The launch of InstaDeFi
The long awaited first DeFi product joining the Morph Ecosystem is finally here
The Morph project has recently announced the addition of a new product into the Morph ecosystem, and after a short wait, we are proud to announce InstaDeFi, the first platform joining Morph.
What is InstaDeFi
InstaDeFi is an experimental platform, which aims to make it easier to invest in multiple DeFi platforms. The first feature of InstaDeFi which we are releasing today is the LP conversion feature, which allows you to convert your liquidity tokens from one project to another project, in one transaction, while saving up to 45% gas fees if you were to send the transactions manually.
The MORC buy-back, and fee farms
On each conversion, a fee of 1% is taken from the total size of the transaction by the InstaDeFi contract. This fee is then accumulated inside of the contract, which can be distributed by anybody by calling the distributeRewards() function on the contract. 85% of the fee collected is then used to buy back MORC when the price of MORC is under $1.1, and will be rewarded to stakers. The remaining 15% is split between the transaction sender as an incentive to call the function, and the development fund. The MORC that was bought will be then distributed to MORC-DAI stakers (25%) and MORT-DAI stakers (75%) who have deposited their tokens into the InstaDeFi reward vault.
Participating in InstaDeFi farming and using the zapper
You can use the zapper today at instadefi.io, and participate in farming MORC by depositing MORC or MORT DAI LP tokens at instadefi.io/farm
Future plans
In the future, we plan to add even more options to InstaDeFi, such as joining a liquidity pool with only one token (get MORC-DAI LP with only DAI), and other features to make investing in DeFi as easy and fast as possible
📣 Join us
Website: InstaDeFi.io
Twitter: twitter.com/instadefi
Telegram Channel: t.me/instadefi
