration, using NodeJS, Rust, Python, Typescript, Ruby, .NET, PHP, Java and Scala.
Crypto Rebels Trip Over Each Other en Route to Financial Utopia by Bloomberg. “After the bubble, then crash, of 2017 and 2018, it’s natural to ask, ‘What do we use this stuff for? DeFi is the first legitimate answer to the question. DeFi is starting to have its moment because it’s the next chapter for crypto.” - Robert Leshner, Compound CEO
Total supply is currently at $153 million across 10.8k suppliers; total borrowing is at $42 million across 1.2k borrowers.
The three largest supply transactions this week were for 942,000 DAI, 764,000 USDC, and 531,268 USDC; the three largest borrows were 3.15M ZRX, 400,000 USDC, and 1,300 ETH.
For live figures please refer to our /markets page.
There are just 14 days left in the Kyber Virtual Hackathon to compete for $5,000 in cDAI prizes from Compound! If you’d like help or are interested in participating, join our Discord #development room!
Upcoming DeFi Events
SF Blockchain Week
(Members of the Compound team will attend)
October 28-November 3, 2019
Nov 8-10, 2019