This is part of a series of interviews with founders and builders in the Web3 space called the Web3 Growth Handbook. The official handbook will be released in the coming months, but you can read all of the other available interviews here.
“We’d like to have something that would allow us to reply to users really fast. Intercom would be a good solution because we would be able to respond in near real-time directly on the site. Bridging the gap between users and us through communications is important.”
In the last year, decentralized finance (DeFi) has taken hold in the Ethereum community and beyond. With interest rates, during 2019, providing significantly higher returns on investment than traditional financial instruments, many from the Web2 world have flocked to DeFi. However, the usability of many DeFi applications has been troublesome, and there’s no telling how many people from the mainstream were unable to get over the technical hurdles. InstaDapp is working on solving this problem in a trustless way. InstaDapp CTO, Samyak Jain, believes that by providing a simple interface and a simple installation experience for third-party developers, that mainstream adoption hurdle can be overcome.
Founded in December of 2018, Samyak and team have worked hard to build a usable and useful product in an increasingly crowded space. Wallets, while important, have become fragmented, and the winners will rise out of problem solving. Which is what InstaDapp is focused on, and it’s why they were able to raise $2.4 million in their seed round from exceptional investors like Naval Ravikant, Balaji Srinivasan, Coinbase Ventures, and Pantera Capital. InstaDapp intends to use the funding to help accelerate the adoption and accessibility of the entire DeFi space. Their smart wallet is just the first step towards doing so.
We spoke with Samyak about the struggles of building and marketing to both end users and developers, the ways Web3 needs to start thinking about growth, and so much more.
How do you define growth at InstaDapp?
There are many things that could be considered challenges both now and coming in the future. We don’t spend any money on marketing. We try to make the app as simple as possible. Our goal has always been to solve the problems DeFi users are facing. So, we chose an existing market rather than trying to create a new market. This has helped with the challenges mentioned, but there are still challenges to solve.
What has been the most difficult part of growing your company so far?
Building out the underlying technology when there are big events like Ethereum forks makes it difficult to grow.
We don’t spend any money on marketing. We try to make the app as simple as possible. Our goal was to solve the problems DeFi users were facing. So, we chose an existing market rather than trying to create a new market.
What tools do you wish existed to help you grow both sides of your market?
Right now, we use Telegram as the main medium of communication. Email is the second medium. We’d like to have something that would allow us to reply to users really fast. Intercom would be a good solution because we would be able to respond in near real-time directly on the site. Bridging the gap between users and us through communications is important.
What are your predictions for Web3/Blockchain growth in 2020?
I’m really bullish on DeFi. I think building anything which is not related to DeFi is not the right time because of the cost and scalability issues. If someone were to release YouTube in 2000, it wouldn’t have worked because of scalability problems that would have been present. The same thing applies to most blockchain applications. Right now, DeFi can solve real problems without many of the scalability issues other products would have. But other applications in the space will struggle with being too early. This year will be the Defi run.
If you’re a developer wanting to incorporate InstaDapp into your application or if you’re someone looking to start experimenting and using products in the DeFi space, you should check out InstaDapp.