Sowmay Jain — e/acc
@sowmay_jain
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CEO @Instadapp | Forbes Asia 30u30 | Assembling a crew of degens at @UpsurgeLabs
bengaluru
Joined November 2015
DeFi, at the moment:. Smart people are Lending. Smarter are Yield Farming. Smartest are buying ETH.
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The multi-chain world is going to be amazing!!! 🚀. The first-ever debt refinancing between L1<>L2 on Instadapp, going live soon!. Before (Mainnet) / After (@0xPolygon)
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Yesterday, we announced our seed round, which is major milestone in our journey to bring defi to the masses. Today, we would like to give thanks of gratitude to the ethereum, and in particular the defi community, whose support has been essentially to getting us to this point.
We're excited to announce that we raised $2.4 Million in our seed round. With the help of this round, we're excited to build the next generation of systems that will allow masses to make the most out of their decentralized assets.
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Two years back, we started @Instadapp with 0 and today, over $billion in value locked. Back then, it was tough to connect the dots. We are grateful to the ethereum community, whose support has been essential to getting us to this point. That's what makes this ecosystem unique!.
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First DAI deposited through Instadapp Protocol into @AaveAave on @0xPolygon. Next up, migrate L1 debt positions to Aave-Polygon!.
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Launching "Looping CDP" on @InstaDApp enabling you to initiate 3x recursive leverage long on ETH locked in your @MakerDAO's CDP.
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FLUID (formerly INST) went from a stable $1 peg to nearly $10 in just a month. No tricks, no price games — all organic. It’s all product-driven, not some hype trend. Probably won’t see it this low again.
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Introducing @MakerScan, brand new explorer for @MakerDAO's protocol. We would love to hear your feedback.
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No big deal, just a user refinancing ~5M$ in Aave collateral from Avalanche to Polygon in a single Interop transaction without slippage.
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Apparently, we have started allocating a separate budget for Ethereum gas costs in the books of company accounts. This is something many will start doing in the distant future. As more value gets tokenized, the demand of $ETH (native currency) will keep growing 🚀.
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What if you can turn your @MakerDAO's CDP into a wallet? . Introducing "Borrow & Send" feature on @InstaDApp allowing you to instantly send borrowed DAI to others.
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Building @InstaDApp, Decentralized Bank on top of @MakerDAO. Sharing why we decided to invest our time & energy into the permissionless debt market and what we are aiming to achieve.
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Check out the first-ever "web3 enabled" documentation. Building DeFi apps with DSA is so simple that you can read and build it directly from our docs (via console).
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The @0xfluid market has surpassed $900M, with DEX volumes topping $300M. It’s not just competing with Aave—it’s taking on Uniswap, too. This is the next level of DeFi primitives.
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Finally, $FLUID is live!. This might be the cleanest, most no-bullshit token migration ever. Zero dilution, zero extra steps for users. We set up the ability to change the on-chain name and symbol almost 4 years ago.
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TLDR:.• $INST to $FLUID rebrand with 1:1 migration and no dilution. • $1B+ market size; Fluid DEX is the 3rd largest on Ethereum with some of the deepest pools. • Introduction of algorithmic buybacks (an exciting approach) and growth incentives to drive adoption. • Targeting.
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Gmail is just a cool layer on top of SMTP - Simple Mail Transfer Protocol (many don't even know it). @InstaDApp is a cool layer on #defi protocols (many don't need to know what's happening under the hood). That's how user adoption will happen.
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Starting a company is painful. Banking & Legal overheads consume so much time & resources. I see a future where DeFi & smart contracts reducing the banking & legal needs, removing the geo-barriers to globally launch companies managed by DAO.
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Someone wiped $5500 DAI debt from our team's CDP which we use to bootstrap the project - really liked the concept of Public Funding via CDPs. We look forward to formalizing the process of using CDPs for issuing debt instruments (ERC20) to fund projects.
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$1,000,000,000 in Total Market Size. Thanks so much to everyone who used our protocol and believed in what we were building. But the job's not finished. There's much more to come from us and DeFi isn't ready.
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Nothing crazy, just two AI agents transacting crypto. They are already doing on-chain stuff like it’s no big deal. Things are about to blow up, and we’re in the middle of it.
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Commencing @InstaDApp [v2]. Beta launch in a few weeks. ✅ User Owned Contract Wallet. ✅ Internal Protocol Integration. ✅ Fund Recovery via Guardians. ✅ User Sessions Mechanism. ✅ Instant Data Rendering. ✅ Robust Tracking System.
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While everyone talking about "Account Abstraction," the real need is of "Network Abstraction" with dozens of chains and more to come. Exciting developments happening at @Instadapp for a multi-network, account abstracted wallet! Shipping something soon 🥑.
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Three ways for startups to exit:. - aggressive fundraising and eventually, public offering. - get acquired or sell to a competitor. - incrementally, exit to community. The crypto movement is all about E2C. Amazing read:.
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DeFi Yield Farming is exploding 🧑🌾. @Instadapp DSA platform facilitated ~$222M in flash loan for performing various actions (like leveraging, switching debt, refinancing). We're thrilled to provide the right equipment for such extreme opportunities.
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In a parallel DeFi universe, the tides have shifted… 🌊. Once dominated by Uniswap, FLUID trades have now flipped, with the majority flowing through Fluid DEX itself.
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Amidst the DeFi craze, flashloan volume are alone $1.2B+ on @Instadapp. Today, its facilitating Yield Farming but quietly building a foundation which will allow ease of capital movement like water💧- refinance for better interest, port debt to L2 + more. Exciting updates ahead 😏
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Fluid is already 3rd on Ethereum by trading volumes and will hit 2nd by the end of the year—without a doubt. Sooner or later, Fluid DEX will dominate trades on DEXes because of its underlying innovation, unlike anything seen before in all of DeFi. The future is @0xfluid 🌊
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What if you can publicly wipe $DAI & add $ETH to @MakerDAO's CDPs which you don't own?. Excited to launch a feature on @MakerScan which turns all CDPs into a public figure. Decentralized & Open Finance. Want to do some charity? 😉
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True. New generation is mostly the targeted audience of #DeFi. @InstaDApp is built by a group of college students / dropouts. @vishva_dave6 (18).@anuditnagar (18).@smykjain (19).@ishanjain28 (20).Me (21). All find it easy to understand the tech and accepts #DAI.
So @smykjain is the goal of open finance. He’s 19 & he started with DeFi. Now he’s trying to figure out traditional finance it’s way more complicated to him. Like writing a paper letter after you learn email. Open finance will make more sense than banking to DeFi natives.
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Why pay 17.5% borrowing rates on @MakerDAO when you can easily switch your debt position to @compoundfinance with 12.7%. A quick thread on how it works technically👇.
Launching the Decentralized Bridge between @MakerDAO & @CompoundFinance - easily switch your debt position b/w protocols with best rates in just one click.
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Instant Loan (DAI) on Blockchain. Excited to launch super simplified CDP portal at @InstaDApp build on @MakerDAO Protocol. Borrowers can pay stability fees in ETH internally swapped with MKR via @KyberNetwork without letting user know what's MKR.
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Up next on @avowallet is non-custodial 2FA! 🥑. One of the features I'm most excited about, making Avocado even more secured.
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.@InstaDApp is now featured DApp on @CoinbaseWallet. Dead simple to manage CDP right from your mobile device.
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@nanexcool @MakerDAO @DharmaProtocol @UniswapExchange @compoundfinance We already acknowledged that and start building an Ethereum Financial Scanner. Stay tuned @InstaDApp
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Fluid DEX is blowing up!. - just 7 days since launch.- only 3 swap pools.- only on ethereum.- only on a few DEX aggregators. And it’s already in the top 4 👑. Imagine what’ll happen once it’s integrated across multiple chains!
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Account Abstraction is cool and all, but web3 needs something bigger - abstracting NAG (Network, Account, and Gas) altogether. Keep an eye out for upcoming advancement on Avocado wallet! 🥑
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No big deal — just an AI agent casually executing an on-chain governance vote on a DeFi protocol. Loving how it’s handling on-chain ops for me!
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Launching "Track CDP" feature on @MakerScan, starting with daily summarised CDP email alerts. Customization coming soon.
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ETH crashing. 120 CDPs liquidated. If you haven't yet, you should:. 💸 Import your CDP to 🌉 Move to Compound via bridge: ✅ low interest (15.2%).✅ low liquidation rate (75%).✅ low penalty (5%). Save your debt positions.
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Congrats to Europe for launching a USD pegged stable coin with 1.3 trillion in supply!
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The Avocado MultiSig transaction builder is 🔥. It solves all the pain points I personally experienced with Safe, Etherscan, or Remix!
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Two products, each reaching a billion-dollar market size, spun out of the @Instadapp ecosystem. Lite and @0xFluid are now cornerstones in DeFi. Another zero is missing. Back to work!
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For ages, I've been searching for a solution to accept funds on ANY chains with just a simple link. No more network prompts! Use the same address 🥑. Share, accept, and manage with ease on any chain!
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Department of Ethereum Efficiency.
I read the Ethereum Report 2024 budget report and here is whats needed to make EF sustainable:. - Cut be burn rate from 130M to 30M right away.- Cut the head count to 80 people.- Review carefully who can stay. Remove executive roles, advisories, any part time roles, interns, free.
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Big thanks to everyone who backed us through years of development—especially the $INST community who’ve kept the faith. Tokenomics updates are dropping next week with a complete rebrand underway!.
Haven’t even released details around tokenomics yet and community is going crazy on INST. This is what happens when you get PMF!. Fluid DEX is 10 days old, last 7 days volume $300M with only 3 DEX launched and is not even supported everywhere. So much more things to do,
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India is very well-positioned to lead on this front. An excellent case study on why India should use crypto-economy to advance small businesses and startup financing, especially with UPI, which would make the adoption 100x easier. We are ready for this 💪.
How does India become a $5T economy? We’ll need to close the $250B financing gap for India’s small businesses by attracting global, risk-tolerant pools of capital — and as iSPIRT details, the rapidly growing cryptoeconomy may be one of the key ways:
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Just crossed $0.5M volumes on @KyberNetwork flowed via @InstaDApp contracts driven by save/loop interactions in @MakerDAO CDPs. Future of #DeFi is in building a layer by aggregating multiple financial protocols (under the hood).
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Just pulled off the first Multisig to Multisig bridging transfer on Avocado! 🥑. This is a big step forward for on-chain treasury management for Teams and DAOs.
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Better to be safe than sorry! . The most secure way to store your NFTs is coming soon to @Instadapp . Granular authority management with an intuitive UX. Stay tuned! 💫
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Sharing our plans with @InstaDApp as the core banking model and publishing initial details on "Giant CDP" to utilise idle #ETH locked in @MakerDAO.
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A few years ago, we were 2 teenagers from India, with no network or connections in the ecosystem, only a deep interest in the potential of financial markets to change lives, and the possibility of using decentralized technology to change the way finance works.
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For the first time in financial history, negative balances (debt) can be used to provide market liquidity and generate trading fees.
Fluid now showing the trading apr i am earning on my debt. my borrow cost is 12.44% but it's discounted by almost 5% from the trading fees. massive structural advantage
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Amazing write-up by @balajis on why India should buy Bitcoin rather than ban. Must read! #IndiaWantsCrypto .
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ETH 2.0 aside, we are talking about scalability on current Ethereum mainnet. The network effect in this ecosystem is unbeatable.
What we baked for @reddit:. A StarkEx Rollup (on-chain data) on @ethereum Mainnet. 3,000 TPS. All 300,000 tx in one (1, this is not a typo) STARK proof. Reddit said “demo over 5 days”. We took 5 minutes (well, 6:03 min). Detailed post later this week.
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Fluid is operating in stealth and could reshape market dynamics entirely. Markets are evolving, fast!.
In the last 2 weeks, Uniswap wstETH-ETH pool lost more than 30% of TVL and trading APR is now below 1%. I predict, that major correlated markets will completely disappear from Uni and migrate to @0xfluid . Let's observe market dynamics after the launch of volatile pairs on Fluid
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Buidl 🛠️ & Ship 🚢.
Launching InstaDApp v2 - #DEFI interactions via Contract Wallet, demonstrating integration of @MakerDAO @UniswapExchange @KyberNetwork on a single dashboard. Check out:
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Let’s make DeFi fun again on Ethereum!. At @0xfluid, we’re all set on building the best DeFi primitives to make all financial transactions on Ethereum far more capital-efficient and safer.
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I don’t think anyone gets as hyped as Samyak when someone gets liquidated on Fluid 🤣. dude jumps at the chance to flex about Fluid’s badass liquidation engine.
Meanwhile on ETH-USDT a huge whale is getting liquidated. The whale got liquidated a total of 598 ETH of 4580 ETH collateral till now and still retain 3,982.5 ETH in collateral. Losing a total of about ~13% of ETH. Still holding ~87% of the ETH while getting the highest
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Top 1 DEX by Dec 31, 2025.
Top 2 DEX by Dec 31, 2024.
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From there, we were kindly invited by @KyberNetwork to Singapore, where we met @loi_luu and the rest of the amazing team. They extended to us an innovation grant to build whatever service we felt was needed in the space. That grant, essentially, was the beginning of InstaDApp.
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At the very least, consider utilizing MultiSig across various devices (desktop, mobile, ledger) for transaction approval! 🥑
Billionaire Mark Cuban confirms $870,000 worth of crypto stolen from his MetaMask wallet.
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The Instadapp Stack!. 🪄 Pro.⚡️ Lite.🥑 Avocado.💧 [REDACTED].
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Most awaited feature is here! 🦄.
We are thrilled to release the support for @UniswapExchange Pools on InstaDApp. Manage your UniPools along with your CDP & Balances on a single dashboard.
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I'm at @ethsingapore and my hardware wallet at home (India), owns the @MakerDAO's CDP which is about to break (151%) and here's a thread on how I saved my CDP using @InstaDApp without having the owning address.
Urgent question - is it possible to cover a @MakerDAO CDP by adding DAI / ETH from an address different than the one you used to open the position? Asking for a friend. @ashleighschap @nanexcool @AFDudley0.
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ETH lost nearly a forth of its value in just 1 week!. If you haven’t already, set up automation on your DeFi positions on @Instadapp and protect yourself from being liquidated!
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Genuine intent to help people is the best startup strategy.
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Fluid DEX is still a baby (not even 3 months old) but is grabbing a whopping 24% of ETH-USDC volume on Ethereum (the biggest trading pair!). We’re rocking deeper liquidity than Uniswap in that pair, despite having way less TVL. The market seems to be sleeping on Fluid—hasn’t.
Today marks an important milestone—we accounted for 24% of the ETH-USDC on-chain volume on Ethereum!. What’s even more impressive is that Fluid achieved deeper liquidity than Uniswap in the ETH-USDC pool with just $14M in TVL. For comparison, Uniswap's liquidity sits at $95k per
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He was the first person we got in touch in Ethereum community. Very kind and energetic. He will be missed 😢. It’s heart breaking to see people we know losing their life unexpectedly. Please stay safe out there.
We're very sad to share that @shaktigoap is no longer with us. Shakti was one of the brightest lights in the hackathon community and we'll eternally be grateful for all that he did as @Devfolioco cofounder for lakhs of students across India. Wishing more strength for his family🙏
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Another example how borderless finance helping raise money for a good cause within a few hours.
@sandeepnailwal @gnosisSafe Thanks for organizing this @sandeepnailwal and thanks a lot for pointing this out @balajis!.
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InstaDApp Bridge is open for everyone, toll-free. @MakerDAO 20.5%.🌉 cross it & save $. @compoundfinance 14.4%.
Another spell has been cast, raising the Stability Fee of @MakerDAO to 20.5%. Thank you Maker Community!. What do you think about this? I believe it's the first time we go over 20. .
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Adding 1 ETH to the @UniswapExchange DAI pool is equivalent to holding 2 ETH except not earning proportionate 0.3% protocol fees. @MakerDAO CDP + Uniswap integration have lots of interesting usecases, cooking something amazing at @InstaDApp.
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Carrying out a jaw-dropping 8-figure flash loan transaction without spending a single dime on fees! . We're just getting started! Our mission with Avocado is to create an entirely fee-free DeFi experience 🥑.
It seems like someone using Avocado from @Instadapp is playing around with Morpho🥑👀. $10M DAI supply/borrow.
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just used otp on @avowallet for transacting. seriously, the smoothest 2fa ux in web3 – adds that extra layer of security. definitely prefer this for managing operational accounts. can't go back now!
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We look forward to working with the rest of the Ethereum ecosystem to simplify DeFi, and make it even more accessible to the masses!. This space is awesome.
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With the recent addition from Lite, around $730M in stETH collateral and $520M in ETH borrowings are through @Instadapp. That's ~32% of the total stETH supplied and ~41% of the total ETH borrowed on @AaveAave 🤯.
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Don't get excited when a stock in your portfolio jump and don't panic when it plunge. Behave like an owner. That's Value Investing.
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At every step of the way, the Ethereum community has been incredibly supportive, particularly those in the defi space. It is hard to imagine a community that would be so open to new ideas, particularly from 2 unknown Indian kids. 😅.
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Since the deployment of @InstaDApp smart contract (2 weeks), it owns 24 CDPs in @MakerDAO protocol with 174 interactions, accounts for 9394.1 $DAI debt & 257.3 $ETH collateral. Total DAI generated & ETH locked is 32685.4 & 1656.9 resp. 2 CDPs got bite.
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Folks, do you think a service like localbitcoin or localethereum is required for $DAI, localdai for P2P DAI<>FIAT exchange?.
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We have also been direct beneficiaries of Defi. We have been using DeFi for almost our entire formative lives, including accepting grants, payrolls and financing our expenses. In fact, we financed our NYC blockchain trip by taking a loan on Maker CDP (who wants to sell ETH? LOL).
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18 months. That's what it took to relentlessly think while going through many iterations over this time to come up with the future of DeFi framework 💧.
1/ Introducing Fluid!💧. An ever-evolving DeFi protocol, base for future financial system. Enabling highest capital efficiency & better rates. Here's what @0xfluid is all about: 👇
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First time in DeFi – 95% LTV on ETH with @0xfluid. No tricks, no fluff – it works because Fluid isn’t just a money market; it’s also a DEX. When markets crash, Fluid DEX will prioritize in-house liquidations before hitting the open market. Even AI is paying attention!
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Just voted to "Decrease the Stability Fee to 0.5%" in @MakerDAO's protocol. Pretty amazing, even we can participate in framing the decentralized banking rules. Fully transparent & secured.
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Non-Custodial Leveraging. Breaking down how CDP #17906 made $9,542 in profits by leveraging his/her debt position on @InstaDApp in a month. (thread👇) sheet link at the end.
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"Contract-fillable liquidity is the bedrock of the Open Finance space and is one of the most important functions enabled by smart contracts on permissionless blockchains.".
1/ @dydxprotocol is now sourcing liquidity from 0x via @RadarRelay! This integration is powerful in that it leverages contract-fillable liquidity, which describes the ability for smart contracts to programmatically swap tokens by filling orders on DEXs. 🔁.
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Classically, the liquidation system in DeFi is pretty brutal:. • high penalties (5-10%).• wipes out 50-70% of a user’s position.• floods the market with collateral, adding huge sell pressure. This benefits liquidators and governance at the expense of users. It’s not entirely.
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this is a big step forward for defi space!. highest ever loan to value to lowest ever liquidation penalties.
1/ Today, we are thrilled to unveil Fluid ( @0xFluid ). An ever-evolving DeFi protocol, base for future financial system. Enabling highest capital efficiency and unbeatable rates.
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Excited to have had my first podcast where I talk about InstaDApp & more!.
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