Quick Start Primer
Quickly download the Instadapp basic information and learn how Instadapp works
Let's begin! What is Instadapp? Instadapp is infrastructure for Decentralized Finance. Instadapp is a collection of contracts, services and features that comprise the Instadapp protocol we sometimes refer to as the 'DeFi Smart Layer', powered by a smart wallet called a DeFi Smart Account.
A DeFi Smart Account is a unique smart contract wallet used to interact with Instadapp. The wallet is non-custodial and owned only by you. The smart wallet is owned by your regular Metamask wallet but has its own address and can store its own assets. Most transactions on Instadapp do not interact with your wallet directly but rather the DeFi Smart Wallet you generate. Want to learn even more about the Defi Smart Account? See: Dive Deeper: DeFi Smart Accounts
When you initiate a DeFi Smart Account (DSA) your wallet directly creates its own DeFi Smart Account. This ensures the wallet is controlled and owned solely by you. When you interact with the DSA you pay gas from your regular Metamask wallet which is the owner of the DSA. Once the initial account creation transaction confirms you will find your account loaded into the interface.
Your DeFi Smart Account is a smart wallet on Ethereum so it has its own address. You can lookup your account on the blockchain for better view.
When you interact with the integrations on Instadapp these integrations interact with your unique DeFi Smart Account so these interactions do not occur on your Metamask address.
To begin using your Instadapp Account deposit assets into the account using the deposit screen. You can also import your DeFi Positions using the import screen.
Your brand new DSA will start empty and its time to deposit some funds
Remember that Instadapp is its own wallet so any interactions occur within it. If you borrow assets and would like to utilize them with your Metamask wallet you will need to withdraw them out of the DeFi Smart Account.
The Simulation Mode works best with Mainnet and can be activated on a live account, it will fork your wallet into the simulator so you can test using your real balances.
- Swap some ETH for USDC
- Deposit ETH on Compound and Borrow DAI
- Refinance your Compound position to AAVE
- Debt Swap the Now AAVE DAI Debt to USDC
- Payback the Debt
- Keep testing until you feel like a DeFi genius!ca
- At the moment there is no way to export debt from positions, so there is no one click export. You may need to withdraw the position manually, this may require unwinding or paying back outstanding debt.
- Your DSA is controlled by the Owner/Authorities so you can add additional wallets you own to access the same account with different addresses. This can be helpful for giving yourself another access point to your account.
You now have a super powered DeFi native Smart Wallet! You can import a position from another protocol or being by depositing assets. Before starting to use Instadapp you can get a great preview by utilizing the Simulation Mode.
Strategies are one click functions which combine multiple operations for a desired effect. Strategies allows users to gain the most value from their assets and brings efficiency to DeFi. The two most popular and most used strategies on Instadapp:
Levarage: Token A (Collateral) is increased by borrowing against Token B (Debt)
Save (or Deleverage): Token A (Collateral) is sold to pay back Token B (Debt)
Instadapp offers many ways to refinance or migrate your debts between protocols. You can migrate debt and positions between AAVE, Compound and MakerDAO Vaults.
Your DeFi Smart Account is packed with features and functionality to make it your treasured smart wallet and an essential component to your DeFi journey! Here are a few more topics and tutorials to get your started: